Business Decision Making Report: Data Collection and Analysis

This report analyzes a business decision-making project for a hypothetical restaurant, "Food for Friends," planning to open a new location in London. The report begins with an introduction to business decision-making principles and then outlines the methodology for data collection, including plans for primary and secondary sources. It details the survey methodology, sampling techniques, and the design of a questionnaire used to gather customer feedback. The report presents the collected data, including calculations of mean, median, and mode, and analyzes the data using measures of dispersion and standard deviation. Further, the report utilizes graphs and charts for effective presentation of findings, including trend lines, and discusses the dissemination of information through a business presentation and formal report. Finally, it incorporates information processing tools and project management plans, along with financial tools, to aid in effective decision-making, concluding with actionable recommendations for the restaurant's management.

Business Decision Making

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Creation of plan for collecting data through primary and secondary sources..................1
1.2 Survey methodology and sample framing used for research............................................2
1.3 Designing a questionnaire................................................................................................3
2.1 Creation of information on the basis of suitable responses of respondents.....................4
2.2 Suitable calculation on the basis of data...........................................................................5
2.3 Analysis of data by using measure of dispersion and standard deviation........................6
2.4 Use of quartile and correlation coefficient in judgement.................................................7
TASK 2............................................................................................................................................8
3.1 Use of graphs and charts for effective findings................................................................8
3.2 Creation of trend lines for graphs...................................................................................10
3.3 Business presentation for dissemination of information................................................11
3.4 Dissemination of information through formal business report.......................................11
TASK 3..........................................................................................................................................12
4.1 Use of information processing tool................................................................................12
4.2 Creation of project management plan and critical path for effective decision...............12
..............................................................................................................................................13
..............................................................................................................................................13
4.3 Use of financial tools in effective judgements...............................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Every business get success in long term context with right judgements which usually
taken by management and higher authority (Ferrell and Fraedrich, 2015). Along with this,
management have to take all such people in account as well whom are affected by decision more.
Thus, business decision making have to be based on various information which an entity collect
from their ultimate customers. This project is based on research which get conducted by “Food
for friends” whom want to start another restaurant in London. A proper report gets framed by
using adequate techniques to collate information from various number of sources and interpret
information so that management can understand it properly and take profitable decision. For this
relation, variety of sources of information will going to be use: primary and secondary and on the
basis of that information get created by using questionnaire. Along with this, formulation of
various graphs and charts will enable management to make data in concise format which is
essential for effective understanding. Along with this, software generated information also have
to take in account so that appropriate outcomes can be gain.
TASK 1
1.1 Creation of plan for collecting data through primary and secondary sources
Every project requires to include several information which is helpful in making and
attaining all success criteria of project. For this perspective, primary and secondary sources of
information get collected. Food for friends have to use proper framework which enable them in
collection of data by including primary and secondary sources of content (Ford and Richardson,
2013). Primary source: These are such sort of information which get collate through personal
interaction with another individual. These are reliable in nature and helpful to conclude a
beneficial decision as well. The process is quite long but reflect a value on research. A
perfect plan for primary source of information is as below:
◦ Time: Managers have to analyse all perspective and complete this research in
sufficient time frame. Food for friends have to take this factor in account and execute
the task in an appropriate framework.
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◦ Purpose: Purpose of this research is to analyse customer perspective about an
organisational products and services (García-Peñalvo and Conde, 2014). Food for
friends have to take this thing in account and conclude a beneficial decision.
◦ Cost: The cost which lead to incur on this project is €10,000 which is appropriate
according to small scale research for getting a beneficial outcome.
◦ Scope: This project scope is wide for Food for friends because this will enable them
in taking decision for their new project which will get started in near future context.
◦ Methods: Quantitative and qualitative measures will be going to be used to analyse
and collect information.
◦ Respondents: Selected number of people for this research is 80 whom are regular
customers of a restaurant. This will enable management to take a helpful and
profitable judgement in long term context.
 Secondary source: This data is based on various books, articles and journals which
provided by different authors (Groebner and et. al., 2011). On the basis of previous
research, managers of Food for friends become able to take a beneficial decision which
are helpful in long term context. Thus, such authors provide distinct lectures and theories
so that they are going to apply in business effectively.
1.2 Survey methodology and sample framing used for research
For every survey, there are different techniques and tools are taking in account to execute
them. These survey methodologies have to apply by managers of Food for friends in absolute
manner to maximise the outcomes and research get done at wide and vast level. Different
number of survey methodologies which can apply by “Food for friends” are as follow;
 Survey Monkey
 Social media
 Questionnaire
 Interview
These are several methods which get implemented into business so that valuable outcomes can
be gain in an effective manner. Survey methodology is helpful in gaining proper results with
appropriate suitability (Kline, 2010). For this project, managers of an organisation use
questionnaire technique which enable them in reaching to vast level of customers. Along with
this, chances of validity and reliability are moderate in this scenario.
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Along with this, various sampling methods are also identifying which have to take in
account in a proper manner. Variety if sampling which can use by managers of Food for Friends
in business are as follow:
 Cluster sampling
 Stratified sampling
 Random sampling
 Simple random sampling
Out of them, managers use random sampling method for research in which they choose four
major location of London from where their number of users are belonging to (Laudon and
Laudon, 2015). This enable them in taking and deriving a beneficial outcome with suitable
applicability.
1.3 Designing a questionnaire
This questionnaire is preparing for Food for friends which is a one of well establish
restaurant in London. They are going to conduct a research for analysing customer perspective
about their brand as well as on the basis of such measure, a long term decision will also get
concluded. This includes 9 question whom are open ended, close ended and many more with a
view point of 80 respondents belong to different location of London, UK.
QUESTIONNAIRE
Name:
Age:
Gender:
Q1. Are the products quality met with nature?
a) Yes
b) No
Q2. Do you have any complaint regarding with restaurant internal environment?
a) Yes
b) No
Q3. From which price category you belong to?
a) More than €13
b) Between €14 to €56
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c) More than €60
Q4. Do you like the behaviour of staff members?
a) Satisfactory
b) Not Satisfactory
Q5. Which place is suitable for new project?
a) Sea beach
b) Rooftop
Q6. Any sort of modification required?
a) Completely Hotel
b) Cafe
c) Partly restaurant partly hotel
Q7. Do you think that offerings are limited in number?
a) Yes
b) No
Q8. Are prices acceptable to you or any kind of alteration need in pricing strategy?
a) Sufficient
b) Lack of sufficiency
Q9. Any further suggestion or recommendations?
2.1 Creation of information on the basis of suitable responses of respondents
Food for friends gain suitable response from variety of respondents which are regular
customer of an organisation in relation for which questionnaire is prepared. On the basis of
different perspective of customers, management become able to conclude a beneficial decision
which support in long term context of an entity (Pettigrew, 2014). Below is a information created
on the basis of different people opinion which enable authority of Food for friends to take a
profitable judgement in long term context:
Ratings R1 R2 R3
1 50 30
2 25 55
3 25 35 20
4

4 47 33
5 52 28
6 27 3 50
7 48 32
8 55 25
According to this information analysis, several number of things get analyse which are
helpful for an entity. Restaurant is delivering quality based products with appropriate price
standard as well using effective pricing strategy. Along with this, staff need more training
because they have to improve their communication process which enable them in attract vast
range of users. This information get more understandable with the help of using calculation
measure.
2.2 Suitable calculation on the basis of data
For calculating the data, mainly three major methods can be used which are:
 Mean
 Median
 Mode
These three measures are helpful in taking a beneficial decision for Food for friends so
that a proper future oriented objectives can be framed. On the basis of above information,
following is a data creation of project:
Ratings R1 R2 R3 Mean Median Mode
1 50 30 40 40 #VALUE!
2 25 55 40 40 #VALUE!
3 25 35 20
26.6666666
667 25 #VALUE!
4 47 33 40 40 #VALUE!
5 52 28 40 40 #VALUE!
6 27 3 50
26.6666666
667 27 #VALUE!
7 48 32 40 40 #VALUE!
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8 55 25 40 40 #VALUE!
According to this analysis, it get determine that company is providing good quality
products to their clients. Along with this, luxury products consumer are less in number where as
most number of users demanded products whose range is between Between €14 to €56. Thus at
new restaurant, Food for Friends have to maintain their price at such level. One major aspect on
which management have to work is their staff behaviour. It is essential for them to recruit such
number of employees which are well trained and have good interpersonal skill. Moreover,
restaurant have to increase number of variety of products which deliver by them so that they are
going to attract more user and enhance their experience as well.
2.3 Analysis of data by using measure of dispersion and standard deviation
Ratings R1 R2 R3
1 50 30
2 25 55
3 25 35 20
4 47 33
5 52 28
6 27 3 50
7 48 32
8 55 25
Standard
deviation Variances Mean
14.1421356
237 200 40
21.2132034
356 450 40
7.07106781
19 50
26.6666666
667
9.89949493
66 98 40
16.9705627
485 288 40
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16.9705627
485 288
26.6666666
667
11.3137084
99 128 40
21.2132034
356 450 40
Standard Deviation: Standard deviation is define as a process of measure of dispersion under
which it get analyse that how the respondents or frequency is differ from mean value of a group.
This data is based on Food for friends under which management want to take a crucial decision
for their future project. In such context, distance from average point of context of quality is
around 14 which is more than half. Thus, many people are satisfied with quality services of a
company.
Along with this, perfect location for starting a project is beach which aid them in attract
such number of customers whom want to spent their quality time with their partners and in day
people who really want to spent some hours of leisure.
Variances: It is define as a fact or a quality of being different from others. Management have to
take this thing in account and analyse changes which are taking between two different segments
of users and thus analysis between each and every respondent become easy to determine. For this
relation, company have to work on their staff members behaviour and provide better training to
them. Moreover, at new workplace new employees have to recruit whom have sufficient
knowledge to deal with various situation (Tzeng and Huang, 2011). Along with this,
modification is also required because from past few years same quality based goods and services
are deliver. Thus, price is not everything but providing wide variety of products at appropriate
location is another major segment.
2.4 Use of quartile and correlation coefficient in judgement Quartile: It is a four equal groups segment under which whole population is divided
properly. It is helpful in analysing perspective of various people at each level and a major
difference between each other. Food for friends have to analyse all four quartile so that
they become able to identify chances of success at each level.
 Correlation coefficient: It is essential for an organisation to determine the linear
interdependencies of two variables (Vercellis, 2011). Values have to be in between +1
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and -1 and if outcome is more than or less than this, such values are not acceptable. In
every frequency data two variables are dependent upon each other.
Quartile 35 40 45 50
32.5 40 47.5 55
27.5 30 32.5 35
36.5 40 43.5 47
34 40 46 52
9 15 21 27
36 40 44 48
32.5 40 47.5 55
Correlation
coefficient -1
Relation
between 1
and 2
-
0.98422771
69
Relation
between 3
and 6
1
Relation
between 4
and 5
1
Relation
between 7
and 8
According to this data calculation, it get analysed that quality and environment have
perfect relationship between each other. This is helpful in taking a beneficial decision and
maintain their existing quality in their products and services. Along with this, in new project,
prices of all products should be €14 to €56 with little modification. This enable Food for friends
to grab maximum market share.
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TASK 2
3.1 Use of graphs and charts for effective findings
1 2
0
10
20
30
40
50
60
50
30
Row 2
1. Quality of products are appropriate in manner and there is no requirement to modify them.
This quality have to be maintain at such extent and do not alter. This is a helpful and beneficial
context for Food for friends.
1 2
0
10
20
30
40
50
60
25
55
Row 3
2. Internal environment is full of relaxation and thus, company have to maintain in their long
term context. Environment is appropriate in nature and Food for friends have to maintain their
culture in next few outlets as well. This is a key process of their development and growth.
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