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Decision Making in Business : Food for Friends

   

Added on  2020-07-22

21 Pages4502 Words27 Views
BUSINESS DECISIONMAKING

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creation of plan.....................................................................................................................11.2 Survey the methodology and sampling framing used...........................................................21.3 Questionnaire........................................................................................................................3TASK 2............................................................................................................................................52.1 Analysis of the information.Yes, they are ............................................................................52.2 Evaluation of the results........................................................................................................82.3 Analaysis of information and different methods of dispersion.............................................92.4 Use of quartiles, percentiles and correlation cofficient.......................................................10TASK 3..........................................................................................................................................103.1 Presentation and this provide information..........................................................................103.2 Trend line............................................................................................................................143.3 Covered in ppt.....................................................................................................................153.4 Formal busines report..........................................................................................................15TASK 4..........................................................................................................................................164.1 Information processing tools...............................................................................................164.2 Analysis of critical path......................................................................................................174.3 Financial tools in the decision making................................................................................18CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19Online:.......................................................................................................................................19

INTRODUCTIONDecision-making is that which is a important process which help in making a selection inbetween the alternativesa available with them. Generally, selecting that decision which canprovide the better result to the company with certain hep like analysis of various investmentscenario by using tools like NPV and IRR (Aharoni, Tihanyi and Connelly, 2011). Even both thetools are such which can help in determining the maximum return in better manner inorgansiation from different investments. The report is based on the food for friends which is arestraunt in UK and provide various services like having Banquet hall for the weddingsceanarios and many more things too. In this assignment various things will be included likeprmiar and secondars data to produce a plan, framing of samples and methodologies too.Questionnaire, evaluation of information and use of different mehods with dispersion and havinga contribution with the quartile, percentiles and correlation which help in concluding the result.Hence information tools are also used with the investment criteria and with the appraisaltechniques and their decision making too. TASK 11.1 Creation of plan.Food for Friends restaurant is one of the best restaurant which providing services in UK.With the aim to open a new outlet in London ,management decides to know opinion & feedbackof customers related to food & services they offered and their future growth prospective. For thispurpose researcher,opted for collecting data from primary and secondary source . The researchwill also reveal information regarding the preferences of toady's consumers & factors existingin business environment of London (Ferrell and Fraedrich, 2015). This will enhance theirdecision making power to prepare appropriate strategies.Primary source: It is considered as most important method of collecting first-handinformation from respondents. AS this method provides the most authentic information it helpsin getting the idea about the tastes and preferences of customers besides revealing the currentmarket trends and market scenario which are prevailing in food industry of UK .Questionnaire: It is a series of questions that are prepared to be asked from respondentsfor obtaining information related to particular research or topics. Food for Friendsrestaurant is one of the best restaurant which providing services in UK. With the aim toopen a new outlet in London ,management decides to know opinion & feedback of

customers related to food & services they offered and their future growth prospective. Forthis purpose researcher,opted for collecting data from primary and secondary source . Theresearch will also reveal information regarding the preferences of toady's consumers &factors existing in business environment of London. This will enhance their decisionmaking power to prepare appropriate strategies (Ford and Richardson, 2013).Primary source: It is considered as most important method of collecting first-handinformation from respondents. AS this method proSurvey: It is a face to face interaction with respondents on a particular topic by askingpre determined questions and taking their feedbacks on a specific topic for the purpose oftesting concepts , knowing customer satisfaction level etc.Online: It is the most fastest, easiest and cost efficient way of gathering information byreaching larger audience. It involves use of digital technology and social media forcollecting information and getting feedbacks. As it is convenient option respondents tendsto give authentic information ,Secondary source: It is the second hand information collected by someone other than theuser itself which already has been published in newspapers and magazines. This type ofinformation doesn't help in ascertaining public opinion as it is based on past performance ofFood for Friends restaurant (Gigerenzer and Gaissmaier, 2011).1.2 Survey the methodology and sampling framing used.Even though the main aim of food for friends that they have to make a research aboutvarious things in market and this help in having a better collection and information too from thevarious respondents in the large period of time in better manner. For this purpose and thus itmakes although to select the different respondents form the population and also uses the bestsurvey criteria which uses different survey methodologies to acccomplish right information anddata too.Survey methodology: This is something which also uses the selction method and surveywhich also provides different optimum things and result as well. Management of food for friendshas decided to make a research to use primary sources of data collection in better manner(Groebner and et. al., 2011). Moreover the questionannire is such which help in making aeffective research and from this needed information can be collected in right way too. Hencecertain questions is being covered in which different aspects are aslo there.

Sample framework: This is something which consider different methods by researcherwith the respondents as well. Various methods are being there like cluster, stratifies and randomand many more too. Therefore, it is best to choose the random sampling method and almost 30candidates are choosen from total population and thus this uis such which include variousquestions and it is being asked in questionannire. The main topic which is being considered inthe sample are as follows: Looking forward to open their branch in UK.To know the quality of their services and products which they offer to people.To know the suggestion if customers need any changes in goods and servoces aswell. Strength and weakness with their current performance too.1.3 Questionnaire.This is that which conside and include the different important and needed questions.Questionnaire is having various things which is a advantage in comparison with others like timesaving, collecting the information etc even in better manner though. Hence with this behavioursand facts can be collected in great way too. QuestionnaireName: Address: Email id: Gender:1.) Is it executable for food for friends to open a better branch in UK?Yes No2.) Is people are satisfied with the performance of restraunt? SatisfiedNot satisfied Moderate3.) Is food for friends is providing their services on time or not?

Yes, they are No, they are not Sometimes, they do 4.) Restraunt is using technology in better manner for effective working? Yes No5.) Is product and services are satisfcatory in taste?Yes No6.) Ambiance or banquet hall is well maintained or not? Yes No7.) Do customer of UK will accept the new opening of food for friends? Yes No 8.) Is food for friends are charging high prices for their product and services? Yes No9.) Diversified condition of activities will help in establishing restraunt in newer city? YesNoMay be 10.) Any reccomendations for the food for friends?........................................................................................................................................................................................................................................................TASK 22.1 Analysis of the information.Yes, they are No, they are not Sometimes, they do 1.) Is it possible to open a new branch in UK only?

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