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Business Decision Making - Food for Friends

University: Regent College of London

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 11
  • Words: 2750
  • Paper Type: Assignment
  • Course Code:

    D/601/0578

  • Country: UK
  • Downloads: 0
Question :

The aim of unit reflects that good decision are useful for investment in future stage thus proper data analysis had to be carried out in order to understand situation prevailing at market place

  • Provide different sources for collecting data by using secondary & primary method.
  • Examine range of technique to analyze data effectively useful for business activities.
  • Develop information in desired format which are useful for decision making at food for friends.
  • Develop software generated information to make effective decision at food for friends.
Answer :
Organization Selected : Food for Friends

Task 1

A.C 1.1

The research aims to collect the data which can help in understanding the price, taste, and preferences for a location for opening the second restaurant in London.

The data will be collected from both primary and secondary source. Primary data will collect the direct information from the customers or can also be said to be first-hand information. The researcher himself collects the information which can be via email, face to face and telephone. For the collecting, the primary data the questionnaire will be prepared including open-ended questions (Osborne, 2012). There will be minimum 10 questions to be asked under the questionnaire. The questionnaire will be posted via using online platform where customers who are interested can fill their forms and the data collected will be helpful in opening the second restaurant “food for friends”.

Another source for collecting the data is the secondary data collection under which the data has already been collected and scrutinized by another researcher. The secondary data will be collected through directory, articles, journals which are containing the details of the existing restaurants and the menu of the restaurants.

A.C 1.2

Survey methodology is the method to be used or involved in conducting a survey on the population of London. A comprehensive research method will be implemented for accumulating the significant information for the business decision making (Mackey and Gass, 2015). The survey can be conducted by telephone, mails or personal interview. The survey will be conducted on the 100 people determining their preferences, choices and liking for the restaurant. The survey will be conducted with two essential elements which are questionnaire and sample framework. But as discussed above the data will be collected via questionnaire sequenced in an effective manner for obtaining the essential information. The questionnaire will be very supportive in getting the data in a fair manner preventing biases. After performing the survey the data will be positioned in the safe and secure place.

Sample framework will assist in studying the population. There are various methods for sampling and for this research; there will be the use of simple random sampling method under which every participant will get the equal opportunity to get selected. Among 100 respondents, 10 participants will be selected for interpretation of the data. There will be the application of both qualitative and quantitative survey methodology. Under quantitative research framework the data will be analysed with the use of numerical terms and in qualitative research method, there will be the use of bars, diagrams, and graphs.

A.C 1.3

The questionnaire is the set of the questions planned in relation to the topic of the research circulated to the respondents for getting the required information. The questionnaire will be helpful for the board of directors for deciding the location for the restaurant.

Q1 what is your age faction?

  1. 15-18
  2. 19-25
  3. 26-35
  4. 50 above

Q2 How often you go to a restaurant?

  1. Once in a day
  2. Once in a week
  3. Twice a week
  4. Very often

Q3 what price you like to spend on going for food in a restaurant?

  1. £ 15-30
  2. £31-70
  3. £71-100
  4. £101-125

Q4 which location you prefer the most when going to any restaurant?

  1. City
  2. Street place
  3. Beaches
  4. Shopping malls

Q5 When would you like to go in a restaurant?

  1. Morning
  2. Evening
  3. Night
  4. Any time

Q6 what would you like the most effective in any restaurant?

  1. Quality
  2. Taste
  3. Health
  4. Price

Q7 Would you like to try new restaurants?

  1. Yes
  2. No

Q8 what would you like to have anything other than the food in any restaurant?

  1. Music
  2. Shows
  3. Culture festivals
  4. Nothing but peace

Q9 Would you like to recommend your friends and relatives for the new restaurant?

  1. Yes
  2. No

Q10 What type of food you prefer the most?

  1. Vegetarian food
  2. Non-vegetarian food
  3. Chinese food
  4. Spicy food

Q11 How much you want to spend for a single type of food?

  1. £ 13-20
  2. £21-35
  3. £36-45
  4. £46-65

Task 2

AC2.1

After reviewing the results of the survey conducted on the people of London, it has been found that most of the people prefer to go to restaurants once in a week. Further, the results also summarized that people prefer to pay less while going to restaurants. Respondents found to be more concern on the location of the restaurant and demanded that the restaurant should be at city and showed less interest in the shopping malls. There is the equal response of the respondent to go to the restaurant at any time or at night or evening. Quality and taste should be the most effective and amazing part of the restaurant.

Question

1

2

3

4

5

6

7

8

9

10

1

1

4

2

2

3

1

3

1

1

1

2

2

3

1

4

4

2

3

2

2

2

3

2

3

4

1

1

2

3

1

1

3

4

1

2

3

3

4

1

1

1

1

1

5

2

2

2

3

3

3

4

4

1

3

6

1

3

4

2

1

2

3

2

1

4

7

1

2

2

1

2

2

1

1

2

2

8

1

2

2

2

1

3

3

4

4

3

9

2

2

2

1

2

2

1

2

1

2

10

1

1

2

2

2

3

3

4

3

4

11

1

1

1

2

3

3

4

3

2

2

As per the preferences of the people of London, there should be more shows, cultural festivals in the restaurants as it provides peace and wonderful experience to them. People would prefer to have more non vegetarian and Chinese food in the restaurant.

As the board of directors is required to take the best decision for the opening of the second restaurant in London than from the above review it can be said that foremost need to ensure the successful launch is to bring quality food with reasonable prices. Most of the population would like to come anytime in the restaurant that means there will be a requirement of providing 24*7hours services (Groebner, et. al., 2010). For that double shift will be required to be there in the Company. Management would also be required to focus on controlling its cost of producing food as people will prefer to pay less and also with high quality then only there will be chances of going ahead of the break-even point. Management would also be required to invest in organizing some shows and cultural festival as it will attract a large audience to come in the restaurant.

AC2.2

Mean

2.5

2.5

2.5

2.5

2.5

2.5

5

2.5

5

2.5

2.5

Median

2

2

2

2

3

2.5

5

2.5

5

2.5

3

Mode

1

2

2

0

3

3

0

0

#N/A

2

3

Mean is deriving the average by summing up all the data and dividing it with the number of data (Groebner, et. al., 2010). The above table is representing that the average mean of respondent are mostly 2.5 which is also indicating that every question has a chance of average of more than 20 people.

The mode is the repetition of the data or the value which is frequently occurring. The mode can be calculated by using individual series, concrete and discrete series. The mode is majorly found to be 3 which are also denoting that 30% of the people are around with the same response.

Median used to tell the middle value of sorted list of numbers (Castro, et. al., 2010). For determining the middle value, the number must be first arranged from lowest to highest. Median can be said as number in the middle of the list arranged in order. Median divides the observation or set of data into two equal parts. As per the above table, the median is mostly 2 and which implies the most exact representation of the group.

AC2.3

SD

1.414213562

1.870828693

1.870828693

1.870828693

1.414213562

0.577350269

range

4

4

4

4

2

1

SD

1.414213562

0.577350269

2.828427125

0.577350269

1

range

2

1

4

1

2

The measure of dispersion is the measurement of the stretch of data and how much one data is different from the other data of the same set. It denotes the variations in the one data from other within the given data (Groebner, et. al., 2010). A measure of dispersion can be performed with the use of standard deviation, correlation, range, and coefficient.

Standard of deviation is the measurement of scattered of data from the mean. As per the above table, the data is not much dispersed from the mean and also indicating that the responses of the participants are almost similar.

Range is relation to the minimum and maximum value in the set data. Range is basically a difference between the minimum and maximum value in the distribution. It gives an idea of the spread of the data but does not tell the dispersion of values from the measurement of central tendency. The range is giving an idea of how much a data can be varied and as per the above the data can be varied 2 and maximum 4.

AC2.4

Question

1

2

3

4

5

6

7

8

9

10

Quartile 1 and 25th Percentile

1

2

2

2

2

2

2

1

1

2

Quartile 2 and 50th Percentile

1

2

2

2

2

2

2

2

1

2

Quartile 3 and 75th Percentile

1

2

2

1

1

2

2

1

1

2

Quartile 4 and 100th Percentile

1

2

2

2

2

2

2

1

1

2

A quartile is dividing of the one data into four equal parts. It can be in the form of 25, 50, 75 and 100. Quartile provides lower, middle, higher and mid-size of data. The quartile as per the above data seems to be similar to the first 5 questions and become different for the rest of question. Quartile has thus divided the observations into four defined intervals.

Percentile tells the scores and determines what percentage the other scores are less than the point of data under investigation. The data can also be said as first quartile which is 25th percentile, 50th percentile which is generally called as median, percentile, and 75th percentile which is also called third quartile. The difference between the third and first quartile is called as interquartile range. In the above table at the 25th percentile there is end of one quartile and it can also be said that the data below this level is scoring 25th and is 25th percentile of the representative. The 2nd quartile which can also be said as 50th percentile is scoring 50th and presenting 50th percentile of representative. Furthermore at quartile 3rd there is 75th percentile which implying the 75th percentage of representative.

Coefficient and correlation are determining the relation of the one data with variable. A negative correlation means there is the big difference between variables and positive correlation implies that the variables do not have much big difference. If the correlation stood as 1 then it means that there is very strong positive relationship and -1 will present strong negative relationship. Negative correlation will imply that when one variable increases or decreases the other also decreases and increases. Positive correlation will lead to positive relation between variables i.e. if one variable increases the other will also increase.

Task 3

AC3.1

Q.1

Options

Responses

15-18

5

19-25

2

26-35

2

50 above

1

Analysis

The above diagram is presenting that people who participated in the survey were 50% between the age of 15 and 18.

Q. 2

Options

Responses

Once in a day

1

Once in a week

5

Twice a week

2

Very often

2

Analysis

The above pie diagram is showing that 50% of people go to restaurants at least once in a week and 20% go frequently and twice in a week.

Q.3

Options

Responses

£ 15-30

5

£31-70

2

£71-100

2

£101-125

1

Analysis

The above graph is presenting that more than 40% of people would like to invest between £ 15-30 when going to a restaurant and only 10% will like to spend only £101-125.

Q.4

Options

Responses

City

5

Street place

2

Beaches

2

Shopping malls

1

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