UNIT 6 Business Decision Making : Assignment
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Added on 2020-06-06
UNIT 6 Business Decision Making : Assignment
Added on 2020-06-06
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UNIT 6 BUSINESS DECMAKING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Formulate plan for resolving business problem...............................................................11.2 Preparation of survey methodology and sampling frame.................................................11.3 Producing questionnaire...................................................................................................22.1 Producing summary of raw data.......................................................................................42.2 Calculating mean, median, mode.....................................................................................52.3 Measures of Dispersion....................................................................................................62.4 Computation of quartile, percentile, correlation...............................................................7TASK 2............................................................................................................................................83.1 Graphical representation of collected data.......................................................................83.2 Producing trend line graph...............................................................................................93.3 Business presentation.....................................................................................................133.4 Formal business report...................................................................................................13TASK 3..........................................................................................................................................144.1 Kinds of tools for information processing system..........................................................144.2 Project plan and ascertaining critical path......................................................................15..............................................................................................................................................16..............................................................................................................................................164.3 Techniques for business decision-making......................................................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19
INTRODUCTIONBusiness decision-making is essential aspect in the company as it helps to take enhanceddecisions in effective manner. The present report deals with Food for Friends restaurant which isplanning to launch another chain in London and management is keen to know about the samewhether to invest in it or not. Various information processing systems are discussed so thatadequate information can be entered and database can be maintained effectively. Moreover,budgeting tools are also explained and measures of central tendency and standard deviation havebeen discussed as well. Furthermore, various information regarding primary and secondary datais also explained. Business will get to analyse market and open chain in the city. TASK 11.1 Formulate plan for resolving business problemThe plan can be formulated for Food for Friends which is operating in London andsatisfying customers up to high extent. It is planning for opening second chain in the same city.Thus, it is required to collect information regarding current trends in the market so that it mayachieve success in the market. For overcoming this problem, primary and secondary data can behelpful for such purpose. The plan for primary data is that questionnaires should be passed on tothe respondents and restaurant should await for their reply. This will help to garner effectiveinformation regarding customer's preferences in the best possible way. Online questionnaires canbe used for extracting required information which will help to gather useful data (Neal, 2018). On the other hand, secondary data can be gathered by using past year's annual report sothat required information can be obtained with much ease. Second-hand information is obtainedwith the help of secondary data and researcher can use this information to analyse businessperformance and proper execution of plan can be effectively done. Thus, the plan for obtaininginformation through primary and secondary data will help Food for Friends to collect necessarydata for opening second chain in London.1.2 Preparation of survey methodology and sampling frame1. Survey methodologyThis method is quite effective one as online questionnaires is to be imparted torespondents so that required information can be gathered with much ease. The survey can beused for obtaining adequate information which help Food for Friends restaurant to analyse1
market demand of customers and moreover, it is cost effective method and less time is consumedas well.2. Convenience sampling methodConvenience sampling method is also adequate one to generate information. This isimportant method which is done by extracting information from group of people which can beeasily contacted by researcher and as such, according to the convenience of researcher,information can be obtained.3. Simple random sampling It is effective method as it helps to gather information from a sample of population whichrepresents entire population in the universe (Phelps and Wood, 2018). In simple words, thismethod takes sample portion of the universe which is the representation of whole population as itis impossible to collect each and every piece of information. In this report, sample of 30 peopleis taken to gather essential data. Thus, this sample information will help Food for Friends togenerate effective data and can easily plan for opening second branch with much ease.1.3 Producing questionnaireQuestionnaireDemographic informationName ________________Gender _______________Age __________________Ques 1. Do you prefer visiting to restaurant ?YesNoQues 2. Was the waiter attentive to take orders from you ?Yes No2
Ques 3. Was the waiter knowledgeable to answer your queries ?YesNoQues 4. Do you think your value of money was obtained ?YesNoQues 5. Do the meals provided by Food for Friends were tasty ?Yes No NeutralQues 6. Were you attracted to the restaurant from following aspects ?CleanlinessQuality foodGood musicComfortQues 7. Were fast services provided by servers of the restaurant ?Yes NoQues 8. How often do you visit Food for Friends ?WeeklyMonthlyRarelyOtherQues 9. What was the best aspect you like about our restaurant ?3
FoodServiceLow pricesLocationQues 10. From the following marketing activities, which attracted you to visit Food forFriends ?Social media Advertisement in newspapersDiscounting factorPositive feedback from existing customersAny other reasonQues 11. Please provide your valuable advices and suggestions to improve upon the servicesand quality of food to enhance your satisfaction__________________________________________________________2.1 Producing summary of raw dataRaw data is collected so that information may be gathered in effective manner. This isrequired so that adequate information can be gathered and Food for Friends can plan forlaunching of restaurant in London with much ease. This is essential as without havingauthenticated data, perfect decision regarding opening of second chain in the city cannot bemade. Thus, primary and secondary data is gathered for the purpose. Annual report of previousyears are segregated to analyse performance of the company based on the parameters of revenueand profit from 2011 to 2017 financial years. The presentation of raw data is listed below:Table 1 : Raw data for calculationYearRevenue (Amount in £)Profit (Amount in £)2011500752012580874
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