(REPORT) BUSINESS DECISION MAKING

Added on - 18 Dec 2019

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BUSINESS DECISIONMAKING
TABLE OF CONTENTSINTRODUCTION................................................................................................................................1TASK 1.................................................................................................................................................11.1 Create a plan for the collection of primary and secondary data for a given businessproblem........................................................................................................................................11.2 Present the survey methodology & sampling frame used......................................................31.3 Design a questionnaire...........................................................................................................4TASK 2.................................................................................................................................................62.1 Creating information for decision making.............................................................................62.2 Analyzing results to draw valid conclusion...........................................................................82.3 Measures of dispersion........................................................................................................102.4 Calculating quartile, percentile and correlation co-efficient...............................................11TASK 3...............................................................................................................................................123.1 Presenting graphs by using spreadsheets.............................................................................123.2 Creating trend line to forecast future events........................................................................133.3 Preparation of business presentation....................................................................................143.4 Preparation of formal business report..................................................................................14TASK 4...............................................................................................................................................154.1 Using appropriate software for information processing......................................................154.2 Preparation of a project plan for an activity and determine the critical path.......................164.3 Using financial tools for the purpose of investment decisions............................................18CONCLUSION..................................................................................................................................19REFERENCES...................................................................................................................................20
INTRODUCTIONBusiness is constantly changing with the external market difficulties impose as a threaton an enterprise. Black friar's restaurant has been selected for the given project report that helpsin assessing its present resources in order to take important decisions. This project is al aboutpreparing data collection plan and survey methodology in order to find evidences to support theaim of the business. This report also stresses o using statistical estimates such as mean, medianand mode in order to test the arithmetical accuracy as these are regarded as parameters ofresearch study. The information are conveyed to all the external party using appropriate chatsand figures. The capital evaluation techniques are used to select r reject appropriate project for anentity.TASK 11.1 Create a plan for the collection of primary and secondary data for a given business problemThe current research study is conducted in order to gather information related to the tastesand preferences of all the customers who are currently enjoying the services of a restaurant. Thecustomer satisfaction is regarded as important tool which can be used by an enterprise owner inorder to achieve higher target of sales and the revenue within a give deadline. The timelycompletion of all the goal is important in order to deliver all the services early as compared to allthe competitors exist in the same working environment. There are various factors on which thecomplete study is based upon includes customer preferences in visiting the restaurants, quality ofservice, location preferred by an entity.The current study will be helpful for Black friar restaurant in building strong fundamentalin their business. The data can be collected by the researcher who emphasises on the major aimof the business. Achieving higher customers satisfactions the basic aim of an entity owner toretain all the loyal and trust worthy customers. The sampling frame will be adopted that helps incollecting relevant data to suit the business needs and higher expectations of the external market.Primary collection of data-The primary research organizes by an entity includes connecting allthe data related to the aim of the business personally by the researcher personally appointed forthe purpose. Questionnaire is regarded as important source of collecting primary data in whichquestions are asked by the researchers by filling out he answers of the respondents. Open andend questions are included in the questionnaires in satisfying all the needs and the expectations1
of all the customers. Various factors which needs to be used by an individual in the datageneration process includes extracting worst and best data out of the total population. The datacollected through this particular method are highly reliable and accurate. The validity of thecollected data will be checked by verifying its accuracy. The collected data are checked with theaim o the business in order to test its skills in generating final outcome of the business entity.The current aim of an entity is yo open new restaurant after analyzing all the factors that arecreating burden for the business in achieving all their aims and targets.Secondary collection of data-It is another important technique of collecting data which is alsorecognized as external mode of generating data for the business. The data can be generated byaccessing new articles, magazines, books and journals. In this mode of collection of data theinformation will be gathered by an entity are less reliable as compared the raw informationcollected through the primary means of collection of data. In this approach the researcher willreview the published data collected by someone one else as this is regarded as time savingmethod. This method saves the time, energy and least expensive method in obtaining rightinformation in order to achieve the desired aims and objectives of the business. The sources fromwhich secondary can be collected for black friars includes census survey details. The censussurvey and government records will be helpful for black friar restaurant in knowing the incomelevel of all the people living in the London. Budget level is essential to know as this helps indesigning products or services according to the current budget level of all the customers living inthe London.1.2 Present the survey methodology & sampling frame usedSurvey methodology is regarded as important technique in collecting importantinformation in order to achieve the desired aims and targets of an enterprise. The survey is theimportant step in the process of research study in which samples will be selected in order toconduct the study to accomplish the desired aims and the objectives of an entity. Survey is thatimportant process involved in the research study in which accurate samples are selected in orderto consider each and every factors in improving the services delivered by an entity to the varietyof customers of the business.For the given case study, questionnaire technique of surveymethodology has been used wherein, a well structured questionnaire will be constructedcomprising all the necessary set of questions to taste the consumer desires, preferences, price2
sensitiveness and other factors so as to open a new branch of Blackfriars restaurant. It will besent through online source so as to generate quick responses of all the selected participants.Random sampling technique will be use which is non-probability sampling technique indata will be collected out of the determined samples. In this method, a sample of 100 existingconsumers of Blackfriars restaurant is selected randomly. Thus, the method is of greatimportance to eliminate any kind of selection biasness and considered as representative samplefor the entire universe. In this particular approach, the information will be collected by anindividual according to their own choice. The statistical surveys are conducted in which thedifferent set of information is tested on various parameters such as quality, customer satisfaction.Total samples of 100 customers are taken into consideration in order test the accuracy ofthe information. Samples selected out of the total universe will be helpful in generating the finaloutcome by an enterprise.1.3 Design a questionnaireQUESTIONNAIREName-What is your gender?MaleFemaleTransgenderHow old are you?10- 20 years old20-25 years old25-35 years old35 years old and aboveDo you know anything about your nearby restaurants?YesNoHow often you visit to a restaurant?Once in a weekOnce in a month3
SometimeRarelyWhat is your favorite place in London you like to spend time?Oxford streetWest field LondonRegent streetBond streetHow much you spend on your first visit to the restaurant?5-1010-1515-2525-30What are the factors influence your decision while spending in the restaurants?PriceQuality of serviceAmbianceHygiene factorI like the services provided by restaurant.Strongly agreeagreeNeutraldisagreePrices charged by the restaurant is affordable.AlwaysSometimeRarelyHygienic measures are adopted by restaurants in order to attract customers.YesNoHow much time do you wait for your order in a restaurant?4