Importance of Decisions Making in Expanding Business: Study

Added on - 28 Dec 2019

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BUSINESS DECISION MAKING
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................4TASK 1: ABILITY TO USE VARIETY OF SOURCES FOR COLLECTION OF DATA ANDUSING DIFFERENT TOOLS FOR DECISION MAKING...........................................................4Plan for primary and secondary data and presenting the survey methodology and samplingframe............................................................................................................................................4Questionnaire...............................................................................................................................5Developing information for decision making..............................................................................6Analyzing the collection of data..................................................................................................7Analyzing data using measures of dispersion.............................................................................8Explanation of quartile, percentile and Coefficient correlation..................................................9TASK 2: USE OF STATISTICAL GRAPHS AND REPORTS FOR DECISION MAKINGAND SOFTWARE GENERATED INFORMATION FOR DECISION MAKING...................10Graphs and Spreadsheets..........................................................................................................10Trend lines.................................................................................................................................13Formal business report...............................................................................................................15Information processing tools.....................................................................................................16Network diagram...................................................................................................................16Use of different financial tools..................................................................................................18CONCLUSION.............................................................................................................................19REFERENCES.............................................................................................................................20
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INTRODUCTIONTop level management in an organization has several responsibilities to carry out in orderto attain successful run of business enterprise. Out of all, decision making is considered as themost important aspect of business enterprise (Nicholson and Aman, 2012). However, in suchconstantly changing environment, functional managers of an association has to make appropriatejudgment regarding conducting business activities so that desired results and outcomes can begenerated and company can attain sustainability. Present study highlights the importance ofdecisions making in expanding business operations of a restaurant chain. Furthermore, with thehelp of various financial and statistical tools and techniques each and every aspect of market andrestaurant business has been analyzed.TASK 1: ABILITY TO USE VARIETY OF SOURCES FOR COLLECTIONOF DATA AND USING DIFFERENT TOOLS FOR DECISIONMAKINGPlan for primary and secondary data and presenting the survey methodology and sampling frameIn general terms, for a researcher to carry out feasible and suitable research it is essentialfor him or her to adopt appropriate means of collecting data. However, there are two majorsources by the means of which managers of restaurant chain can generate data or information.These are:Primary data collection method– Several experts and researcher states that, collectingdata through primary sources assist in generating accurate, quality and wide range ofinformation for carrying out overall research (Borhan, Mohamed and Azmi, 2014).In thepresent given scenario, survey methodology has been selected in order to generateprimary data. Specific group of people and experts will be selected and on their reactionand information decision will be made of expanding restaurant chain in London. By themeans of this, taste and preferences of people in cited location will be evaluated so thattop level management of restaurant can be recommended to open similar type ofrestaurant to meet the needs and expectations of customers to a great extent.Secondary data collection method– At times in a research it is essential to generatesecondary data because it states records and past information related to the topic which isconsidered as valuable while making any decisions.For the present study, annual reports5
and financial data of other existing restaurant will be used in order to evaluate thefeasibility of project (Schraeder and Morrison, 2005). By the means of this, entrepreneurcan make decision regarding future sales growth, demand and costs associated with thefunctioning of a restaurant in London.Survey Methodology:Survey methodology helps in gathering accurate and feasible data on a particular topic.However, in the present research report, by the means of survey methodology top levelmanagement of restaurant chain can collect variety of information regarding taste andpreferences of customers, financial aspect of existing restaurants and current trend in foodindustry etc (Vroom, 2003).Furthermore, making this approach more accurate, questionnairewill be framed by the managers and can spread to selected bunch of respondents which willanswer different types of questions regarding specific topic and ensuring in making appropriatefuturistic decisions.Sampling frame:From the study of scenario given, random sampling would be an appropriate option forresearcher to undertake because it will assist him or her in selecting best possible group orpopulation by the means of which information can be generated.However, for the present study,20 respondents have been selected which are differentiated in categories like employees, industryexperts and consumers (Burcher and Lee, 2000). Out of these 20 customers, 14 are male and 6are female candidates.Further, it is the responsibility of functional managers of RestaurantCompany to ensure that both these methods are used in effective and appropriate manner so thatfeasible information can be generated and correct and smart decisions can be made.QuestionnaireName:Gender:Age:6
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