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Learn Decision Making Process Through Research

Introduction

Business decision-making is a process for planning and procedures to implement at effective business operations and proper management of organization. It is essential for enhancing efficiency of entity as well carrying on firm effectively at high level. The present report is based on understanding decision-making for expansion of Blackfriars Restaurant through operating its new branch in London. Through of this assignment, learners are able to understand data collection tools by conducting survey methodology. On the basis of this, different techniques for making organization customer oriented is to be recognized. In addition to this, decision-making process by means of data interpretation and preparation of business report as per analysis is to be expressed. Moreover, forecasting and planning procedure for operating new branch of restaurant is determined. Thus, by studying this project, accurate decision-making process for enlargement of business entity is to obtained in systematic manner.

Task 1

1.1 Data collection for establishing new branch of Blackfriars

As per the given scenario, decision-makers of Blackfriars are planning for starting up a new branch of organization in London (Davis and et.al., 2014). Therefore, planning is proceed through collecting data to gain customer views that presents market value of entity. It is done through different techniques can be described as below:-

Primary data collection:- Under this process, researcher uses different methods for determining customer views on restaurant services and its market position. In this process, data are gathered at first time through conducting survey, interview and door to door asking questions regarding performance of entity in market. However, analyst prepares questionnaire in which varieties of question lists is presented that is valuable for obtaining different opinions of buyer related to restaurant services (Deutsch and et.al., 2016). Hence, through survey and primary data data collection, sense is created for investment and making decisions related to enlargement of organization.

Secondary data collection:- Analyst applies various techniques for collecting information in secondary manner. It includes gaining data from ready material such as; newspaper, analyzing last years' business performance, looking for other competitive entity's operations for activities and utilizing social media sites for getting comments of customers on sites. Therefore, researcher of the organization gains information through these methods that is useful for gathering data for further business operations (García and Conde, 2014).

Thus, through primary and secondary data collection methods, different views of customer are determined. On the behalf of which, a proper sense is emerged for enlargement of Blackfriars through operating its new branch. In other words, planning including forecasting and decision-making is obtained for analyzing actual market position and preparing planning for investment and establishing new branch of entity.

1.2 Survey methodology and sampling frame

Researcher of Blackfriars collects data from different methods to gain market value. As per which, different ideas are generated for conducting research. It includes quantitative and qualitative research as well sampling to gain varieties of ideas (Goodman, Cryder and Cheema, 2013). It can be expressed in brief as below:-

Sampling method:- In this way, researcher selects some respondents to be conducting survey. It includes different methods such as; random, cluster and sample random sampling. Therefore, selection of participants is done by choosing users randomly or in proper sequence (Hu and et.al., 2015). It is determined that for applying sampling method to gaining customers' views selection of participants is obtained to gain varieties of ideas regarding analyzing business performance. Several sampling methods for obtaining customer views can be recognized as below:-

Simple random sampling:- Under this sampling method, researcher chooses respondents randomly. He chooses sudden or random customer for analyzing their views on restaurant services. Therefore, proper sense is created for further business operations. It is simplest method to conduct sample survey for asking questions to different people.

Stratify sampling:- Through this sample survey, analyst chooses respondents according to demographic factors that includes income and education level of respondents. However, different ideas are generated to present customers' views on restaurant services (Lewis, 2015). Therefore, strategies are presented through sampling method.

Cluster sampling:- It is similar to stratify sampling but the difference is respondents are chosen on behalf of geographical factor. Under these determinants, various tools and techniques are obtained for investment and further business operations.

1.3 Questionnaire for a given business problem

According to given case study, Blackfriars wants to expand its business through establishing new branch in London. Therefore, researcher of organization prepares a questionnaire to ask questions with respondents. Prepared questionnaire can present as follows:-

Q.1 Are you familiar with  Blackfriars restaurant and its food services?

Yes

No

Q.2  How is the food services of  Blackfriars restaurant?

Satisfied

Highly satisfied

Dissatisfied

Highly dissatisfied

Q.3 Which of the following service of restaurant is most attractive?

Food services

Customer dealing services

Q.4 How much time, you visit to restaurant?

2-3 times weekly

Once in a week

3-4 times in a week

Q. 5 Is pricing for food services is adequate?

 Yes

 No

Q.6 Will competitive strategies of organization enhance through opening its new branch?

 Yes

 No

Q.7 Which kind of dishes are mostly demanded by users for restaurant services?

 Indian

 Chinese

Q.8 How is the current market position of restaurant in London?

Good

Excellent

Normal

Task 2

2.1 Information for decision-making

As per the collected data from research manager of Blackfriars compares current variables to its average. Therefore, actual performance of business organization is determined through this process. In this regard, mean, median and mode are evaluated can express as below:-

Mean:- It is average of collected data determined by dividing sum of all values to total number of values of the variable. Therefore, comparing mean to current value generates different ideas for further business activities. It is simplest form to determine business profile and working for next forwarded business operations (Mitchell and et.al., 2016 ).

Median:- A useful term that splits all data into two segments and further determines average of variables. In this process, all collected data are divided into parts. For instance; if there are total 9 values of any variable then the middle value of 5th subsequent will be selected as average of the variable (Montes and Jorge, 2015). Hence, it is systematic mean determination tool for analyzing actual business performance.

Mode:- Under this determination, frequency of values of any variable is selected as average of the variable. For example; if there are determinants as 1,1,2, 3,4 then through mode process, frequency data as 1 will be considered as average of variable. It is most suitable statistical data that most of companies apply for determining performance of business organization (Pettigrew, 2014).

2.2 Collected data interpretation through mean, mode and median

S.No.

Sales

1

32000

2

45000

3

45000

4

24800

5

38500

Total

185300

Mean

30760

Median

45000

Mode

45000

By conducting research, data are analyzed by manager of Blackfriars and further determines mean, median and mode is statistical way. Therefore, interpretations of these values can be undertood as below:-

Mean:- It is determined by division of total sales value to overall number of subsequent. Through this research, summation of all values is 185300 that is divided by number of values as 5. Further, mean is measured as 30760. Through this method, average of collected data presents selling quality of Blackfriars (Simon, 2015). As per this quantified data, further decisions are made for investment in establishing restaurant's new branch.

Median:- Under this tool, median is considered as middle value of variable. According to research process, median is obtained 45000. Thus, it presents actual gaining and selling qualities of organization. There are 5 subsequent available and the middle 3rd value of variable is 45000. It is middle data that considered as middle of overall data collected information. Hence, business performance is analyzed through this determination that leads to generate innovative ideas and different strategies for establishing Blackfriars new branch in London (Sköld, Alm and Scholz, 2013).

Mode:- It is considered as repetitive data of values in variable that is treated as statistical data for recognizing market position of Blackfriars. An accurate numerical information is gathered through measuring mode that is useful for implementing further business operations. Hence, on the basis of this mode evaluation, ideas are generated for investment and production of goods in next future time.

Read more: Global media industries

2.3 Measures of dispersion

 

Sales

1

32000

2

45000

3

45000

4

24800

5

38500

STDEV

8718.83

Interpretation:- Manager of restaurant calculates standard deviations of all values given in the variable that is useful for presenting actual business performance. It is beneficial for measuring risk and provides different tools for reducing obstacles occur at workplace. In this regard, as per analysis of this deviation, several methods are obtained for expansion of restaurant. According to given data, there is standard variation obtained as 8718.83 that is needed to bridge the gap between standard and actual business performance by operating its new branch in London.

2.4 Percentile and coefficient measurement

 

Sales

1

32000

2

45000

3

45000

4

24800

5

38500

Coorelation

1

Q1

32000

Q2

38500

Q3

45000

Correlation:- It presents relationship between two or more variables. By obtaining this tool, manager of restaurant is able to understand sales and profit range for expansion of entity. It is determined that standard correlation between sales and profit should be positive in factors that is above (0). As per the analysis of presented correlation, presented data is one which is effective for increasing in sales. It can be foretasted that by increasing in sales, profit of organization would be increased. Thus, correlation of data is positive for investing adequate money to increasing in production of goods. The business entity will be effective through operating different activities. It is considered that organization can increase its profit earning capacity by enhancing production of goods and services (Solomon, 2014).

Percentile:- Under this process, quarters of profit is determined for forecasting and decision-making related to expansion of restaurant. As per the given calculation, it is determined that percentiles for dividing profit into three parts such as 32000, 38500 and 45000. Therefore, profitability level of entity is effective that is valuable for investment related to enlargement of restaurant and also remains useful for enhancing its productivity and profit earning capacity at high level efficiently.

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