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Business Decision Making Assignment - Food for Friends restaurant

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Added on  2020-10-22

Business Decision Making Assignment - Food for Friends restaurant

   Added on 2020-10-22

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Business Decision Making
Business Decision Making Assignment - Food for Friends restaurant_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Drafting plan for the collection of primary and secondary data set......................................31.2 Defining sampling frame and survey methodology in the context of primary investigation41.3 Preparing questionnaire for survey........................................................................................5TASK 2............................................................................................................................................92,1 Analyzing secondary data set for decision making...............................................................92.2 Drawing conclusion on the basis of primary data evaluation..............................................102.3 Assessing variance and standard deviation regarding sales & profit..................................102.4 Quartile, percentile and correlation evaluation of restaurant...............................................10TASK 3..........................................................................................................................................113.1 Graphical presentation.........................................................................................................113.2 Assessing future trends using statistical tools and techniques.............................................123.3 Presenting findings using tools............................................................................................133.4 Preparing formal business report.........................................................................................13TASK 4..........................................................................................................................................144.1 Describing use of information processing tools in decision making...................................144.2 Presenting the use of project management tools and software in decision making.............154.3 Investment appraisal tools and decision making.................................................................18CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................21
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INTRODUCTION In the context of business unit, success is highly depends on decisions undertaken by themanagers. Now, stiff competitive situation takes place in each and every sector which in turndirectly impacts organizational growth. Hence, under this situation, manager is required to comeup with innovative ideas and take competent decisions which aid in the profitability of firm. Thepresent report is based on Food for Friends restaurant which offers dinning services to thecustomers. In this, report will provide deeper insight about how primary and secondary data sethelps in assessing preferences and attitude of customers. Further, report also entails surveymethodology and sampling which seems suitable for primary data evaluation. It also depicts themanner in which statistical, information processing, project management and investmentappraisal techniques can be used for decision making. TASK 11.1 Drafting plan for the collection of primary and secondary data set Given case situation exhibits that F&F is planning to establish another restaurant inLondon. Moreover, now both inbound and outbound tourism level in increasing in London withthe very high pace. Hence, with the motive to attain success and enhance sales as well asprofitability F&F is planning to conduct survey for getting information about product, price,place & promotion. Company or restaurant unit can achieve success only when it offers qualityand suitable products or services to the customers as per their requirements.Primary data collection plan In research, data which is gathered specifically for the first time to meet research aimsand objectives known as primary. There are several tools which can be employed by the scholarfor primary data collection such as survey, observation, interview, focus group etc (García-Peñalvo and Conde, 2014). Primary data set is highly effectual which in turn helps in addressingresearch issues to a great extent. In this, to identify the preferences and attitude of customerstowards restaurant primary data set has been gathered through survey. For the collection ofprimary data, following plan has been employed:
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Regarding survey, firstly sample will be assessed by using either probabilistic ornon-probabilistic tool. Moreover, time constraint creates difficulty in front ofscholar pertaining to conduct study on whole population. Hence, 20 customerswill be selected by taking into account purposive sampling technique. Further, in the next stage questionnaire will be designed by the researcher forinitiating and completing survey. Hence, in questionnaire, both close and openended questions pertaining to dinning preferences, personnel skills etc have beenincluded by the researcher. Once questionnaire has been drafted thereafter emphasis will be placed on gettingmail-id’s of respondents. In the last stage, questionnaire will be mailed to the customers and requested tofill the same.Hence, by following above process scholar would become able to get or collect primarydata more effectually.Gathering secondary data set In the current times, trend towards research have increased significantly. Now, businessunits and institutions are highly involved in the research activities and publishes outcomeassociated with it (Craft, 2013). Thus, data which has already been gathered analyzed andpublished by the researcher recognized as secondary. Books, journals, scholarly articles andgovernment reports are the main sources which help in collecting secondary data set. Undercurrent study, secondary data regarding restaurant sector trend in UK market has been gatheredthrough evaluating books, journals and other articles. This in turn helps in developingunderstanding about restaurant sector trends and thereby assists in summarizing as well asevaluating data set prominently. Along with this, to ascertain future growth patterns secondarydata related to sales revenue and profit margin has been collected. It helps in identifying whetherrestaurant unit will grow in the near future or not. 1.2 Defining sampling frame and survey methodology in the context of primary investigation Survey methodology: In the field of research, survey methodology implies for the toolsand techniques which have been carried or undertaken by the scholar for investigation (Baker,
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2018). Hence, for conducting survey online methodology has been chosen by the researcher. Inaccordance with such methodology firstly scholar will acquire mail-id of selected respondents.Thereafter, by sending questionnaire on the mail-id of concerned respondents data pertaining totheir taste and preferences have been gathered. Sampling frame: There are several probabilistic and non-probabilistic techniques whichresearcher can use for sample selection. At the time of doing survey, appropriate sampleselection is highly required (Cezar Lucato and et.al., 2013). Moreover, due to the unavailabilityof enough resources it is not possible for the scholar to conduct study on whole populationassessed. Hence, by taking into account purposive sampling technique 30 customers have beenselected. Such non-probabilistic technique is highly prominent and suits to the qualitativeresearch type. 1.3 Preparing questionnaire for surveyQuestionnaire Demographic information Name.....Age.....Income....Marital status.......Question 1: How often do you prefer to dine with F&F?Daily ()Once in a week ()Twice in a week ()Once in a month ()Other.... (Kindly specify)Q.2 About restaurant AgreeStronglyagreeNeutralDisagreeStronglydisagree
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Propercleanliness ismaintainedwithin therestaurant Lighting isgood Musicquality andlevel is goodI was servedpromptly Sauces,utensils andnapkins areof highquality Servicequality isgood You areprovidedwith theinformationregarding thespeciality ofrestaurant interms ofmenu ordishes. Q.3 The server AgreeStronglyagreeNeutralDisagreeStronglydisagreeServer isattentive andavailable asperrequirement All the servesare polite andhavingability tounderstand
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