Decision Making in Business - Food for Friends

Business Decision
Making

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Preparation of an action plan for collecting data through various sources.......................1
1.2 Use of sampling in relation to collecting information......................................................2
1.3 Questionnaire for gaining different aspects of business...................................................3
2.1 Creation of information on the basis of questionnaire.....................................................5
2.2 Use of mean, median and mode in decision making........................................................6
2.3 Use of measure of dispersion in taking beneficial judgement..........................................7
2.4 Quartile and correlation coefficient for decision taking purpose.....................................8
TASK 2............................................................................................................................................9
3.1 Use of graphs and charts on the basis of information......................................................9
3.2 Creation of trend line on the basis of information..........................................................11
3.3 PowerPoint presentation.................................................................................................13
3.4 Formal business report...................................................................................................13
TASK 3..........................................................................................................................................14
4.1 Information processing tool for analysing the data........................................................14
4.2 Determination of critical path system.............................................................................15
4.3 Financial tools usage for decision taking.......................................................................17
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
For gaining success and growth in the future, business decision plays an important role. It
is significant for the senior management to make appropriate decisions which are highly
associated with business and its management so that better results and output could be
maintained (Rothman, 2017). This project is based on Food for Friends restaurant that wants to
open another outlet in London, UK for which they want to evaluate ultimate responses of their
customers. In such context, they organise a project with name of business decision making. This
project includes creation of plan for collecting primary and secondary data. Use of relevant
technique of survey by which management will become able to evaluate various aspects
effectively is also covered. On the basis of gathered responses, suitable outcomes are evaluated
properly by applying suitable tools and techniques. Moreover, graphs and charts are used so that
complete data will be disseminated properly. Use of software generated information in order to
evaluate feasibility if project is also highlighted here.
TASK 1
1.1 Preparation of an action plan for collecting data through various sources
To gather information in an appropriate manner, superiors will utilize data collection
methods. This aids them to attain coveted targets and objectives within limited period of time
(Thirumalai and Senthilkumar, 2017). Along with this, it is fundamental for the employer to
perform entire work in a systematic way. An action plan will be formulated by the manager to
accomplish goals within specific duration. For the above stated aim, management needs to work
on each target effectively as well as efficiently. Henceforth, methods of data collection will be
classified into two parts:
 Primary data: As indicated by this, information is collected by the superior for first time.
This will be associated with some particular aim. This sort of data is much reliable and
adequate because it is related to the current period. It will help the organisation to take an
effective judgement for business in respect of future. There are some examples related to
it: questionnaire, interview and so on (Data Collection Plan, 2017).
 Secondary data: This type of information will be gathered by superiors from various
sources such as internet, journal, newspaper, research paper and many others. It
consumes less time and fund, but reliability of this data is not very much (Drucker, 2017).
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Henceforth, manager of Food for Friends will formulate a plan to gather data as well as
information in a proper manner. As a result, desired targets and goals will be achieved by them
within certain time span. To develop a plan, they need to include some essential things into this
like: Purpose: They have to identify aim which is associated with research. Along with this, it
is necessary for the administration to find out implementation of project. Therefore, they
will be able to arrange each and everything proficiently. What: It portrays about those methodologies or techniques which are going to be utilized
by the employer to conduct research. Type of data: This assists to describe the nature of information which is going to be used
such as continuous, discrete and so on (Sekaran and Bougie, 2016). Location: It is required for the manager to determine proper place from where research
will get conducted. Thus, sufficient information will be gathered from particular
respondents. Frequency: Employer is going to collect data with the help of 80 individuals for their
new outlet. As a result, they become able to manage each and every context in an
effective way.
 Display: Manager will formulate many charts along with graphs for management.
Therefore, each things will be understand by them appropriately. This enables them to
make the best judgement for an enterprise (Drucker, 2017).
1.2 Use of sampling in relation to collecting information
Sampling is considered as an effective procedure which will be utilized by company so
that they will able to gather required information. Some respondents are taken by the manager
and thus, they will give their views on those questions which are asked to them. This will help
superior to determine the best results for restaurant. Almost 80 people are selected by the
employer of Food for Friends for their research. Hence, they will get their review for opening of
new restaurant. It will assist them in their success and development in the marketplace
(Yuniningsih, Widodo and Wajdi, 2017). Along with that, they will be able to provide more
qualitative items to the clients. Following are some methods of sampling which will be utilized
by the manager to gather data as well as information effectively such as:
 Cluster sampling
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 Random sampling
 Strata sampling
 Stratified sampling
In this assignment, random sampling technique is selected by the superior to collect
required data in an effective way. This helps management to take the best decision for firm
because this will improve profits and market share of Food for Friends (Lovan, Murray and
Shaffer, 2017). There are certain methodologies which are useful in data collection like:
 Interview
 Social sites
 Questionnaire
From the above mentioned methods, questionnaire is one of the most helpful tools to
gather and examine data. With assistance of this, reliable and accurate information will be
identified. But if they opt interview then, this will consume more time because it is not easy for
the superior to take one to one interview. Along with that, it will take maximum fund and harm
research objectives (Peng and et. al., 2016).
1.3 Questionnaire for gaining different aspects of business
With assistance of questionnaire manager of company will gather and examine data as
well as information effectually. This will aid them to take an effective decision for firm which is
beneficial for them. It can be either open ended or close ended. Each method is helpful in
collection of requisite data in an effective way (Rao and Tilt, 2016).
Henceforth, questionnaire for foods for friends is mentioned as below:
QUESTIONNAIRE
Name:
Gender:
Age:
Contact no.:
E- mail:
Q1. How many time you visit Food for friends in a month?
a) 2 times
b) 3 times
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c) once in a week
b) never
Q2. What kind of food you ordered over there?
a) Chinese
b) Italian
c) Mexican
Q3. Which element will attract attention of individual towards Food for friends?
a) Food quality
b) Interior
c) Discounts and other offers
Q4. What sort of additional entertainment you are expecting over there?
a) Pop music
b) Live music
c) Bar
d) Disc
Q5. From where you got to know about the restaurant?
a) Internet
b) Friends
c) Advertisement
d) Random
Q6. Do you satisfied with the services of restaurant?
a) Yes
b) No
Q7. How much the price element is significant for you?
a) Highly
b) Somewhat
c) Less
Q8. Do you attract towards special offers which is providing by Food for friends?
a) Yes
b) No
Q9. Do you prefer buffets system in restaurant?
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