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A Sample Report On

BUSINESS DECISION MAKING

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TABLE OF CONTENTS INTRODUCTION ...........................................................................................................................4 TASK 1 ............................................................................................................................................4 Plan for primary and secondary data collection measures presenting the survey methodology & sampling frame ................................................................................................................... 4 Design a questionnaire and provide a justification ................................................................ 5 Data Collection and summarization using representative value ........................................... 7 Data analysis using measures of dispersion ......................................................................... 10 Computation of quartiles, percentiles and correlation coefficient to draw valid conclusions for XYZ restaurant ..................................................................................................................... 11 TASK 2 ..........................................................................................................................................13 Representing graphs using spreadsheets to make constructive decisions ........................... 13 Project planning process ...................................................................................................... 17 .............................................................................................................................................. 18 .............................................................................................................................................. 18 Use of financial tools for decision making .......................................................................... 18 Presentation of Business Report........................................................................................... 19 Formal Business Report of XYZ restaurant ......................................................................... 19 CONCLUSION ..............................................................................................................................20 REFERENCES ..............................................................................................................................21

LIST OF FIGURES

Illustration Index LIST OF TABLES

Index of Tables Table A: 10 years analysis of Sales and Profit figures of the XYZ restaurant ..............................10 Table B: Prescriptive statistics .......................................................................................................11 Table C: Calculation of Quartile and Percentile ............................................................................12 Table D:Calculation of correlation between sales and profit.........................................................12 Table E: NPV calculation ..............................................................................................................19

INTRODUCTION Business is a dynamic process of making various decisions. The process of decision making demands the effective use of sources and information. The efficient use of these sources helps the business organization in making the good and effective decisions. Ineffective business decisions cost high cost and time for the organizations (Hacklin and WallnĂśfer, 2012). The vast range of decisions varies in terms of expansion, location and revenue generation practices. Present report focuses on the detailed and effective analysis of the decision making process for the restaurant expansion plan in London. To achieve the purpose of opening the second restaurant chain, management analyzes and reviews the prospect through a range of data collected by means of primary and secondly data collection measures (GarcĂa-PeĂąalvo and Conde, 2014). The data collected from the market research helps the firm in analyzing the feasibility of the business decisions. The study attempts to draw the effective conclusions and recommendations to help the owner of the restaurant with feasible decisions.

TASK 1 Plan for primary and secondary data collection measures presenting the survey methodology & sampling frame Market research is the process of gathering, analyzing, interpreting information about the market. This helps the business organizations in taking the effective and efficient means of decisions. The present XYZ restaurant is planning to open a new chain in London. For the same purpose the organization decided to carry out a market research to collect the effective and authentic information for analyzing the past, present and future prospect of the industry and make the growth and expansion decisions on the basis of the same (Drew and White, 2011). To collect the efficient information from the market, the organization decided to use the primary and secondary sources of data. These sources will help the firm in providing the reliable information.

Both the sources will prove to be the crucial part of data collection as these will help the XYZ restaurant in collecting efficient data to draw the significant conclusion and recommendations.

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In order to achieve the objective of the study. The primary sources of data that will be used by the organization is Questionnaire, Surveys and observation method. Surveys by means of effective and efficient questionnaire will help the organization in analyzing and evaluating Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Decision Making Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

consumer tastes, preference and pricing options (Williams, 2001). The sample size of 30 respondents including the existing as well as the prospective consumers of the restaurant will be selected and surveyed. The questionnaire will contain the effective open and close ended questions which will provide effective data to the enterprise. This information will be use and presented in order to draw conclusions of various decisions regarding consumers tastes and preferences and pricing strategies (Weygandt and et. al., 2009.). The secondary data however will include the financial reports, books and journals that will provide the effective and essential information on trend and industry analysis to develop the effective and strategical competitive plan. Design a questionnaire and provide a justification 1. Gender 

Male



Female

2. Marital Status 

Single



Married



Divorced

3. Age level 

16 - 30 years



30 - 50 years



Over 50 years

4. Monthly Income (£) Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Decision Making Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.



Below 15,000



15,000 - 30,000



31000 - 45,000



Above 45000

5. How often do you eat in a restaurant? 

Regularly



Often



Rare



Very rare

6. While going to a restaurant which criteria are important? 

Ambiance



Concept



Quality



Services



Price

7. Which type of restaurant would you prefer? 

Regional food



Junk food



Beverages



Any other specify, Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com

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8. What time you prefer to visit a restaurant? 

Breakfast



Brunch



Lunch



Dinner

9. How would you prefer the food to be crafted? 

Simple



Crafted



Flavourful

10. What would attract you, if below options are considered as the part of the restaurant? 

Music



Regional Theme



Refreshment services



Host book clubs Others please specify

Data Collection and summarization using representative value

Age 0.4 0.2 0

37.5%

25.0%

17.5%

20.0%

26-35 y ea rs Abov e 50 y ea rs 16 â&#x20AC;&#x201C; 25 y ea rs 36-50 y ea rs

Ag e 0.0%

From the data analysis it can be seen that the highest respondents of the questionnaire survey belongs to the age group of 16-25 years. These form 35% of the total respondents. The evaluation has shown that in London, this age group has the maximum outings and thus they form major focus for XYZ restaurant.

Data analysis of this primary data represents that 50% of the respondents of the total respondents are the ones who regularly visits the restaurants Thus have specific and efficient knowledge of the changing tastes and preferences. Thus, management can rely of this data for planning and development process.

In the data analysis of primary data it is found that 40% of the respondents belongs to the income group of ÂŁ15000- ÂŁ3000 per month following with 30% respondents having income below ÂŁ15000 per month. This represents that major part of the respondents belong to middle income group. The restaurant has efficient scope to target this income group.

The data analysis of primary data collection represents that 35% of the total respondents chose quality as the most preferable criteria of selecting a restaurant to dine. Ambiance and price followed the mentioned. This clearly depicts that XYZ should manage and maintain the quality of food and services of the upcoming food chain in order to attain success.

The data analysis of primary data collection represents that 50% of the total respondents chose regional food as the food preference. Junk food and beverages are much behind it. Thus, XYZ restaurant should design and maintain its menu with effective regional food choices.

The data analysis of primary data collection represents that 40% of the total respondents of the questionnaire chose music as the preferable element of services provided. The theme of the restaurant, refreshment services and book hub are the less preferred elements. Data analysis using measures of dispersion Table A: 10 years analysis of Sales and Profit figures of the XYZ restaurant Year

Sales (ÂŁ)

Profit (ÂŁ)

2005

250000

9000

2006

285000

12500

2007

315000

18000

2008

400000

21500

2009

450000

25000

2010

450000

25550

2011

512000

32000

2012

540000

32000

2013

555500

34500

2014

589000

38500

Table B: Prescriptive statistics Sales (£)

Profit (£)

Mean

43465

24855

Median

45000

25275

Mode

45000

32000

The above data represents the descriptive statistics in order to efficiently analyze the financial figure of last 10 years of XYZ restaurant. This measure provides the effective evaluation of the data the measure has used the mean median and mode method. This helps in Analyzing and evaluating the data into statistical terms. The above table represents that the mean value of sales and profit of the restaurant is £43465 and £24855 respectively. This depicts that the restaurant's average sale and profit figures. This helps the firm in analyzing the capacity of the organization in terms of profit and sales. Median of the firm being £45000 and 25275 respectively represents that the organization has enough capability to generate the sales and profit as mentioned. This represents the central value of the data which depict the most feasible evaluation of the data analysis. It shows that the restaurant has 50% higher value than the mentioned figure. Moreover, the data represents that £45000 and £32000 are the respective modes of the sale and profit figures of the organization. These figure depicts the most repetitive figures of data. Thy helps in understanding that XYZ restaurant is able to achieve the mentioned sales and profit figure repetitively. This interpret the Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Decision Making Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

capability of the organization. Therefore, by using the above data it can be efficiently concluded that the organization has bright and positive prospects of growth.

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Computation of quartiles, percentiles and correlation coefficient to draw valid conclusions for XYZ restaurant

QUARTILES

Quartile 1

Sales (ÂŁ)

Profit (ÂŁ)

33625

18875

Quartile 2

45000

25275

Quartile 3

53300

32000

25th Percentile

33625

18875

50th Percentile

45000

25275

75th Percentile

53300

32000

PERCENTILE

Table C: Calculation of Quartile and Percentile Above table represents the quartile and percentile of the above data. These are the measures used to describe the effectivity of the organizational operations. These helps in drawing the efficient conclusion in order to generate the feasible business decisions. Quartile: This method of statistical representation divides the data into four equal part in order to provide the effective demonstration of data (Prieto and Revilla, 2006). The data of XYZ restaurant reflects that the computed data has the efficiency of growth. The data represents that £33625 and £18875 is the respective data of Quartile 1. 25% of the data figures are less than the mentioned range. In a similar way, Quartile 3 represents the sales and profit figures to be £53300 and £32000 respectively. The data shows that 75% of figures are more than the mentioned data. Thus it can be concluded that XYZ has efficiently performed in last 10year and the data of the organization efficiently reflects the same. Percentile: This measure is similar to qualtile method with the minor difference that here the data is not divided int four equal parts but on the basis of percentage. The current data Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Decision Making Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

represents that 50% value of sales and profit demonstrated in the table which is ÂŁ45000 and ÂŁ25275 respectively is higher. Sales Sales

Profit

0.991247402

Profit

Table D:Calculation of correlation between sales and profit Correlation:This method is used to represent the relationship between two variable of the given data (Measures of Central Tendency and Dispersion, 2013). This helps in understanding the effect dependence of one data on the other. The present table demonstrates the relationship between sales and profit of XYZ restaurant. The value of correlation between both the variables is 1 which represents the direct and strongly positive correlation between them.

TASK 2 Representing graphs using spreadsheets to make constructive decisions

Row range 25,000-26,999 27,000-28,999 31,000-32,999 39,000-40,999 45,000-46,999 51,000-52,999 53,000-54,999 55,000-56,999 57,000-58,999 Grand Total

Count of Sales 1 1 1 1 2 1 1 1 1 10 Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com

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Histogram is the statistical measure to develop a graphical representation of the given data (Hsu and Chiu, 2008). This method helps in understanding the efficiency and effectivity of the data distribution. The above histogram represent the sales revenue of XYZ for 10 years. This data helps in analysing the efficiency of the data representation. It can be clearly seen that the organization is efficient enough to produce the sales within the range ÂŁ45000- 46999 twice. This reflects the efforts of the organization in field of consumer services and quality food services. Row Range 9,000-9,499 12,500-12,999 18,000-18,499 21,500-21,999 25,000-25,499 25,500-25,999

Count of Profit 1 1 1 1 1 1 Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com

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32,000-32,499 34,500-34,999 38,000-38,500 Grand Total

2 1 1 10

Histogram for profit represents that the profit range of the organization for 10 year span of time period (Hedgebeth, 2007). This represents the efficiency and effectiveness. The firm was capable enough to make the profit within the range of 32000-32499 in the period of 10 years. This reflects the efficiency of the marketing and strategic planning of the organization. Moreover, the demand for quality and services have also been efficiently fulfilled by the firm. Trend line

70000 60000 50000 40000 sales 30000

profit

20000 10000 0 1

Trend line is the graphical representation of the data in the form of scattered points to effectively analysis and check the performance of the organization in one graph with various variables (Etheridge, 2011). The above trend line represent the sales and profit figures of the organization. The line shows the upward movement which reflect the positive and growth prospects for the organization. It can be clearly seen and analyzed that the organization has efficiency to expand and grow in the future.

Project planning process

The above project planning shows the various tasks and activities involved in the process of planning and opening the second chain of restaurant for XYZ firm.The project analyze and reflect the time for efficient planning of every tasks and activity. The critical path of the represents the most efficient and effective means of completing the project. It says that the firm will have to incorporate activities 1,2,3,4,5,7 and 8 to start the new chain of restaurant. Gantt chart helps in effective representation of the activity flow in order to achieve the objective of the project.

Use of financial tools for decision making Various financial tools helps in analyzing and evaluating the vast aspect of decision making criteria. This helps the organization in finding the effective means of financial feasibility method is the effective means of analyzing the project success considering the PV factor. Year 2015 2016 2017 2018 2019 2020

Cash flow PV factor @ 12% (ÂŁ) 12000 0.89 19500 0.8 22000 0.71 27500 0.64 29000 0.57 31000 0.51 Total present value

Less: Initial investment

Net Present Value

PV of cash flows (ÂŁ) 10680 15600 15620 17600 16530 15810 91840 9 1 8 4 0 0 8 80000 0 0 0 0 0 11840 1 1 8 4 0 0

Table E: NPV calculation

The above calculation clearly shows that the XYZ has the bright prospect of growth in the future as the organization represents the positive NPV of ÂŁ11840. This shows that the project is profitable for the organization.

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Presentation of Business Report Presented in PPT Formal Business Report of XYZ restaurant The above report has been prepared on the basis of efficient and effective data analysis. The primary data for the report has been collected by on the basis of questionnaire survey. The research team surveyed the sample size of 40 people which consisted of consumers and perceptive consumers for the organization. Moreover, secondary data of the organization has benn collected using the past financial data of the organization. Newspaper articles, books and Toll Free No: +1 213-929-5632 E-mail: help@instantessaywriting.com Get best Decision Making Essay Writing Service by the expert writers of Instant Essay Writing, we provide best writing services to students.

different journal were also referred in order to collect and analyze the efficient data. The primary data analysis concludes that the firm has effective potential to grow and prosper in the new market. The surveys helped in analyzing that the current consumer perspective demands the quality of food and services rather than the cost factor. The firm was able to gain the idea about changing the needs and preferences of the consumers. The secondary data helped the firm in analyzing the internal strength of the firm. Moreover, it helped in evaluating the industry trend. On the basis of the same it can be said that the organization has effective scope to expand its business operation in London.

CONCLUSION The above report helps in understanding the wide are of decision-making aspects for the business organization. The report focuses on the business prospect of XYZ restaurant which is planning to expand its business operation in London. Various tools and analysis helped in understanding that the proposal is profitable for the business. In order to reach the conclusion primary and secondary data analyzing was done. Thus, it can be concluded that XYZ should efficiently consider the business proposal of business expansion as the firm has bright prospects to grow.

REFERENCES Books and Journals Etheridge, D., 2011. Microsoft Office Excel 2007 Data Analysis: Your Visual Blueprint for Creating and Analyzing Data, Charts, and PivotTables. John Wiley & Sons. Hedgebeth, D., 2007. Data-driven decision making for the enterprise: an overview of business intelligence applications. VINE. 37(4). pp.414-420. Hsu, M. and Chiu, K., 2008. A comparison between I-Ching's early management decisionmaking model and western management decision-making models. Chinese Management Studies. 2(1). pp.52 – 75. Measures of Central Tendency and Dispersion, 2013. [pdf] Available through:< http://college.cengage.com/mathematics/larson/trigonometry/6e/shared/appendix/median.p df>. [Accessed on 2nd April 2015] Morato, A. E., 2013. Business Decision Making. eBookIt.com Prieto, M. A. and Revilla, E., 2006. Learning capability and business performance: a nonfinancial and financial assessment. Learning Organization. 13(2). pp.166 – 185. Weygandt, J.J. and et. al., 2009. Managerial Accounting: Tools for Business Decision Making. Managerial Accounting: Tools for Business Decision Making. Williams, S., 2001. Making Better Business Decisions: Understanding and Improving Critical Thinking and Problem Solving Skills, SAGE. Drew, S. and White, J., 2011. Collecting Data or Creating Meaning?. Qualitative Research Journal. 11(1). pp. 3–12. García-Peñalvo, F. J. and Conde, M. A., 2014. Using informal learning for business decision making and knowledge management. Journal of Business Research. 67(5). pp.686-691. Hacklin, F. and Wallnöfer, M., 2012. The business model in the practice of strategic decision making: insights from a case study. Management Decision. 50(2). pp.16

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