Decision Making in Business Assignment
Added on 2020-07-22
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creation of plan.....................................................................................................................11.2 Survey methodologies and sample framing..........................................................................21.3 Questionnaire........................................................................................................................3TASK 2............................................................................................................................................42.1: Creating data by summarising information with the help of representative value..............42.2: Analysis of data by collected from the research .................................................................82.3: Evaluating measure of dispersion........................................................................................92.4 Use of quartiles, percentiles and correlation coefficient.......................................................9TASK 3..........................................................................................................................................103.1 Presentation of graph to provide information.....................................................................103.2 Trend line............................................................................................................................163.3 Covered in PPT...................................................................................................................173.4 Formal business report........................................................................................................17TASK 4..........................................................................................................................................184.1 Information processing tools...............................................................................................184.2 Analysis of critical path .....................................................................................................194.3 Financial tools in decision-making.....................................................................................19CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................21
INTRODUCTIONDecision-making is integral part of every organisation which helps to accomplish theirbusiness objectives and targets within stipulated period of time. To make their businessoperations successful in future need to plan their daily operations in continuous basis. Researchplays an important role in collection of important information regarding different aspects whichindirectly enhance decision making power of management. NPV and IRR such financial toolswhich helps in selection of most profitable project. Food for Friends is a restaurant whichprovides their services in UK. The main aim of restaurant is to open another branch in London(Groebner and et. al., 2011).In the present report explain about, use of primary and secondary method of datacollection in creation of plan, survey methodologies and sample framing, designing ofquestionnaire to address business problems, interpretation of data by use of mean, median andmode and draw important conclusions by use of different methods of dispersion. Also, use ofinformation processing and financial tools to enhance decision-making.TASK 11.1 Creation of planFood for Friends is restaurant which provides different kinds of foods in London. Thisrestaurant is specialised in providence of snacks, seafood and cheese. Due to having successfulbusiness operations, management wants to open new branch in London. To check the viability oftheir move they want to know the views and feedbacks customers. For this purpose, managementof Food for friend decided to carry out research by the use of primary and secondary methods ofdata collection to enhance their decision making power.
Primary source: This method helps to ascertain the actual views of customers regardingthe services and quality of food products of restaurant. It most appropriate tool which providesunbiased information which is true and correct in all sense. The information collected fromrespondents is first-hand and helps to interpret real situations. It includes the large number ofmethods which are define below:Questionnaire: It is an document which consists the questions regarding the topic ofresearch and issues which are faced by Food for Friend restaurant. It can be of two typesopen ended and close ended. It provides opportunity regarding selection of their answerfrom multiple choices present in form.Survey: This includes the process of collection of data through face to facecommunication with respondents. This helps to interpretation of the information throughtheir gestures also.Online: This method helps in collection of the information by use of online platform likewebsite. This is most time saving primary method (Ferrell and Fraedrich, 2015).Secondary source: This method helps in collection of the information which is alreadypublished on some other sources like articles, magazines, newspapers etc. Such information iscalled as second hand information which is not much relevant for research as compared toprimary method. It is considered as time saving and cost efficient method.1.2 Survey methodologies and sample framingManagement of Food for Friends decided to open new branch in London. Research is theonly medium which helps in collection of the information regarding factors present in businessenvironment. It contributes in preparation of effective strategies. It also helps to ascertain viewsof respondent regarding viability of move, quality of current services and the issues which arefaced by them.Types of research methodsDescriptive and Analytical: Descriptive method includes the research of the facts andissues in more detailed manner whereas, the main aim behind the use of analyticalmethod is to critically analyse the facts to interpret more important conclusions.Quantitative and qualitative: To measure the results of research in quantitative manner,there is need to adopt quantitative method. Whereas, qualitative research method helps togather quality information which more relevant.
Survey methodologies: It is the process which includes selection of best researchmethod which provides optimum results. To make their research process successful,management of Food for Friends decided to use primary method of data collection. By use ofthis method, researcher made questionnaire which includes 10 different questions which aregoing ask from the respondents which are selected from total population. Such informationensures that effective decisions should be taken by the management for their future actions.Sample framework: It consist the process of designing of sample. Researcher selectnumber of respondents from total population to carry out their research activities. Differentmethods are available in this regard like cluster, stratifies, random etc. The best method which isadopted by researcher is random sampling method. By use of this method 50 respondents areselect from total population (Ford and Richardson, 2013). The different questions which arecovered under questionnaire is define below:To check viability of opening of new branch in LondonCurrent position in marketQuality of their existing products and services1.3 QuestionnaireQuestionnaire: It is an important document which includes different questions ofresearch. This helps in determination of the preferences, behaviours and facts of the respondentsthrough which such different questions are asked. Large number of advantages are gathered byresearcher like time saving, cost efficient, accurate and summarise information etc.QuestionnaireName:Age:Gender:Q1. Do you think opening of new branch of Food for friends in London is good move?YesNoQ2. What kind of dish you like most in Food for Friend restaurant?SeafoodItalianChinese
Q3. Are you satisfied with the quality of services of Food for Friend?Highly satisfiedSatisfactoryNot satisfiedQ4. What you like most in Food for Friends?FoodSurroundingServicesQ5. Do you want new dish is add by Food for Friends in their menu?YesNoCant sayQ6. Are you satisfied with pricing policy of Food for Friend?Highly satisfiedSatisfactoryNot satisfiedQ7. What location you suggest for opening of new branch of Food for Friends?In cityCountry sideNear tourist destinationsQ8. Do you think Food for friends has adequate amount of funds?YesNoQ9. Are you satisfied with the quality of the food items of Food for Friend?Highly satisfiedSatisfactoryNot satisfiedQ10. What you want to recommend to Food for Friend for their future business functions?
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