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UNIT 6 Business Decision Making - Report

   

Added on  2020-06-05

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UNIT 6 BUSINESSDECISION MAKING

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Data collection plan...............................................................................................................11.2 Methods of survey.................................................................................................................21.3 Questionnaires.......................................................................................................................32.1 Business decision making based on Data Collection............................................................62.2 Statistical Calculations..........................................................................................................72.3 Measures of dispersion..........................................................................................................92.4 Correlation coefficient, Quartile and Percentile....................................................................9TASK 2..........................................................................................................................................103.1 Calculation shown in graphs...............................................................................................103.2 Trend lines...........................................................................................................................103.3 Business presentation..........................................................................................................113.4 Formal report to Food and Friend's director.......................................................................11TASK 3..........................................................................................................................................124.1 Implementation of information processing tool..................................................................124.2 Project plan with critical path.............................................................................................134.3 Various financial tool for decision making.........................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16

INTRODUCTIONDecisions taken by organisational heads must be supportive and profitable. It must behelpful in achieving the attainable aims or targets. It should be based corrective informations anddata which will be fruitful for professionals to take innovative and effective reasoning in theirjudgements. In this report, various surveys and researches are made which will help Food forFriends managers to make favourable business plans. It will be beneficial in estimating volumeof cost to be spend for starting a new restaurant in UK. There can be surveys don on 20 peopleand their responses helps managers in making corrective decisions.TASK 11.1 Data collection planData collection is the process where an entity can gain the favourable informationregarding consumers, their preferences and choices. It helps managers of an organisation indeciding costs or planning budget before implementing any business operation. Food for friendshas a successful restaurant, running in US. Managers of this firm are planning to start a newrestaurant chain in UK. Data will be financial or non-financial and will help the organisations ingathering information from the outside market. It includes two methods such as:Primary data collection: These techniques determines the initial level of data collectinglike from direct interaction with individuals, organising surveys at various locality, askingquestionnaires to several respondents, daily observation and personal experience. These are theprimary sources and methods in which a person is directly interacted with consumers (Gong andet.al., 2016). These sources helps in gathering adequate data regarding consumer choices andpreferences. Managers had made survey over 20 individuals in context with having appropriateoutcomes. It also includes interviewing of various individuals at various places (Haines andet.al., 2017). Food for Friends will collect the initial data from surveying different geographicalareas which will help them in gaining information or details regarding the choices, preference,convenient place of restaurant and several features a consumer look in an restaurant. With thehelp of these methods, data can be collected:Direct interaction with the use of telephonic devices such as mobile texting and callingindividuals.1

Questions to be asked to individuals with the help of various questionnaires and on thebasis of their answers managers of restaurant can analyse such informations and make thecorrective decisions.Daily observation provides adequate informations regarding changing trends in themarket and variation in the consumer preferences.Secondary data collection: These method of data collection will be done by use of selfobservation techniques such as internet surfing, accessing over social media, governmenttaxation policies and changing interest rates of bank loans. 20 individuals were asked forquestionnaire with help of online sites. These will help Food for Friends in gathering the datafrom the secondary sources not the direct contraction between professional or consumers(Alexakos and et.al., 2016,). Information can be generated with the help of various sources like:Informations available at the various social media sites about current trends, recentchanges in the market and consumer attraction.With the help of various newspapers, magazines, blogs and article available as to knowthe loopholes of other restaurants which helps in implementing new ideas.Government tax rulings and statistical data helps in determine the costs for each meal andservices.Financial disclosure of various restaurants in UK will be helpful in analysing thecompetitors in the market.1.2 Methods of surveySurvey Methodology: Methods used to gain the adequate informations about consumersdemands and needs regarding taste or quality of food and accommodation facilities which areawarded by Foods and Friends. Research must be made at various places by interaction withseveral individuals regarding their choices and preferences (Church, Schmidt and Smedley,2017). There must be use of best quality and fresh ingredients in every course of mealpreparations. Atmospheres of premises must be clean, hygienic and healthy which will giverelaxation to consumers. Managers of restaurant must considered the surrounding of businessand better parking facilities which will be convenient for consumers (Neuendorf, 2016). Firm haschoose the online survey methodology as it is very convenient and quick process to know the2

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