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Business Decision-Making Introduction

Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.

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Added on  2020-06-05

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BUSINESS DECISION-MAKING INTRODUCTION 1 TASK 1 1 1.1 Creating plan for collection of primary and secondary dataset 1 1.2 Presenting survey methodology and sampling frame 2 1.3 Designing a questionnaire for the chosen problem 2 TASK 2 5 2.1 Summarizing data using representative values 5 Theme: 1. 5 2.2 Analyze the results to draw valid conclusions 9 2.3 Analyzing data using dispersion measurement 9 2.4 Explaining the use of quartile, percentile and correlation coefficient 11 TASK 3 13 3.1 Producing graphs using spreadsheets to draw

Business Decision-Making Introduction

Create a plan for the collection of primary and secondary data, design a questionnaire, analyze data using various techniques, and draw valid conclusions in a business context.

   Added on 2020-06-05

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BUSINESS DECISION-MAKING
Business Decision-Making Introduction_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creating plan for collection of primary and secondary dataset.............................................11.2 Presenting survey methodology and sampling frame............................................................21.3 Designing a questionnaire for the chosen problem................................................................2TASK 2............................................................................................................................................52.1 Summarizing data using representative values......................................................................5Theme: 1......................................................................................................................................52.2 Analyze the results to draw valid conclusions.......................................................................92.3 Analyzing data using dispersion measurement......................................................................92.4 Explaining the use of quartile, percentile and correlation coefficient.................................11TASK 3..........................................................................................................................................133.1 Producing graphs using spreadsheets to draw valid conclusions.........................................133.2 Creating trend line in spreadsheet to assist in forecasting...................................................163.3 Preparing a business presentation using suitable software to disseminate information......173.4 Producing a formal business report......................................................................................17TASK 4..........................................................................................................................................174.1 Using appropriate tool of information processing...............................................................174.2 Prepare a project plan to determine the critical path............................................................184.3 Using financial tool for decision making.............................................................................19CONCLUSION..............................................................................................................................21REFERENCES..............................................................................................................................22
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INTRODUCTIONUK is a leading nation in restaurant sector with strong growth underpinned by changingconsumer trends and demographics. People now prefers to eat out frequently and spendingincreasing amount on eating out. Although the industry is growing rapidly, still, at the same time,market environment for the restaurant operators become challenging. Blackfriars restaurant isone of the pioneering British restaurant opened in 2001 by a couple, Sam Hook and Andy. Withthe wonderful growth, it had planned to open a second branch in London. Thus, the report aimsat collecting necessary data source to assess market growth and consumer perception so that anew unit can be established successfully. In addition, tools like spreadsheet, project managementand investment appraisal will be used for the analysis. TASK 11.1 Creating plan for collection of primary and secondary datasetBlackfriars restaurant is looking for expanding its geographical presence through openingone more branch in London. Thus, restaurant owner needs to know consumer perceptions,behavior and other important information by collecting needed data from different sources. Datacollection is a process whereby necessary information about essential or factors can be obtained. Primary data: It is a method which generates data through an original research.Questionnaire, online survey, social media, observation, survey via mobile apps are the popularmethods used for it (Gigerenzer and Gaissmaier, 2011). Looking to tough and competitivechallenges prevailing in UK restaurant sector, surveying people to know their preferences,perception and behavior is the best way for Blackfriars restaurant. Secondary data: Such information is already collected by a person other than the scholarwho is doing current study. It is indispensable for most of the real research studies. Books,census data, case studies, governmental publications etc. are the most useful source of secondarydata collection. Although, it is an economical way of data collection, still, it may be biased. Forthe given case, sales and profit figures of Blackfriars restaurant will be generated usingsecondary survey methods. 1 | P a g e
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1.2 Presenting survey methodology and sampling frameBlackfriars restaurant want to know the actual eating behavior, perception and feelings ofthe consumers who prefers to take dinner out frequently. Therefore, all the people visitingrestaurants are the target audience. However, in London, there are a significant proportion ofpeople eating out. Therefore, a sample size of 100 people chosen randomly will be used for thepurpose of the current study. Random sampling is used to take out a sub set of 100 people fromthe universe. Such randomly chosen sample will used to draw required source of material. Thereason behind selecting such method is, it is a biasfree method that does not discriminatedifferent units and every unit has a same possibility of being a part of the survey (Berenso andet.al., 2013). It will be carry out via the use of questionnaire and in order to assure high responserate as well as data authenticity, reliability and validity aspect, all the people selected for thesurvey will be invited to take part in the survey voluntarily. 1.3 Designing a questionnaire for the chosen problemThis is a method wherein multiple of questions is asked from the target people keepinginto mind the key aim of the research to collect relevant data set and draw useful informationabout the universe.QUESTIONNAIREName: ________________Email address:__________Demographic informationQ:1 What is your gender?MaleFemale Q:2. What is your current age in years?Less than 15 years16 – 25 years 26 – 35 years 36 years – 45 yearsAbove 45 yearsQ:3. What is your nationality? 2 | P a g e
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Indian BritishItalian Q: 4. How much do you earn per month?____________ Restaurant-specific informationQ:1. Frequency of visiting in a restaurant for lunch and/or dinner?Once a weekOnce a fortnight Once a monthLess than once a month More than once a weekI don’t take meal outQ:2 What is the key reason for visiting to restaurant? To enjoy with friends, relatives and others To eat quality foodTo eat something unique food itemsTo celebrate special occasions Unspecified situation i.e. office parties Others, please specify Q:3. With whom, you often go restaurant?FriendsAloneFamily membersColleagues Business partnerNo mattersQ:4. Which factor is most likely to attract you to visit a restaurant unit?Variety of food choicesAffordable pricesQuality of ingredients3 | P a g e
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Hygiene Pleasant atmosphereFriendly and warm staff services Prompt order delivery Other, please specifyQ:5. How long you would be able to visit a new restaurant? 0 – 10 miles11 – 20 miles21 – 30 miles 31 – 40 miles 41 – 50 miles More than 50 miles Q:6. How well do you agree and disagree with the services offered by Blackfriars restaurant? Food Quality Strongly DisagreeSomewhatdisagree Neutral SomewhatagreeStronglyagree Food served is hot and freshoooooMenu offers a variety ofchoicesoooooFood quality offered by us isexcellentoooooFood served is flavorful,healthier and tasty oooooQ:7. Do our staff are friendly and courteous?YesNo Q:8. How much do you spend per visit on restaurant each person?Below £15£16 - £30£31 - £45£46 - £60More than £60Q:9. How do you think about the value of the prices charged for the food menu?ValueStrongly SomewhatNeutral SomewhatStrongly4 | P a g e
Business Decision-Making Introduction_6

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