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Know data analysis process through case study of Blackfriars restaurant

17 Pages 4297 Words 50 Downloads

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.

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.

Task 3

3.1 Graphs and charts for presenting collected data

Thematic analysis

Theme 1: Reputation of Blackfriars in market.

Graph of Thematic Analysis

Interpretation:- Researcher obtains that out of 40 respondents, 30 are familiar with Blackfriars and its services. It represents that organization has effective goodwill in market, it is known for providing food of different tastes and its dealing services with customers through serving and behaving with them. In this regard, it is determined that restaurant and is well popular in London for producing food services and increasing in demand for services.

Theme 2: Satisfied customers form food services of restaurant

Graph of Satisfied customers form food services of restaurant

Interpretation:- As per analysis, it is gained through conducting research that 50% respondents are satisfied with food services of Blackfriars that presents quality services of organization. In accordance to this, effective food services of different dishes such as Indian, Chinese and Mexican are served by restaurant for gaining attraction of customers towards food services. Moreover, 5 respondents present their views as highly satisfied with food services of restaurant. Therefore, according to research analysis , it is obtained that customers are satisfied with food services of restaurant at high level that represents its efficiency.

Theme 3: Most attractive services provided by Blackfriars

Graph of Most attractive services provided by Blackfriars

Interpretation:- Through this interpretation, comparison between food and customer dealing services is determined. As per the identification of gained data, it is evaluated that 25 respondents are highly attracted and satisfied towards food services provided by Blackfriars. While, remaining 15 respondents present their opinion that dealing with customers is more effective that impacts on pulling strategy of entity. Therefore, according to this research, it is analyzed that restaurant provides food services to consumers at large scale that impacts on productivity and profitability level of organization.

Theme 4: Consumer visiting at restaurant

Graph of Consumer Visiting a Restaurant

Interpretation:- Under this research, it is recognized that satisfied customers of restaurant visit to Blackfriars more and more times. 20 respondents out of 40 visits to organization as 3 to 4 times weekly. It represents entity's efficiency and attraction of consumers towards services provided by restaurant. Thus, as per data collection, it is obtained that customers are highly satisfied and attracted towards services of restaurant.

Theme 5: Customers' views on pricing for services of restaurant

Graph of Customer views on pricing for services of restaurant

Interpretation:- Cost effectiveness for restaurant is presented through analyzing customer views over pricing for food services. It is identified that pricing for food services is affordable for paying bill etc. Its ratio for cost adequacy is effective by concentrating on cost factor. Thus, 35 respondents out of 40 are agreed that price for food services is systematically managed. It is the key element that attracts customer at high level for food services of Blackfriars restaurant.

Theme 6: Competitive strategy of by operating new branch in London

Graph of Competitive Strategy by operating new branch in london

Interpretation:- Under this research, analyst present idea of organization that restaurant is planning for operating its new branch in London so what would be impact on market related to establishment of entity. Then, different ideas are generated unfavorable and against favor. As per the current business performance, 30 customers view that competitive strategy of Blackfriars would be affect positively. Hence, society is in favor to operating new branch that is valuable for enlargement of entity at high level.

3.2 Trend line for forecasting business performance

Graph of trend line for forecasting business performance 

Interpretation:- Through this analysis, manager of restaurant analysis business performance as per which forecasting and decision-making is obtained. Therefore, by this recognition, it is determined that production of goods and services is fluctuated time by time. At 2nd and 3rd subsequent, data are equal as 45000. Therefore, production was constant. As per the analysis of information numerically, at first, profit gained by restaurant was 32000 that increased to 45000 and constant business performance is obtained. After constant growth, due ti recession, profit ratio goes towards downward direction as 24800. Afterwards, for preparing strategies and implementing action plans for expansion of entity and enhancing service qualities of organization, data get increased to 38500. Therefore, overall business performance is obtained through presenting trend line analysis. It can be foretasted that by using different tools and techniques as well adequate funding, new branch of restaurant can be established. In this regard, manager and decision-makers plan for applying different strategies by focusing on market value and using various methods for enlargement of restaurant for gaining more satisfaction level of customers at higher level. It will increase efficiency and effectiveness of entity at large scale for better quality services and systematic management of all business operations in further years.

3.3 Business Report

To

Board of director

Blackfriars restaurant

London

Introduction

The research is conducted by analyst of Blackfriars to obtain customers views on food services of restaurant. In this process, researcher conduct survey regarding food services and customer dealing facilities that present satisfaction level of consumers. Therefore, different views of users are obtained that created sense for further investment and business operations for enlargement of entity through operating new branch in London. Thus, research is considered as basis for implementing action plans regarding better quality of food services. Under this process, analyst asked 40 respondents related to services provided by restaurant and gains information for further increasing in qualitative services of Blackfriars.

Discussion

After collecting data through conducting research, different ideas are generated for further expansion of entity and enhancing food services of restaurant. However, positive and negative aspects are determined that are ideas for gaining customer satisfaction at large scale. It impacts on productivity and profitability of entity for facing competition and making place in market. In accordance to this, as per critical evaluation, it is obtained that it is required for organization to focus on customer dealing services and expansion of entity by focusing on overall marketing essentials such as price, product features and different strategies including business and competitive to establish new barnch of restaurant.

Recommendation

It is analyzed that organization has effective goodwill in market and it is able to expand entity through establishing new branch in London. Therefore, it is necessary for manager and decision-makers to implement action plans related focusing on resource and fund allocation. In this process, management of funding and different strategies for expasion of entity. Thus, prepared strategies should be followed effectively as well timing and scheduling for gaining targets are required for expansion of Blackfriars. It will be able to increase competitive strategies and profitability of organization at high level.

Task 4

4.1 Information processing tools

Information processing tools are techniques that uses to storing and transacting data from one place to another. In this process, different methods are utilized as per which different ideas are generated for further business operations. Including this, through this information processing tools, exchange of information as well system is applied for systematic management of business organization can describe as follows:-

Management information system (MIS):- Under this process, transaction of information is done through various ways. It is considered as key component for making decisions regrading business operations as well different ideas are generated for enhancing quality services of entity at high level. A systematic approach is presented for proper management of all business operations. In this system, data are get transferred through one medium to another that is useful for forecasting and decision-making to achieve organization's effectiveness.

Office automation:- It includes tools related to computer system and other techniques that is useful for storing data and implementing action plan for further years of organization. In this regard, information are stored systematically and ideas are created for expansion of entity. Similarly, performance of business entity is presented through this system to increase in its efficiency at high level. Therefore, office automation is related to storing data and making decisions. Hence, information processing tool as office automation is beneficial for systematic management of all business operations and forecasting for further business operations effectively.

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4.2 Critical path

Image of Critical Path

Image of Critical Path

Under this activity, proper timing and scheduling related to project accomplishment. Including this, project manager of organization analysis overall activities and time for meeting goals of project. In this regard, delay over activities which can be controlled are neglected as well increases efficiency of workers and project accomplishment manner. In addition to this, different activities for accomplishing project are determined in proper timing. Therefore, through applying critical path method is useful for recognizing all activities and handling risks occur workplace. In this process, varieties of tools and techniques are obtain bed for completing project efficiently. Therefore, different ideas are created for increasing efficiency of project and reaching out target of project systematically.

4.3 Financial tools for decision-making process

Net present valuer (NPV)

Table of Net present value

Interpretation:- it is an activity related to selecting appropriate project for presenting business operations. In this regard, present value of product and appropriate option for implementing action plan is obtained.

IRR

Table of Internal Rate of Return method

Interpretation:- Under this approach, rate of investment is determine by which actual sense is created for investment to establish new branch of restaurant in market. In accordance to this, IRR rate is observed for implementing action plans and further business activities.

Conclusion

The report is concluded that decision-making is key tool for expansion of Blackfriars by establishing its new branches in London. Different data collection methods are considered for analyzing actual business performance. In this regard, generating ideas and decision-making process for effective business operations is presented. Moreover, various sampling methods and preparing strategies for implementation of business organization is obtained. In addition to this, information systems and decision-making process to be implemented is determined for effectiveness of restaurant. However, forecasting and decision-making tools for business entity is obtained for financial and resources allocation is presented through this report. Hence, conducting research through asking questions to customers related to services provided by organization including its interpretation is determined.

References

  • Davis, B. and et.al., 2014, March. Evaluating army geospatial data collection tools. In Systems Conference (SysCon), 2014 8th Annual IEEE.
  • Deutsch E.W. and et.al., 2016. Human protoeme project mass spectrometry data interpretation guidelines 2.1. Journal of proteome research
  • Garcia and Conde., 2014. Using informal learning for business decision making and knowledge management. Journal of Business Research.
  • Goodman, J.K., Cryder, C.E. and Cheema, A., 2013. Data Collection in a flat world: The strength and weaknesses of Mechanical Turk samples. Journal of Behavioral Decision Making.
  • Lewis, S., 2015. Qualitative inquiry and research design: Choosing among five approaches. Health Promotion Practice

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