Business Decision Making: Analyzing Data for Strategic Decisions

This report examines business decision-making through the lens of a case study involving Blackfriars Restaurant. It details the data collection plan, utilizing both primary data gathered via structured questionnaires to understand consumer preferences and secondary data from restaurant records, customer reviews, and market trends. The survey methodology and sampling frame are outlined, with a sample size of 40 respondents. The analysis includes summarizing data using measures of central tendency (mean, median, mode) and dispersion (standard deviation, range, quartiles, percentiles) for sales and profit. A correlation coefficient is calculated to assess the relationship between sales and profit, and graphs are generated to visually represent the data and draw valid conclusions. The report concludes that Blackfriars Restaurant has successfully maintained its profit and sales levels, leading to expansion and increased customer attraction. The document provides access to valuable study tools and solved assignments on Desklib.

Business Decision Making

Introduction
Decision making is an essential and widen
part of business world.
Process of selection of best course of
actions from the available alternatives.
Helps firm to chosen right action from the
list of alternatives.
For present research, Blackfriars
Restaurant case study is taking into the
consideration

Data Collection Plan
Data collection is the process of gathering and evaluating
information .
Enables to find the answers of research questions in a right
manner.
Uses to develop an understanding of subject and predict
future events.
There are two types of data collection: primary and
secondary.
In primary, a structured questionnaire will prepare that will
base on determine and understand the consumer preferences
in various ways.
Secondary data collection, data gather from Blackfriars
Restaurant records, its customer reviews, market demand
and trend etc.

Survey methodology and sampling frame
Survey methodology
Method of sociological investigation.
Utilizes to collect the information via questionnaire
or statistical based methods.
In the case of Blackfriars Restaurant, the most
appropriate survey methodology will be
questionnaire.
• Sample frame
Random sampling for taking the sample from
respondents.
The sample size will be 40 and the responses.

Analysis of result with valid conclusion
Sales £m Profit £m
Mean 736.6667 Mean 95.83333
Median 725 Median 90.5
Mode #N/A Mode #N/A

Analysis of result with valid conclusion
Sales £m Profit £m
Standard
Deviation 130.4863 Standard Deviation 35.07373
Range 380 Range 87

Quartiles, percentiles and the correlation coefficient
Quartiles and percentiles
Percentile and quartile Sales in £m Profit in £m
Quartile 1 677.5 70
Quartile 2 725 90.5
Quartile 3 802.5 123
25th Percentile 677.5 70
50th Percentile 725 90.5
75th Percentile 802.5 123

Conti….
Correlation coefficient
Sales £m Profit £m
Sales £m 1
Profit £m 0.962132 1

Graphs by using spreadsheet as well draw
valid conclusion
Column bar graph of sales and profits data
of restaurant:

Conti…
Line chart:

Trend lines for forecasting the sales and profits

CONCLUSION
• From the above discussion, it has been concluded that Blackfriars Restaurant
has focused on its profit and sales level and has tried to maintain it with the
time.
• A good financial position of company has helped in open a new outlet in
London and has attracted huge customers.

REFERENCES
• Altman, E.I. and Fleur, J.K.L., 2001.
Managing A Return To Financial Health.
Journal of Business Strategy. 2(1). pp.31-38.
• Andersen, S. E., Dysvik, A. and Vaagaasar, L.
A., 2009. Organizational rationality and
project management. International Journal of
Managing Projects in Business. 2(4). pp.479 –
498.
• Beynon-Davies, P., 2009. Business
Information Systems. Palgrave Macmillan.