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A Report On Business Decision-Making Add in library

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Question-create a plan for the collection of primary and secondary data for a given business problem?

LO 1.1 Primary and Secondary Data Collection:

Data Collection:

For gaining deeper information from the respondents, all questions call for open answers from them. This would allow increased appropriateness of responses. The questionnaire pattern includes a rating system known as the Likert scale against each question. The ratings included 1 for strongly disagree, 2 for disagree, 3 for neutral, 4 for agree, and 5 for strongly agree. The respondents are to rate each of the questions (Heroux, 2002). Information may also be gathered relating to expenses that it has to make for conducting marketing and promotions of the firm.

Primary data:

For the research to be conducted, both primary and secondary methods of data collection were used. Primary data are those obtained by the firm for any specific project. The management of the restaurant may implement the survey method during primary data collection. This would allow them to obtain necessary information and expectations of the stakeholders to conduct the decision-making process. By this manner the firm may gather qualitative as well as quantitative data.

Secondary data:

This data are usually gathered by other firms but can be used in particular projects. This is easy to be gathered and also saves costs as well as time. The management restaurant may collect secondary data from local libraries, survey offices, internet sources, etc.

 
 
Question-present the survey methodology and sampling frame used?

LO 1.2 Research Methodologies:

 

 

The techniques or methods of research include elements of research approach, methods of collection of data, and designing to evaluate the entire process. The research method that is used here helped in drawing relevant conclusions that is based on particular methodology. Hence, the researcher must be careful while applying key research methodology to conduct the process. Generally, any kind of divergence from actual outcome may occur if improper methodology is applied instead by the researcher. Here, in this case descriptive approach has been chosen. The research had to be conducted to assess the feasibility that would enable a restaurant to expand itself at a new location within London (Sutton, Verginis and Eltvik, 2003). By applying effective methodology, the research is conducted to assess various factors and aspects such as market analysis, financial analysis, market strategies, availability of resources, and some other minor aspects like promotional aspects, environmental issues, etc that would enable assessing the fact that the restaurant would be a successful venture or not. To enable the research, survey is conducted at the local region to gather important information from the market. Many statistical data was also gathered from secondary sources. All primary as well as secondary resources contributed towards the conduct of research. A questionnaire has been prepared with various questions based on the availability of a restaurant that would serve various purposes. The questionnaire comprised of around 10 questions, the answers or ratings would provide essential information. The questionnaire would be provided to almost 100 individuals.

Research Design:

An effective research design must be used to support the established research questions. The selection of an appropriate research design is important to analyze the key findings of the research as well as drawing suitable conclusion from it. Some of the research types are explanatory, descriptive, and exploratory. Explanatory research allows knowing the basic objective of the situation. Exploratory research is used whereby opportunities are properly analyzed for establishing innovative processes. Unlike, descriptive method stresses on particular positions and occasions (Mohsen, Ali and Jalal, 2011). All important information is collected to present the needs of the situations. Here in this research undertaking, both descriptive as well as explanatory research methods have been useful.

Sampling Methods:

Sampling method is the key technique for applying in multiple researches to collect data. Here in this particular study regarding creating a new plan for establishment of a restaurant, sampling method is used for collecting primary data. For any research proposal it is not practically possible to collect data from the entire population (Jung-Lu Shen, 2012). So a sample is used to make the task more convenient and practical. Sampling method enables selection of an appropriate sample. Here 100 individual have been selected as a sample to conduct the survey.

Research question:

Some of the research questions include the following:

 
  • How effective the business location is for the organization?
  • What are the ranges of products and services of the Bread Street Kitchen?
  • What strategies may be adopted by the firm to gather greater access to the market?
  • How competitive is the market of London in this industry?  (Puncheva, 2007)
  • How effective will the firms be in achieving its objectives and long term goals?
 
Question-design a questionnaire for a given business problem?

LO 1.3 Questionnaire for Survey

  1. What is your Gender?
  • Male
  • Female
  1. What is your age Group?
  • 15-25
  • 26-35
  • 36-46
  • 46+
  1. What do you prefer?
  • Easy than cooking your self
  • Not clean enough
  • Costly
  1. How frequent you eat out in a week?
  • 10+
  • 5-10
  • 0-4
  1. How often do you order take away food?
  • Frequently
  • Sometimes
  • Never
  1. What type of restaurant food do you like to have?
  • Chinese Food
  • British Food
  • Other Food …………………………..
  1. How much you spend on eating out each time?
  • £3- £5
  • £5-£10
  • £10- £15
  1. What type of extra entertainment do you prefer when you go to restaurant?
  • Live music
  • Pop music
  • Drinking bar
  1. What influences you to go to restaurant?
  • Leaflet
  • Recommendation
  • Internet
  • Random
  1. Your expectations from a restaurant?

 

Question-create information for decision making by summarising data using representative values?

LO 2.1 Information for decision-making

According to the gender, 25 males were attended in the survey and 20 females were attended to the survey. From 25 male, the outcome of the survey question was as follows,

Question number

Option 1

Option 2

Option 3

6

9

10

4

6

4

15

5

13

6

6

6

8

12

5

7

14

8

3

8

2

3

20

9

8

10

7

10

8

6

11

 

On the other hand, Female audience’s outcome form the questioner was as follows,

Question number

Option 1

Option 2

Option 3

3

6

5

9

4

3

6

11

5

4

4

12

6

6

10

4

7

11

5

4

8

3

8

9

9

9

5

6

10

7

7

6

 

Question-analyse the results to draw valid conclusions in a business context?

2.2 Research Findings and Recommendations:

From the above research analysis, it is identified that the market for the Bread Street Kitchen is quite broad in terms of feasibility, sales revenue, potential customers, and effective supply chain management. Although some of the areas exist that the firm needs to be concerned about, yet there are increased level of scopes for the firm to expand and grow sustainably in the long run. Since the location previously lacked a restaurant like this, the Bread Street Kitchen may bring about successful growth at the new location (Ismail Kamariah, 2012).

The organisation can make a table where both 25 male and 20 female audiences’ outcome could be added for each questions to come out with the answer of decision making (Saunders, 2012).

Question number

Option 1

Option 2

Option 3

3

12

14

19

4

9

10

26

5

17

10

18

6

14

22

9

7

25

13

12

8

5

11

29

9

17

15

13

10

15

13

17

 

Question-analyse data using measures of dispersion to inform a given business scenario?

LO 2.3 Data Analysis by measures of dispersion

Range:

To calculate range the organization need to find maximum outcome from a question from males and minimum outcome of the same question of male. Then they have to deduct from maximum to minimum to measure the dispersion of that question.

Mean Deviation:

This refers to the deviation of each observation from the mean values of the series. The advantage of using this mean deviation is that every value can be taken into account. It renders more stability than that of the quartile deviation or even range.

Standard Deviation:

This is calculated by the square root of the mean of the squared deviations of various values nearby the mean. It is calculated by considering all observations.

Question number

Option 1

Option 2

Option 3

3

12

14

19

4

9

10

26

5

17

10

18

6

14

22

9

7

25

13

12

8

5

11

29

9

17

15

13

10

15

13

17

Standard Deviation

5.970163913

3.891382

6.854352

Mean

14.25

13.5

17.875

Mean Deviation

34

23

46.5

 
 
Question-explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in a business context?

LO 2.4 Explanation:

Quartile:

Quartile method determines the rank of the data. Therefore the organisation can use output of the survey and make a table on the base of quartile analysis method.

Question number

1st Quartile

2nd Quartile

3rd Quartile

3

Option 3

Option 2

Option 1

4

Option 3

Option 2

Option 1

5

Option 3

Option 2

Option 1

6

Option 2

Option 1

Option 3

7

Option 1

Option 2

Option 3

8

Option 3

Option 2

Option 1

9

Option 1

Option 2

Option 3

10

Option 2

Option 2

Option 1

 

Percentile:

Percentile is the method that organisation use at the time of decision making process for a survey. It helps to find the report’s outcome on the base of percentage. Therefore the table for the report of male and female audience would be as follows:

Question number

Option 1

Option 2

Option 3

3

6

9

10

4

6

4

15

5

13

6

6

6

8

12

5

7

14

8

3

8

2

3

20

9

8

10

7

10

8

6

11

 

Correlation Co-efficient

Correlation co-efficient measures the strength and direction of the linear association amidst two variables. The correlation co-efficient represented as ‘r’, If the value of r is positive it indicates that the variables have a positive association and if the value is +1, it indicate a perfect positive relation. If r is estimated to be negative it indicates that there is a negative association between two variables and – 1 indicate that there is a perfect negative relationship. If the value of r is zero, it will indicate there is no association between two variables.

 
Question-produce graphs using spreadsheets and draw valid conclusions based on the information derived?

3.1 Graphs:

 Graphs

From the bar chart it may be said that the organization can chose highest bar at the time of decision making process for each questions. It would be good for them to take appropriate decisions

 
Question-create trend lines in spreadsheet graphs to assist in forecasting for specified business information?

3.2 Trend lines for decision making process

 

 
Question-use appropriate information processing tools?

LO 4.1 Information processing tool

Some major information processing tools are used are: Database, Server, search Engine, Accounting Information System, and Enterprise system.

Database helps in easy retrieval of information. It is flexible and so data search, sort, and updating inventory as well as description of products. Server is the network of computer system. For instance web server shows the system that is working for the web server software. A search engine helps in retrieval of information from a large database just like a library catalogue. Accounting Information system is responsible for delivering to the point and relevant financial information to the management utilized in the decision making as well as preparation of statistical report.

 
Question-prepare a project plan for an activity and determine the critical path?

LO 4.2 Project plan and critical path

Activity

Description

Activity duration (days)

Depends on

A

Secondary Data Collection 

10

-

B

Determination of survey methodology and sampling technique and Preparation of questionnaire

25

A

C

Primary data collection

3

B

D

Gathering all information and data analysis

60

C

E

Measures of dispersion

20

C

F

Use of quartile, percentile and correlation coefficient

10

C

G

Graphs and charts, information processing tool

15

C

H

Preparation of project plan and determination of critical path

5

E,F&G

I

Business report

10

D&H

J

Presentation

2

I

 

Question-Use financial tools for decision making?

LO 4.3 Financial Tools

Some of the financial tools that were used in this research are net present value, internal rate of return, cash flow analysis, break even analysis, and return of investment.

Net present value is calculated by subtracting   present value of future cash outflow from present value of future cash inflow. If NPV is positive, the investment proposal is financially viable, and if it is negative the proposal must be rejected.

Internal rate of return is calculated to estimate the profitability of a particular investment.  At the internal rate of return the present value of cash inflow and outflow will be same. It helps to measure the break even rate of return for a project.

Cash flow analysis is an important tool as it helps in assessing the cash balance and its adequacy for supporting the organizational activities.

Break even analysis helps to estimate the volume and amount of sales at which the company will not encounter any profit or loss. It helps a company to set its production and sales target.

Return on investment refers to the ratio of sales and initial investment. Higher ratio indicate higher return form that particular investment.

Conclusion:

Thus, from the research analysis conducted earlier it is concluded that despite some of the available threats for the firm in the market, there are several scopes for the company to result in increased profitability and sustainability. Direct competition is quite low in the industry that is usually highly competitive. Some of the shops or cafeterias that are a bit distant to the location may impose a threat if the restaurant is not well maintained to attract customers. The overall services that the Bread Street Kitchen would provide would be hospitality services, whereby customers would be arriving and relax themselves with tasty food and refreshing drinks.

 

References

Ahmed, A., Bwisa, H., Otieno, R. and Karanja, K. (2014). Strategic Decision Making: Process, Models, and Theories. BMS, 5(1), p.78.

AtwahAl-ma'aitah, M. (2013). The Role of Business Intelligence Tools in Decision Making Process. International Journal of Computer Applications, 73(13), pp.24-32.

Coughlan, R. (2005). Codes, Values and Justifications in the Ethical Decision-Making Process. Journal of Business Ethics, 59(1-2), pp.45-53.

Ghattas, J., Soffer, P. and Peleg, M. (2014). Improving business process decision making based on past experience. Decision Support Systems, 59, pp.93-107.

Heroux, L. (2002). Restaurant Marketing Strategies in the United States and Canada. Journal of Foodservice Business Research, 5(4), pp.95-110.

Ismail Kamariah, (2012). Decision making process in the commercialization of University patent in Malaysia. AFRICAN JOURNAL OF BUSINESS MANAGEMENT, 6(2).

Jung-Lu Shen, (2012). Integrated multi-criteria decision-making (MCDM) method combined with decision making trial and evaluation laboratory (DEMATEL) and analytic network process (ANP) in food supplier selection. African Journal of Business Management, 6(12).

Mohsen, Z., Ali, M. and Jalal, A. (2011). The Significance of Knowledge Management Systems at Financial Decision Making Process. IJBM, 6(8).

Ng, K. (2004). MOPSD: a framework linking business decision-making to product and process design.Computers & Chemical Engineering, 29(1), pp.51-56.

Ogbogu, C. (2013). The Role of Committees in the Decision-Making Process in Nigerian Universities.IJBM, 8(16).

Puncheva, P. (2007). The Role of Corporate Reputation in the Stakeholder Decision-Making Process.Business & Society, 47(3), pp.272-290.

Quan, R. (2012). SMEs Entry Mode Decision Making Process: Rational or Cybernetic?. BMR, 1(3).

Qur'an, M. (2009). The development of location decision factors as a critical managerial procedure involved in the foreign investment decision-making process: three exploratory case studies. JIBED, 4(1/2), p.147.

Ritter, B. (2006). Can Business Ethics be Trained? A Study of the Ethical Decision-making Process in Business Students. Journal of Business Ethics, 68(2), pp.153-164.

Sutton, J., Verginis, C. and Eltvik, L. (2003). Empowerment and Customer Satisfaction Strategies in Multi-Cultural Hotel Restaurant Environments. Journal of Foodservice Business Research, 6(3), pp.77-104.

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