Business Decision Making Assignment - Restaurant Chain
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Added on 2020-01-28
Business Decision Making Assignment - Restaurant Chain
Added on 2020-01-28
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TABLE OF CONTENTSIntroduction......................................................................................................................................3Task 1...............................................................................................................................................31.1 Creating a plan for primary and secondary data collection...................................................31.2 Survey methodology & sampling frame used........................................................................31.3 Design a questionnaire to collect data and provide a justification for its design...................42.1 Collect data and create information for decision making by summarizing data usingrepresentative values....................................................................................................................52.2 Analyzing the results to draw valid conclusions in a business context.................................62.3 Analyzing the collected data using measures of dispersion. You must be able to use theanalysis to inform and support decision making..........................................................................72.4 Carrying out suitable calculations to draw useful and realistic conclusions and providevalid recommendations................................................................................................................8Task 2...............................................................................................................................................93.1 Graphs and charts (e.g line, pie, bar chart, histogram, scatter) to clearly and effectivelypresent the findings......................................................................................................................93.2 Creating trend lines in graphs to assist in forecasting for specified business information..143.3 Preparing a business presentation to disseminate information effectively..........................143.4 Preparing a formal Business Report to be presented to the board of directors....................144.1 Using appropriate information processing tools to analyze the information.......................154.2 Project plan for an activity and the critical path. ................................................................15....................................................................................................................................................18....................................................................................................................................................184.3 Evaluation of the financial viability of the project..............................................................19Conclusion.....................................................................................................................................21References......................................................................................................................................22
Index of TablesTable 1: Sample Frame....................................................................................................................5Table 2: Summarizing of data..........................................................................................................7Table 3: Sales quartile and percentile..............................................................................................8Table 4: Profit quartile and percentile.............................................................................................8Table 5: Correlation Coefficient between sales and profit............................................................10Illustration Index.Illustration 1: Line graph of Sales.................................................................................................11Illustration 2: Scatter plot of Sales. ...............................................................................................12Illustration 3: Bar graph of profit. .................................................................................................13Illustration 4: Pie chart of the profits............................................................................................14Illustration 5: Trend chart of sales and profit.................................................................................15Illustration 6: Gannt chart..............................................................................................................19Illustration 7: Critical path.............................................................................................................19
INTRODUCTIONFor a business success, decision making is an important component for the company.Decision making helps the company in selecting the best actions from the several alternativespossibilities (Black, 2011). The present report is based on the scenario of restaurant chain whichis planned to open a second restaurant in London. This report is going to explain the collection ofprimary and secondary data and a questionnaire to collect data will be design. Furthermore,different calculations of mean, median, mode, quartile, percentile and correlation coefficient willbe calculate along with their conclusions. Line, pie, bar chart and graphs for sales, cost andprofits are forecast. Evaluation of different investment appraisal tools and the critical path arecovered in this report.TASK 11.1 Creating a plan for primary and secondary data collectionTo start a second chain of restaurant in London, it is necessary to collect the informationregarding customers preferences, choices etc as it help the company in making appropriatedecision for business (Power, Sharda and Burstein, 2015). There are two methods which can beused by the mentioned company for collecting of data. Such as:Primary data- This data refers to the information collected first hand by intense research andsurveys. From this primary data, company will gather the information by filling the questionnairefrom the customers (Kline, 2010). The questionnaire contains a list of multiple choice questionscan be filled by the customers through post, face to face, email or also through internet.Secondary Data- This are the information which can be already been collected for otherpurpose. Company will gather information by collecting information through previous reports,books, annual reports and also from published reports of the government.1.2 Survey methodology & sampling frame used.The mentioned company can use the simple random sampling methods for gathering theinformation. There is an open invitation for the customer to participate by filling thequestionnaire which is designed by the company and from these filled questionnaire companycan select randomly (Hacklin and Wallnöfer, 2012). As, it enables collection of the informationfrom the mass audience. In random sampling methods, every respondent get equal chances to
provide information. Hence, 100 customers are chosen from the London and from this,information regarding opening second restaurant and customers choices can be obtained. Thesample frame used by them isTable 1: Sample FrameSample methodSimple random samplingSample unitTo all kind of customersSample Size100 samplesSample instrumentThrough QuestionnaireSample locationLondon1.3 Design a questionnaire to collect data and provide a justification for its designPersonal informationName.................Age....................Residence...........Income...............1. What do you think about eating?More convenientDoesn't matter2. How many times do you eat out in a month?10 or more days5-10 days1-4 daysNone3. How often do you eat in ABC restaurant?Once a weekTwice in a weekOnce a month4. What kind of food do you prefer to have in the restaurant?Chinese food
Japanese foodItalian foodAmerican food5. How much do you spend for lunch at ABC restaurant.£50-100£100-150£150-200£200 and above6. What type of restaurant do you prefer?TraditionalModernHomeyRomanesque7. Source of information from which you get to know about this restaurant?LeafletInternetOthersFriends/family. 2.1 Collect data and create information for decision making by summarizing data usingrepresentative values.YearSales(£00)Profit(£00)20052501202006200110200722011520082401172009220114201023011920112501252012270130201327013120142801332015300138
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