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On
BUSINESS DECISION MAKING
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TABLE OF CONTENTS INTRODUCTION..........................................................................................................................4
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TASK 1: Sources to collect Primary and secondary Data.......................................... 4 1.1...............................................................................................................................................4 1.2...............................................................................................................................................5 1.3...............................................................................................................................................5 2.1...............................................................................................................................................6 2.2...............................................................................................................................................8 2.3...............................................................................................................................................9 TASK 2: Business Presentation and Formal Report...................................................10 3.1............................................................................................................................................ 10 3.2............................................................................................................................................ 15 3.3............................................................................................................................................ 15 4.1............................................................................................................................................ 16 4.2............................................................................................................................................ 17 4.3............................................................................................................................................ 19 CONCLUSION .......................................................................................................................... 20 REFERENCES ...........................................................................................................................22
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INTRODUCTION Business decision making is the procedure by which firms identify he most appropriate option that is available in front of them so as to enhance
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the business.
These decisions aids
towards
increasing the overall
profitability and productivity thereby leading to growth and greater sustainability of firm. The current study is based on opening of new restaurant chain in London. In order to assure the feasibility of project market research will be conducted. Furthermore, report will indulge collection of primary data and secondary for analysing the market for restaurant. In addition to that, various statistical tools and techniques will be utilized so as to aid towards generation of accurate business results.
TASK 1: Sources to collect Primary and secondary Data 1.1 Data collection any research can be done by making use of primary
and
secondary data. As per the given case scenario, the company is plaining to expand its current business and also wishes to open a fast food chain in London. Hence, data collection for the same can be done by making use of primary and secondary data collection techniques (Hoffman, 2007). Primary data is a set of those facts and figures which is collected by the researcher for first time. It is based on the observation of researcher and directly from the respondents in most of the cases. Furthermore, researcher can collect prime facts through surveys, interviews, direct observation and questionnaire etc (Ferrell and Fraedrich, 2014). According to the case, primary data in this research report will be collected through survey methodology. In addition to that, in order to acquire positive feedbacks from Toll Free No.+ 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment help provides Entrepreneurship Assignment Help to students of college and university
the target group a questionnaire will be prepared and distributed to the group of people. On the other hand, secondary data can be termed as the information
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already collected for a different purpose. It can further be utilized by researcher for current study.
It is also require
to be noted that Primary
collection data leads to a lot of time consumption but secondary data uses less time followed generating crucial information for the researcher. In the present case, secondary data can be collected through several methods such as online article, blogs, publishers etc. 1.2 Survey methodology In general terms, surveys are the most prominent technique in order to gather accurate information. In addition to that, data that has been collected by making use of primary study is correct and feasible to be used. In this regard, by making use of survey method, firm can assess the needs and wants
of
consumers
thereby
providing
them
products
and
services
accordingly. According to the given case, through survey methodology company can acquire essential information about expanding
restaurant.
Furthermore, these facts and figures are likely to play a crucial role towards opening up a new restaurant in London. The most effective way to use survey methodology is to spread questionnaire about the research because information collected through this method will be most accurate and play a huge role in making decision regarding expanding restaurant business (Weygandt, Kimmel and Kieso, 2009).
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Sampling frame In general words, sampling frame can be defined as a set of those eloemnts which assist the researcher for selection the most appropriate population group from entire set. As per the given case scenario, management wishjes to target those cobnsumers who are regular consumers of fast food. Hence, choden sample will aid in generating vlaualve inofrmation about taste preference soas to open up a customers oriented restaurant (Morato, 2013). The above statistical description clearly depicts the area related to sales and profit figures of of restaurant chain. From the figures it can be assessed that the average sales earned by firm
during last year has been
706.5 million. On the other hand the profit figures are in 75 million. In the given case, averages sales and profits have been done by mean. In the same way, median of sales and profits stands to be around 685 and 75 million respectively.
Standard deviation of the sales and profits that has been
calculated is found to be relatively low. This
indicates that the data is
accurate. Furthermore, standard deviation of sales and profit are 128 and 12. Toll Free No.+ 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment help provides Entrepreneurship Assignment Help to students of college and university
2.2 conclusion of the summarized data Conclusion: on the basis of above information it can be concluded that restaurant business sales and profits over the last ten years are shows a
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volatile trend. In few years it tends to increase while in few years it shows a decline trend. Therefore, profits also tend to volatile in the market according to the sales changes. Therefore, it can be said that restaurant business has greater chance of success in UK. Through satisfying the customer needs on a regular basis company can increase their revenues in term of sales. This in turn
resulted
in
increased
the
business
profitability.
Therefore,
the
organization will be able to ensure long term business success and business growth. Due to increase the turnover and profits new entrepreneurs can enter into the market. Therefore the competition level became very high for the businesses. Therefore, it is considered advisable that business has to provide qualitative food products according to the customer desires as reasonable rates. 2.3 Measure of dispersion Measure of dispersion can be regarded as a technique by which differences between data of central propensity and of entire population is calculated. Furthermore, this method includes evaluation of variation, standard deviation as well as range (Joyce and Woods, 2003). In other words, it assists in understanding the effects of investors and analyst beliefs on securities trading. *
Variance – Variance aids to assess the range of a set of number. Zero variance assists in presenting the homogeneous values. It is nonnegative
in
nature
(Molloy,
Siemieniuch
and
Sinclair,
2009).
Furthermore, small variance suggests that overall information or data is nearby the value of mean. On the other hand, the presence of higher Toll Free No.+ 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment help provides Entrepreneurship Assignment Help to students of college and university
variance depicts that the data is spread around the mean and is equally far from each other. On the basis of figures given above sample sales variance is
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16511.3888888889
and
profit
is
144.8888888889.
It
indicates
that
restaurant business sales and profits amount is very volatile from the mean values. Standard deviation – In statistical context it can be stated that standard deviation is calculated similarly as variance (Smith and Rupp, 2003). Furthermore, the main aim of computing standard deviation is to evaluate the distribution pattern of overall population in the chosen sample. Moreover, it is calculated as per the value of the mean. The main purpose to use standard deviation is for identifying the variances of population through statistical mean. The
standard
deviation
of
the
business
sales
and
profits
are
128.4966493294 and 12.0369800568. Thus, it shows a significant difference between the average business sales and profits. *
Range – range aids to is to identify as well asess the difference that is present between highest and the lowest value of population. Range = Maximum value – Minimum value Range of sales = 935 – 555 = 380 Range of profits = 95 – 59 = 36
2.4 In order to make useful conclusion managers can undertake the methods of quartiles, percentiles and the correlation coefficient etc. Therefore, quartile assist in dividing the overall population into 4 parts (Glisson and Chowdhury, 2002). Furthermore, each quartile represents Toll Free No.+ 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment help provides Entrepreneurship Assignment Help to students of college and university
quartile information which can be define as the information shown in four different segments. On the other hand, percentile is utilized for identifying and evaluating the score for non referenced tests. Furthermore, its
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application is only for numerical variables like income and weight etc.
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Kindly Visit us at: help@globalassignmenthelp.com Correlation coefficient is done to find out the existence of relationship between 2 or more variables. It further aids in defining the dependency of variables on one each other. Correlation coefficient can be zero, negative or positive (Ye, 2008). Furthermore, zero correlation assist in identifying that variable are independent. Positive correlation can be defined as the increase in one variable will also make increase in another variable. On the other hand, if there is decrease in one variable than it will make decrease in another
variable
too.
Moreover,
negative
correlation
offers
adverse
relationship between two variables. In this case, the variable which is dependent will decrease
because of increase in primary or dominant
variable whereas; dependent variable will increase if there is decrease in the primary variable. Quartile and Percentile Toll Free No.+ 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment help provides Entrepreneurship Assignment Help to students of college and university
In the present case it can be stated that there is a positive relationship between sales and profit because, as there is increase in sales, profit of the
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firm also increases. Value of correlation coefficient in sales and profit is 0.98 which indicates that there is intense relation.
TASK 2: Business Presentation and Formal Report 3.1
Pie charts: Soups:
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Bar graphs: Fried Food:
Starter
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Desert & Ice Creams:
Soups:
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Evaluation By
the
means
of
above
computation,
management
consultant
identified that, there are more chances of the new venture to earn profits in spite of being a new to the market. Food and beverage sectors fluctuation can be seenpany to meet customers need and accordingly offer the range of food and beverages items. Furthermore, forecasting of future actions are based on the data collected by the respondents.
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In the present report, feasibility and reliability of new venture investment has been focused. Researcher aim at providing detailed information regarding all the approach by the means of which project feasibility can be judged and maintained. METHODOLOGY: With the help of graphical presentation, expected performance of business operations can be easily evaluated. Furthermore, it will be very fruitful for the restaurant company to identify and evaluate the desired outcomes (Byrne, McAllister and Wyatt, 2011). Through the graphical presentation it has been clearly stated that opening a new restaurant will assist company to generate effective and efficient outcomes. In addition to that, variety of season will increase the demand for food and also enhance the operations of business enterprProperty and Construction. 16(3). pp. 249 – 271. ise by providing wide range of products and services. Further, undertaking investment appraisal techniques will assist manager in evaluating reliability and suitability of project for the future investment. FINDINGS: However, outcomes of trend lines and scatter graphs suggest that new chain of restaurant is very much capable of generating profits by fulfilling taste and preferences of customers in the new area (Khoury and Analoui, 2004).
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Management of restaurant should focus on maintaining the quality and quantity of food because it is the only reason people will be forced to come again and enjoy the services of restaurant. Through the help of NPV and IRR, researcher has identified that Project A is feasible for the management of Restaurant Company to invest in as it will help them in achieving better profits in near future. .
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Kindly Visit us at: help@globalassignmenthelp.com 4.1 Managing information system Managing information system assist in providing the information that plays a vital role in managing the activities of business in order to attain desired outcome. In general terms, they are the set of computers designed typically for the use of top level management in order to effectively and efficiently manage the business operations (Rohrich, 2007). Furthermore, MI system comprises of several components such as hardware, software, information, processes and human resources. The main aim of this software is to provide accurate and suitable information to the management so that they can make decisions regarding future contingency of the firm's activities. Toll Free No.+ 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment help provides Entrepreneurship Assignment Help to students of college and university
In context to that, it is used for analyzing and forecasting future strategies and methods. The major role of management information system is to concentrate on evaluating firm's information and technological aspects
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(Byrne, McAllister and Wyatt, 2011). MIS assist in identifying the issues regarding business operations and according to that design and maintains computer applications in order to resolve the business conflicts. According to the case, if the management of restaurant business indulges management information system into their operations than they can easily manage and control wide range of activities effectively and efficiently in order to achieve desired goals and objectives.
Furthermore,
through this software company will be assisted in attaining updated information on
proper time so that decision can be made effectively.
Moreover, it will assist in removing several obstacles and conflicts of the organization and along with that it will enhance the overall business operations performance. In addition to that, MIS will also enhance the decision making power of management. 4.2 Investment Appraisal Techniques Business investment is key element in order to sustain firm for a longer period of time. In order to make feasible investment for future functioning top level management of Restaurant business have to critically evaluate the feasibility
of
investment
projects
(Morato,
2013).
There
are
various
techniques that can assist a finance manager to identify and evaluate the most suitable option. Net present value is the most suitable technique in order to get best results because it considers the time value for money and along with that, inflow and outflow also. Net present value is calculated in order to attain the present value of the project and on that basis future decisions can be made. In general terms, the project which having highest Toll Free No.+ 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment help provides Entrepreneurship Assignment Help to students of college and university
NPV is considered to be the most appropriate and suitable option for the company to invest their financial resources. According to the present case, suitable option can be calculated on the basis of net present value. For
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instance inflow for two projects are given as follows: Year
Project A
Project B
2014
420
510
2015
470
590
2016
485
630
2017
560
680
Initial investment for the projects are as follows: Project A = 10,00,000 Project B = 15,00,000 whereas, present value for money is 10% per annum. furthermore, duration of accomplishment of project will be calculated through the longest path of network and that is as follows:
Commercial Training. 45(4). pp. 222 – 229. Toll Free No.+ 44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment help provides Entrepreneurship Assignment Help to students of college and university
Figure 1: Network Diagram
CONCLUSION In conclusion to the above report it can be evaluated that, decision
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making in a business is one of the most significant aspect of the overall functioning. However, it is the responsibility of senior managers to ensure that smart and effective judgement are made regarding the functioning of business so that desired results and outcomes can be achieved. In the present report, restaurant chain is planning to open a new venture and for that researcher has evaluated most feasible investment proposal by using investment appraisal techniques as well as using descriptive statistics for measuring the financial aspects of the project. Therefore, in conclusion it can be stated that, opening a new chain of restaurant at London is feasible because it will help company in generating higher returns and ensure sustainability.
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REFERENCES Journal Appelbaum, H. S. and et. al., 2013. Participation in decision making: a case study of job satisfaction and commitment (part one). Industrial and
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Commercial Training. 45(4). pp. 222 – 229. Argouslidis, C. P., 2008. Determinants of the speed of elimination decision making in financial services. Journal of Services Marketing. 22(3). pp. 237 – 254. Khoury, C. G. and Analoui, F., 2004. Innovative management model for performance appraisal: the case of the Palestinian public universities. Management Research News. 27(½). pp. 56 – 73. Molloy, M. E., Siemieniuch, C. and Sinclair, M., 2009. Decision‐making systems and the product‐to‐service shift. Journal of Manufacturing Technology Management. 20(5). pp. 606 – 625.
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