sample report on business decision making

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A Sample

On

BUSINESS DECISION MAKING

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TABLE OF CONTENTSINTRODUCTION..........................................................................................................................4

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 ...........................................................................................................................22https://w

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INTRODUCTIONBusiness decision making is the procedure by which firms identify he

most appropriate option that is available in front of them so as to enhancethe business. These decisions aids towards increasing the overallprofitability and productivity thereby leading to growth and greatersustainability of firm. The current study is based on opening of newrestaurant chain in London.

In order to assure the feasibility of project market research will beconducted. Furthermore, report will indulge collection of primary data andsecondary for analysing the market for restaurant. In addition to that,various statistical tools and techniques will be utilized so as to aid towardsgeneration of accurate business results.

TASK 1: Sources to collect Primary and secondary Data1.1Data collection any research can be done by making use of primary andsecondary data. As per the given case scenario, the company is plaining toexpand its current business and also wishes to open a fast food chain inLondon. Hence, data collection for the same can be done by making use ofprimary and secondary data collection techniques (Hoffman, 2007).

Primary data is a set of those facts and figures which is collected bythe researcher for first time. It is based on the observation of researcher anddirectly from the respondents in most of the cases. Furthermore, researchercan collect prime facts through surveys, interviews, direct observation andquestionnaire etc (Ferrell and Fraedrich, 2014). According to the case,primary data in this research report will be collected through surveymethodology. In addition to that, in order to acquire positive feedbacks from


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the target group a questionnaire will be prepared and distributed to thegroup of people.

On the other hand, secondary data can be termed as the informationalready collected for a different purpose. It can further be utilized byresearcher for current study. It is also require to be noted that Primarycollection data leads to a lot of time consumption but secondary data usesless time followed generating crucial information for the researcher. In thepresent case, secondary data can be collected through several methods suchas online article, blogs, publishers etc.

1.2Survey methodology

In general terms, surveys are the most prominent technique in order togather accurate information. In addition to that, data that has been collectedby making use of primary study is correct and feasible to be used. In thisregard, by making use of survey method, firm can assess the needs andwants of consumers thereby providing them products and servicesaccordingly. According to the given case, through survey methodologycompany can acquire essential information about expanding restaurant.Furthermore, these facts and figures are likely to play a crucial role towardsopening up a new restaurant in London. The most effective way to usesurvey methodology is to spread questionnaire about the research becauseinformation collected through this method will be most accurate and play ahuge role in making decision regarding expanding restaurant business(Weygandt, Kimmel and Kieso, 2009).


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Sampling frameIn general words, sampling frame can be defined as a set of those

eloemnts which assist the researcher for selection the most appropriatepopulation group from entire set. As per the given case scenario,management wishjes to target those cobnsumers who are regular consumersof fast food. Hence, choden sample will aid in generating vlaualveinofrmation about taste preference soas to open up a customers orientedrestaurant (Morato, 2013).

The above statistical description clearly depicts the area related tosales and profit figures of of restaurant chain. From the figures it can beassessed that the average sales earned by firm during last year has been706.5 million. On the other hand the profit figures are in 75 million. In thegiven case, averages sales and profits have been done by mean. In the sameway, median of sales and profits stands to be around 685 and 75 millionrespectively. Standard deviation of the sales and profits that has beencalculated is found to be relatively low. This indicates that the data isaccurate. Furthermore, standard deviation of sales and profit are 128 and 12.


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2.2 conclusion of the summarized dataConclusion: on the basis of above information it can be concluded

that restaurant business sales and profits over the last ten years are shows avolatile trend. In few years it tends to increase while in few years it shows adecline trend. Therefore, profits also tend to volatile in the market accordingto the sales changes. Therefore, it can be said that restaurant business hasgreater chance of success in UK. Through satisfying the customer needs on aregular basis company can increase their revenues in term of sales. This inturn resulted in increased the business profitability. Therefore, theorganization will be able to ensure long term business success and businessgrowth. Due to increase the turnover and profits new entrepreneurs canenter into the market. Therefore the competition level became very high forthe businesses. Therefore, it is considered advisable that business has toprovide qualitative food products according to the customer desires asreasonable rates.

2.3Measure of dispersion

Measure of dispersion can be regarded as a technique by whichdifferences between data of central propensity and of entire population iscalculated. 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 onsecurities trading.

* Variance – Variance aids to assess the range of a set of number. Zerovariance assists in presenting the homogeneous values. It is non-negative in nature (Molloy, Siemieniuch and Sinclair, 2009).Furthermore, small variance suggests that overall information or datais nearby the value of mean. On the other hand, the presence of higher


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variance depicts that the data is spread around the mean and isequally far from each other.On the basis of figures given above sample sales variance is

16511.3888888889 and profit is 144.8888888889. It indicates thatrestaurant business sales and profits amount is very volatile from the meanvalues.

Standard deviation – In statistical context it can be stated thatstandard deviation is calculated similarly as variance (Smith and Rupp, 2003).Furthermore, the main aim of computing standard deviation is to evaluatethe distribution pattern of overall population in the chosen sample. Moreover,it is calculated as per the value of the mean. The main purpose to usestandard deviation is for identifying the variances of population throughstatistical mean.

The standard deviation of the business sales and profits are128.4966493294 and 12.0369800568. Thus, it shows a significant differencebetween the average business sales and profits.

* Range – range aids to is to identify as well asess the difference that ispresent 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

2.4In 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


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quartile information which can be define as the information shown in fourdifferent segments. On the other hand, percentile is utilized for identifyingand evaluating the score for non referenced tests. Furthermore, itsapplication is only for numerical variables like income and weight etc.

Correlation coefficient is done to find out the existence of relationshipbetween 2 or more variables. It further aids in defining the dependency ofvariables on one each other. Correlation coefficient can be zero, negative orpositive (Ye, 2008). Furthermore, zero correlation assist in identifying thatvariable are independent. Positive correlation can be defined as the increasein one variable will also make increase in another variable. On the otherhand, if there is decrease in one variable than it will make decrease inanother variable too. Moreover, negative correlation offers adverserelationship between two variables. In this case, the variable which isdependent will decrease because of increase in primary or dominantvariable whereas; dependent variable will increase if there is decrease in theprimary variable.Quartile and Percentile

This is a Sample Report On BusinessDecision Making

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In the present case it can be stated that there is a positive relationshipbetween sales and profit because, as there is increase in sales, profit of thefirm also increases. Value of correlation coefficient in sales and profit is 0.98which indicates that there is intense relation.

TASK 2: Business Presentation and Formal Report3.1

Pie charts:Soups:


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Bar graphs:

Fried Food:

Starter


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Desert & Ice Creams:

Soups:


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EvaluationBy the means of above computation, management consultant

identified that, there are more chances of the new venture to earn profits inspite of being a new to the market. Food and beverage sectors fluctuationcan be seenpany to meet customers need and accordingly offer the range offood and beverages items. Furthermore, forecasting of future actions arebased on the data collected by the respondents.

INTRODUCTION AND TERMS OF REFERENCE:



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In the present report, feasibility and reliability of new ventureinvestment has been focused. Researcher aim at providing detailedinformation regarding all the approach by the means of which projectfeasibility can be judged and maintained.METHODOLOGY:

With the help of graphical presentation, expected performance ofbusiness operations can be easily evaluated. Furthermore, it will bevery fruitful for the restaurant company to identify and evaluate thedesired outcomes (Byrne, McAllister and Wyatt, 2011).

Through the graphical presentation it has been clearly stated thatopening a new restaurant will assist company to generate effectiveand efficient outcomes.

In addition to that, variety of season will increase the demand for foodand also enhance the operations of business enterprProperty andConstruction. 16(3). pp. 249 – 271.

ise by providing wide range of products and services.

Further, undertaking investment appraisal techniques will assistmanager in evaluating reliability and suitability of project for the futureinvestment.

FINDINGS:

However, outcomes of trend lines and scatter graphs suggest that newchain of restaurant is very much capable of generating profits byfulfilling taste and preferences of customers in the new area (Khouryand Analoui, 2004).


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Management of restaurant should focus on maintaining the quality andquantity of food because it is the only reason people will be forced tocome again and enjoy the services of restaurant.

Through the help of NPV and IRR, researcher has identified that ProjectA is feasible for the management of Restaurant Company to invest inas it will help them in achieving better profits in near future.

.

4.1Managing information system

Managing information system assist in providing the information thatplays a vital role in managing the activities of business in order to attaindesired outcome. In general terms, they are the set of computers designedtypically for the use of top level management in order to effectively andefficiently manage the business operations (Rohrich, 2007). Furthermore, MIsystem comprises of several components such as hardware, software,information, processes and human resources. The main aim of this softwareis to provide accurate and suitable information to the management so thatthey can make decisions regarding future contingency of the firm's activities.



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In context to that, it is used for analyzing and forecasting future strategiesand methods. The major role of management information system is toconcentrate on evaluating firm's information and technological aspects(Byrne, McAllister and Wyatt, 2011). MIS assist in identifying the issuesregarding business operations and according to that design and maintainscomputer applications in order to resolve the business conflicts.

According to the case, if the management of restaurant businessindulges management information system into their operations than theycan easily manage and control wide range of activities effectively andefficiently in order to achieve desired goals and objectives. Furthermore,through this software company will be assisted in attaining updatedinformation on proper time so that decision can be made effectively.Moreover, it will assist in removing several obstacles and conflicts of theorganization and along with that it will enhance the overall businessoperations performance. In addition to that, MIS will also enhance thedecision making power of management.4.2Investment Appraisal Techniques

Business investment is key element in order to sustain firm for a longerperiod of time. In order to make feasible investment for future functioningtop level management of Restaurant business have to critically evaluate thefeasibility of investment projects (Morato, 2013). There are varioustechniques that can assist a finance manager to identify and evaluate themost suitable option. Net present value is the most suitable technique inorder to get best results because it considers the time value for money andalong with that, inflow and outflow also. Net present value is calculated inorder to attain the present value of the project and on that basis futuredecisions can be made. In general terms, the project which having highest


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NPV is considered to be the most appropriate and suitable option for thecompany to invest their financial resources. According to the present case,suitable option can be calculated on the basis of net present value. Forinstance 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 calculatedthrough the longest path of network and that is as follows:

Commercial Training. 45(4). pp. 222 – 229.


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Figure 1: Network Diagram

CONCLUSIONIn conclusion to the above report it can be evaluated that, decision

making in a business is one of the most significant aspect of the overallfunctioning. However, it is the responsibility of senior managers to ensurethat smart and effective judgement are made regarding the functioning ofbusiness so that desired results and outcomes can be achieved. In thepresent report, restaurant chain is planning to open a new venture and forthat researcher has evaluated most feasible investment proposal by usinginvestment appraisal techniques as well as using descriptive statistics formeasuring the financial aspects of the project. Therefore, in conclusion it canbe stated that, opening a new chain of restaurant at London is feasiblebecause it will help company in generating higher returns and ensuresustainability.


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REFERENCESJournalAppelbaum, H. S. and et. al., 2013. Participation in decision making: a case

study of job satisfaction and commitment (part one). Industrial andCommercial Training. 45(4). pp. 222 – 229.

Argouslidis, C. P., 2008. Determinants of the speed of elimination decisionmaking in financial services. Journal of Services Marketing. 22(3). pp.237 – 254.

Khoury, C. G. and Analoui, F., 2004. Innovative management model forperformance 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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