Business Decision Making in Restaurant - China
21 Pages3817 Words419 Views
Added on 2021-01-01
Business Decision Making in Restaurant - China
Added on 2021-01-01
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Decision Making
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Create a plan for the collection of primary and secondary data:......................................11.2 Presenting survey methodology and sample framing.......................................................21.3 Design of Questionnaire...................................................................................................3TASK 2............................................................................................................................................42.1 Create information for making decision by summarising data using representative value42.2 Analysing the results........................................................................................................72.3 Analysis of measures of dispersion..................................................................................92.4 Explain the quartile, percentiles, and coefficient correlation...........................................9TASK 3..........................................................................................................................................103.1 Graphs:...........................................................................................................................103.2 Trendline chart:..............................................................................................................143.3 Covered in PPT:.............................................................................................................153.4 Formal Report:................................................................................................................16TASK 4..........................................................................................................................................174.1 Implementing of the information methods system in the decision- making:.................174.2 Network diagram............................................................................................................174.3 Financial tools for decision making:..............................................................................19CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20
INTRODUCTIONBusiness decision making is significant for the deciding the factors that will help in thelong term growth and survival of the business. This decision includes researching different typesof sources and techniques that are suitable for organisation and then choosing the bestalternative. This can be a suitable way for expanding the business in new areas. The currentreport is about expanding the business of a restaurant chain in London. In relation to this, thereare various types of statistical tools that are incorporated in this report to find out and anticipatethe future growth and sustainability of the business (Vercellis, 2011). The business decisions aretaken to control the functions of the management and direct their working towards the attainmentof the objective of business. If the cited restaurant wishes to generate more suitable and goodoutcomes the company needs to evaluate the feedbacks from the regular customers of food forfriends’ customers. Questionnaires are prepared to conduct the survey about the tastes andpreferences of the people and finally evaluating whether the people in London will visit therestaurant, and these questioned are analysed by preparing graphs and plots. Finally, all theinformation is gathered to prepare formal reports which are then presented to the managementfor making further decisions.TASK 11.1 Create a plan for the collection of primary and secondary data:Food for friends is a Restaurant which started providing its services in United Kingdom.The main purpose of the restaurant is to collect the necessary information about their servicesand quality of their food from the market. For collecting this information their two types ofmethods namely primary and secondary. These both the methods have their own importance incollecting and analysing the information from the market. The researcher plays an important rolein finding out the information which is reliable and accurate and it helps the management of therestaurant in drawing certain important conclusions. These two important sources are discussedbelow: Primary sources: The primary source is the collection of raw and fresh first hand datafrom the respondents (Tzeng and Huang, 2011). The information obtained from the respondentsare more reliable and accurate as they are the personal opinions of the people who are interested1
in the business. They give the actual view of the business and provide honest feedbacks. Theprimary source of data collection is through questionnaires conducted online on social sites,restaurant's own site and getting in house feedbacks from the customers after providing themservices. The various primary resources are discussed below:Survey: In this method the researcher chooses the various number of random respondentsthat comes to the restaurant on a regular basis and a series of questions are asked fromeach of them to come at a certain decision.Questionnaire: This method uses a number of questions that are prepared by themanagement that are necessary to conduct a particular research. The preparedquestionnaire is uploaded on social sites and restaurant's own site etc.Secondary sources: This source of collection of information uses published data such asmagazines (industry related), newspapers, articles and food bloggers and it uses past informationalso. This source provides second hand information and does not play as much importance as theprimary source.1.2 Presenting survey methodology and sample framingSurveys are conducted with main aim of assembling of data from the various respondentsto gather the important information which is required to come at a solution and in the businessdecision making process (Tufféry, 2011). For this purpose, it is necessary to conduct the researchin an effective manner by using the primary and secondary sources of data collection. Thesesources help in coming at a particular decision regarding the problem and helps in gettingfeedbacks about the solutions that are used and finding out whether it was effective or not, sothat they carry out changes for satisfying their different criteria.Survey methodologies: The survey methodologies is the process of conducting surveysby food for friend to gather the views of the respondents regarding the services that are providedby the restaurant such as food quality, ambience etc. For conducting the researches, themanagement of restaurant decides to use the primary source for data collection (Stine and Foster,2014). Primary source uses questionnaire to conduct the survey from the respondents by framingthe questions that are required for decision making. These surveys are distributed publicly orpublished on the social networking sites and then are used to solve the issue involves in food forfriends’ restaurant.2
Sample Framing: This process of research uses the sample data from the givenpopulation. In Sample framing, various techniques are used such as random sampling, stratifiedsampling, cluster sampling by the researcher. These methods are used by the researcher in theselection of the sample from a given population because it is impossible to conduct a survey onentire population. The research analyst of food for friends have decided to select random sampling method to selectsamples from the population for conducting the research because it is the most effective andeasiest method for the selection of sample from population (Schmoldt and et. al., 2013). Therandom sampling method has its own advantages because in random sampling there are lesschances of biases as compared to the other methods. The random sampling method has selectedsample of 60 random respondents from the total population of central London. The differentqueries for which the various questions are asked from the respondents are:1.)Diversity of services 2.)Quality and quantity of food.3.)Rates4.)Ambience of Food for friends.1.3 Design of Questionnaire QuestionnaireFood for friends Name: Sex:Age:Q1. Have you visited food on fire ever?Yes NoQ2. What is best in Food for friends?ServicesFoodSurroundingOtherQ3 Are you satisfied with the quality of food?3
3.)Yes 4.)NoQ4 Did the price of the food and services food for fire affordable and reasonable?1.)Yes2.)NoQ5. Are you satisfied with diversity of the cuisines that are available in food for friends?Satisfied Highly satisfied Not SatisfiedQ6. Which cuisine is best for the main Dishes?ItalianChineseFrench Q7. Do you want that food for fire introduce new dishes?Yes, in breakfast.Yes, in lunchNoQ8 In which location do you want food for friends to start their new restaurant?Prime locationCountry sideQ9. Do you want to receive something unique on festivals?YesNoQ10 Would you like to provide any personal views?Ans...TASK 22.1 Create information for making decision by summarising data using representative valueQ1. Have you ever visited food for friends?ParticularRespondentYes404
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