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Know Business Decision Making

Introduction

Business decision making refers to the effective strategies to be implemented to achieve the ultimate goals of the entity and sustain in the long run. These strategies can be the effective solutions to the challenges faced by the organisation or the expansion to grab the current opportunities available in the market. The present report includes the detail scenario of the information available to the business entity Blackfriars Restaurant which can be classified into primary and secondary data. Primary data here means the data available within the organisation through the R&D department who are continuously indulge in the collecting and storing data so that it can be used in future adequately (Brown and et.al ., 2010). Moreover it also signifies the IT soft wares and spreadsheets of data analysis so that the business entity could easily used these information systems in future to enhance its productivity at all levels.

Task 1

1.1 Primary and secondary data of Blackfriars Restaurant

Primary data

Primary data collecting the process and creating the data. Data collection is input process of company. This data is original data of company. This data identify the company profile.

Secondary data

Secondary data may be defined as the company's employees record . This data mentioned in the record book like journal book or employee register.

Sources of primary and secondary data

There are two sources of primary and secondary data-internal sources and external sources. Basically primary data use external sources like journal book paper etc. and secondary data use internal sources like rate of cost ,customer satisfaction, market research (Brynjolfsson, Hitt and Kim, 2011).

Planing of primary and secondary data for restaurant

Primary data- Blackfriars restaurant provide the veg. and non veg-food. This data record the how many people prefer vegetarian food and non vegetarian food .

Secondary data- This data mentioned number of customers like veg and non veg food and register employee salary. This data record the employee information.

1.2 Present the survey methodology and sampling frame used

Blackfriars Restaurant is planning to open its new restaurant chain in London, thus to ensure the feasibility of his decision the owner is planning to collect the data from different sources to understand the customers preferences, taste, habits, lifestyles and the location that is viable to open the new venture. Stakeholders of the entity are keen to know the surveys made and sampling frame used for the same. Sampling frame is the methodology that gives the brief criteria of the market in less time rather than the detail questionnaire with the large population which is expensive too (Elango and et.al., 2010 ). Person to person interaction is time consuming thus sampling methodology have developed which is not too effective. Thus, Blackfriars Restaurant have decided to conduct the quality assurance programmes that develop the specialise attributes in all the employees rather than entire population survey like government surveys.

Sampling frame is the effective tool to have online surveys to gain information regarding the clients and customers preferences to penetrate into the new market in London. Blackfriars Restaurant is using the online surveys to understand the demographic, cultural, social and economical aspects of the community to understand the habits, taste, lifestyle of the population there. But this method too have some limitations that this process could even be biased (Ford and Richardson, 2013).

1.3 Design a questionnaire for a given business problem

The questionnaire is the another tool to understand the market conditions to take effective steps to resolve such problems and penetrate into the new market easily. Blackfriars Restaurant R&D manger has decided to use the questionnaire tool to understand the new market in London.

Restaurant Questionnaire

Blackfriars Restaurant , British cuisine at Friars St. Newcastle in London meant for his high quality food and beautiful wooden décor with pleasant environment. This questionnaire has the basic objective to understand the people of Aldgate to understand their preferences and taste so that we can open a new chain to serve you all.

1) From which professional background you belong to?
a) Manager
b) Executive
c) Office Assistant
d) Other........................

2) How long you have been in Aldgate?
a) 1 Year or less
b) 2 Year
c)Years
d)Years or more...........

3) Are you satisfied with the services available to you in the restaurants in Aldgate?
a) Yes
b) No
Give reasons …...........

4)Are you satisfied with the health and hygiene measures adopted by the restaurants in Aldgate?
a) Yes
b) No
Give reasons.........

5)What are the levels of the health and hygiene measures as per you experiences till now?
a) Satisfied
b) Unsatisfied
Give reasons............

6)Do you like to switch over to the Blackfriars Restaurant ?
a) Sure
b) No
c)No comments

THANK YOU

Blackfriars Restaurant , British cuisine at Friars St. Newcastle in London

Manager: XYZ

Task 2

2.1 Create information for decision making by summarising data using representative values

The representative values are related to the expected salary per year of the people of Aldgate to understand the feasibility of the business plan. This can be summarize through the mean, mode and median which are as follows:

Basis

Expected Salary Per Year

Mean

$60000

Mode

$30000

Median

$40000

First Quartile

$30000

Third Quartile

$ 20000

The above table gives the detail description of the income group of the people of Aldgate so that the managers of the Blackfriars Restaurant can make effective strategies to open new venture. From the above surveys, the manager can conclude that the average income salary of the people is $60000 from which 50% of them do have $40000 expected salary and the largest expected salary among whole income group people is $30000.

This help the management to develop the price strategies and even marketing strategies in the location chosen so that they can easily reach the targeted people (Ford and Richardson, 2013). The other survey is based on the age group of the people which help the management to understand the preferences, life styles, habits and tastes of the people as per their age group. Every age group has its own choice and likes which need to be take into account during framing of the business plan and implementing it.

Basis

Age Group

Mean

25

Mode

22

Median

23

First Quartile

25

Third Quartile

26

2.2 Analyse the results to draw valid conclusions in a business context

Its not an easy task to establish the new venture as it involves various risk associated with it. The availability of the limited financial resources is the biggest challenge for the business entity to adequately use it, thus require the in depth research regarding the each aspect of the social, environmental, economical and cultural factor. But, person to person interaction is time consuming thus sampling methodology have been developed effectively. This helps the management to collect the data related to salary and wages (Frey, Schulz-Hardt and Stahlberg, 2013). This method also facilitates in taking the opinions of the people and find out the gaps between the demand and supply and grab the opportunities quickly and efficiently. This could be easily explained through the following example:

Salary

Frequency

Cumulative

10000-20000

9

99.20%

> 20000-50000

4

100.00%

> 50000

0

100.00%

The above table shows the income group of the people of Aldgate which need to be targetted by the management of Blackfriars Restaurant . This help the management to decide how much to invest and where so that the maximum profit could be gain and the brand equity gain in the past years could also be maintained. But this method too have some limitations that this process could even be biased because the person participating in the questionnaire may not give correct information due to some or the other reason.

2.3 Analyse data using measures of dispersion to inform a given business scenario

Dispersion is the method which facilitates in calculating the degree of uncertainties associated with the business plans and projects need to be implemented. It helps understand the risk present in the project available quoted as Beta as compare to the relative benchmark .For example Blackfriars Restaurant is using the dispersion method to understand the data available to him about the gender and their expected salary.

Expected Salary

Male

Female

     20000-40000  

67

57

40000-50000

12

10

50000-60000

45

26

60000-70000

10

5

Total

134

98

This above diagram explains that both male and female in Aldgate are working people in the corporates and are keen to move around and choose to have dinner and lunch on weekends. Females are more interested in having healthy and quality food in the beautiful cuisine. They are also interested having party plans with their friends and hubbies. Since, the above data shows that the maximum people in Aldgate are under the income group of $20000 to $40000 thus, the cited business entity need to make the arrangements as per these income groups who like to visit restaurants frequently (García-Peñalvo and Conde, 2014).

The business entity need to also keep in mind the upper status people which are the high earners and can pay more. But they too require the effective facilities to attract them towards the restaurant as they prefer 5-star hotels rather than restaurant.

2.4 Explain how quartiles, percentiles and the correlation coefficient are used to draw useful conclusions in a business context

Quartiles: Quartiles show the lowest and highest amount of money which person spend to per night. Quartiles once more mean to set of data range values are three points . The first quartile define as the lower number of between the smallest number and median data set. the second quartiles is the median of the data. The third quartiles define as the middle value between the median and highest value of the data.

Percentiles: Percentiles short the data from low and high. example 22h is the value as the low score that is greater then 22% of the score. A percentiles is masseurs used to define statistics indicating the value (Gigerenzer and Gaissmaier, 2011).

Correlation coefficient: The correlation is limit. Correlation is the relationship between two or more variables. it is a number between -1 and +1 .If a calculated correlation is less then -1 and grater then +1 a mistake has been made.

Task 3

3.1 Produce graphs using Spreadsheets and draw valid conclusions based on the information derived

The detail of the expected salary of the male and female genders can also be understood through the line graphs which gives the clear picture of the expected salary of the male and females that need to be targeted by the Blackfriars Restaurant to attain their desired goals.

Expected Salary

Male

Female

20000-40000

67

57

40000-50000

12

10

50000-60000

45

26

60000-70000

10

5

Total

134

98

It gives the clear picture of the income group of the Aldgate people which shows that the people with expected salary of 20000 to 40000 are more in number which need to be preferred to sustain in the competitive market and thus their tastes, likes and lifestyles are also be deeply studied to make the effective arrangements as per their choice.

The other chart is related to the age group of the people in Aldgate that gives the clear picture of the age group of the clients need to be targeted.

The line graph of the above table is as follows:

Graph of male & Female

The above line graph gives the detail description about age group of the people of Aldgate which gives the clear picture that the Blackfriars Restaurant need to prefer the youth of 20 to 30 years who are highly excited to move around in new restaurants in weekends and even in normal days after their college or jobs with their friends and families (Ho, W and Dey, 2010).

3.2 Create trend lines in spreadsheet graphs to assist in forecasting for specified business information

The effective planning of the business management also requires the efficient financial resources which could be collected from the external sources because internal sources are enough to start the new venture. To get the external financial support the stakeholders requires the details of the sales and net profit that could be assumed by the R&D finance department of the Blackfriars Restaurant. The following line graph gives the detail of four years estimated sales and net profit

Year

Sales ($)

Net Profit($)

1

1.2 m

0.3

2

2.3

0.6

3

3.1

1.2

4

4.5

1.5

Graph of Sales, Net Profit and Year

The above graph gives the clear picture of the estimated sales and net profit for four years . This shows that the Blackfriars Restaurant is sure about of the business plan projected by them and estimates the increasing revenue every year (Hwang and Yoon, 2012). Since, the cited company is the one of the famous restaurants in London, thus their estimations are credible enough to satisfy the external financial sources like banks.

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