Statistical Tools and Method | Blackfriars Restaurant
Added on 2020-01-07
31 Pages4156 Words150 Views
BUSINESS DECISIONMAKING
INTRODUCTIONDecisions plays a very significant role in every kind of business entities which helps tomake the firm more profitable by taking appropriate decisions. The current study is based on aBlackfriars Restaurant which is operating in London and going to open a new branch. The reportfocuses on plan that how to collect primary as well as secondary data for research. It showsvarious statistical tools and method which helps to take effective business decisions and draw areliable conclusion. Moreover, it describes about graphical representation, financial tools as wellas critical plan to complete a project in the proper manner on or before time.TASK 11.1 Plan for collecting primary and secondary dataData is a most essential part of the any research project where data should be more usefuland specific. Make sure data should be more specific and reliable. Data collection is way togenerating information through the different different source. Data collection is technical way togathering information. In any research project research main role is collect relevant data from thesuitable source. Data gathering is away to provide information for the related topic. Datacollection have a various source. In order to collect data there is two specific way to gathering ginformation. One is primary data where information generate by the questionnaire and books andjournals (Jankowicz, 2005). As per this report in data generate through the questionnaire forms.Which are very useful for the research report which the help of primary question data companygenerate information about the current market problems. On the other hand secondary data isway to generating information through the secondary source of the data collection whereinformation is old which means information is investigated n earlier time and now we use thosedata in present report. Primary data is first handed data where information through the onlinequestionnaire. Company fill online questionnaire from the respected public in the current market.Furthermore, secondary data is to be generated by the investigators which the help of annualreport of the company. 1.2 Presenting survey methodology as well as used sampling techniqueThere are various type of sampling methods which are useful to data collections .Survey methodology- in this sampling method survey is to be done on the basis ofquestionnaire where the researcher use online method . In this questionnaire are distributed1
through online way where this method is useful to reduce time and increase efficiency (Little,2011). Convenience sampling method : in this sampling method data should be in generate viaeasily. Most of the researcher are used convenience data methodology because this method ofdata collection is very easy and understandable by the researcher. Sample random sampling method: simple random sampling method is a very easymethod from all over the above methods of sampling. In this research Blackfriars restaurant usesimple random sampling methods where they easy generate information. In this samplingmethod there is no parameter used. This method is free and randomly determine. As per the current research report we can use 30 sample size of sampling where usedsimple Brandon sampling methodology. In this research report research used onlinequestionnaire forms for generating authentic information (Nicholson and Aman, 2012).1.3 Questionnaire for research2
QuestionnaireDemographic informationName ________________Gender _______________Age __________________Que. 1. How often do you visit to restaurant for taking food ?DailyOnce in a weekOnce in a monthRarelyQue. 2. Do you think that, Blackfriars restaurant provides high quality of food items ?YesNoQue. 3. Which factor do you consider while taking food from Blackfriars restaurant ?Quality of foodServiceLocationPricesQue. 4. Do you agree that, Blackfriars satisfy your requirements related to food ?Strongly agreeAgreeNeutralDisagreeStrongly disagree3
Que. 5. Do you think that, price level of food products in Blackfriars restaurant are effective ?YesNoQue. 6. From the following marketing strategies, which strategy affects your buyingbehaviour ?Social mediaWord of mouthNewspapersPromotional activitiesQue. 7. Are you satisfy that, services provided by personnels of Blackfriars restaurant arebetter ?Highly satisfySatisfyNeutralDissatisfyHighly dissatisfyQue. 8. Do you think that, food products of Blackfriars have higher nutritions as compare to itsrivalry restaurants ?YesNoQue. 9. Is there marketing strategy used by Blackfriars is impact on your buying behaviour ?YesNoQue. 10. Please provide your valuable feedbacks and suggestions4
________________________________________________TASK 22.1 Summarizing collected dataFor analysing and research on the company there are different informations and data arerequired. The data are collected with the help of primary as well as secondary sources and usedto analyse regarding business problems. In the present scenario raw data are collected fromannual report of the company such as Blackfriars restaurant (Arnicans, 2013). There are mainlytwo kinds of financial data are derived and summarized which are like as sales or revenue andprofit from the FY 2011 to 2017. Further, respective raw data are summarized as below:Table 1: Raw data for calculationYearSales or revenue (Amount in £)Profit (Amount in £)2011658132201257812520134681122014547125201568919320167452312017834292The above mentioned table shows collected raw data for researching of Blackfriarsrestaurant and make valid conclusions. Here revenue generated by the restaurant as well as profitlevel is to determine from the accounting year 2011 to 2017. With the statistical tools such asmean, median and mode the represented raw data are calculated.2.2 Calculations of mean, median and modeIn the business entity data and analysed using various techniques such as thematic,statistical, mathematical tools etc. In the present case, various kinds of statistical tools andtechniques are used such as mean, median as well as mode which are calculated as below:5
Table 2: Calculation of mean, median and modeSalesProfitMean646173Median658132Mode0125Mean or AverageMedianMode6
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