Statistics and Business Research Systems and Methods

Question: Discuss about the Statistics and Business Research Systems and Methods. Answer: Introduction: The restaurant and caf business is very popular business in Australia. The capital city of Sydney has a lot of restaurants and coffee shops(Yen et al. 2015). Rockpool bar and Grill, Eleven Street are a few top restaurants in Sydney operating for many years(Dalbor, Hua and Andrew 2014). A number of new restaurants coming up in the recent years like Hubert, Bolonomo, No. 1 Bent Street(Moore 2015). The business in this sector of the country has been improved by 0.4% in the year 2012(Alonso and Krajsic 2014). In this assignment, the growth of restaurant business in the capital city and the impact of such growth on the economy of the country are being studied. An outline idea about the methods of data collection and the analysis of the data is being studied. The possible interpretation of the results of the data is also given in the assignment. Problem statement: The problem statement of this research work is to identify the changes in restaurant and coffee business in Sydney city and the impact of such growth. Research aim: The aim of the research work is to investigate the change in restaurant business in the country and the factors affecting such growth. Research objective: The objective of the research work is as follows: To identify the changes in restaurant and coffee shop business in Australia. To determine the impact of such change in the economy of the country. Research questions: The main questions asked in this research work are: What is the rate of growth of restaurant business in Sydney? What are the factors that have contributed to the changes in the restaurant business? What impact do the current changes in the restaurant business have in the economy? Literature review: Sydney has a lot of restaurants and caf. The capital city of the country is one of the major tourist spot and is visited by tourist worldwide(Batra et al. 2013). The restaurants are located along the Bay. A lot of new restaurants are coming up nowadays like Hubert, Yellow, No. 1 Bent Street, The Paddington, Missy French(Lee ,Sardeshmukh and Hallak 2016). Each of the restaurants specializes in different types of foods. A lot of restaurant specializes in multi cusine food(Batra et al. 2013). The restaurants besides serving high quality food also take care of service and hospitality. There is great variety of food prepared by professional chiefs. Most of the restaurants are located along the Bay(Owens and Baqir 2014). A great view of the Sydney harbor can be obtained from the restaurants. This feature attracts a lot of tourists and vistors in the restaurants. The top restaurants like Rockpool, Circular Quay and Bennelong receive a lot of customers because of the location(Lee Sardeshmukh and Hallak 2016). These restaurants form one of the major sources of income in Sydney. A lot of people are employed in this industry .The new generation of the country is attracted towards this business. The students also take up subjects of hotel management and hospitality management to get employment in this industry. The industry has been making rapid growth in the current days(Williams 2014). The restaurants nowadays have adopted modern technology for its customers. New mobile app has been developed that helps to order food online. This has helped in the growth of both IT business and restaurant business(Owens and Baqir 2014). The setting up of restaurant business is easy in the city of Sydney. A few steps need to be followed to set up a small restaurant business in the city(Morrison, J.H., Bell, G. and Lee, A., 2013). One needs to find a proper location, made arrange for the required equipments and get necessary permissions to open restaurant businesss in the city. The growth of the business has helped in the employment of the larger section of the society thereby helping in economic development(Robertson 2016.). Variables and hypotheses: The variables involved in the research study are the number of restaurants in the city, number of people employed in the restaurants, prices of foods in such restaurants, number of customers in the restaurants. The variables like prices of foods in the restaurants determine the number of customers in the restaurant. Therefore, in this assignment, number of customers in the restaurants is taken as dependent variable and prices of foods as independent variable. The number of restaurant and number of people employed in the restaurant depends on number of people in the restaurant. The hypothesis involved in the study is as follows: H01: The restaurant business in the Sydney city has not made any change. H11: The restaurant business in the Sydney city has made a change. Operational definition and measurements: The problem in this research work is to determine the changes brought about in the restaurant business in the city of Sydney in the current year and the impact of such changes in the economy of the country. The changes brought about in the restaurant business are measured in terms of operating income or profit generated by the restaurants. A comparative study of few years figures will determine the changes brought about in the industry. The prices of foods are calculated in Australian Dollars. The number of peoples employed in the restaurants will be obtained from the owners or workers in the restaurants. The data is collected with the help of questionnaire. Research methodology and design: The research is carried out with the help of primary data. The primary data will be collected from various restaurants of the city. The data is collected with the help of research questionaire. The questionaire is to be given to the people employed in the restaurants. The restaurants in the city can be classified into two types- the restaurants that has been operating for long time like Rockpool bar and new coming restaurants like Hubert, Bolomo . There is a lot of restaurant in city. Restaurant in different parts of the city should be evenly covered. For this purpose, the entire city can be divided into several clusters according to regions and data can be collected from those clusters. In case of this research study, no constraints are being involved. The data collected will be analyzed with the help of various descriptive statistics measures such as measures of central tendency and measures of dispersion. Regression analysis will help to estimate the dependence among the variables . A time series analysis will help to forecast the future values of the business. Methodology: Data collection: The data collected for the purpose of the research work is primary data. The data about prices of food, number of people working in the restaurants and cafes, number of customers per day in the restaurants, the average profit in the restaurant are available with the help of the questionaire. The city contains a number of restaurants. All the restaurants in the city should be evenly covered. For this purpose the city should be divided into different clusters according to region. The data will be collected with the help of cluster sampling. The regions represent the first stage cluster units and the restaurants in the regions second stage cluster units. This method of data collection is less time consuming and less costly. A better coverage could be achieved with the help of this method of data collection. Data analysis: The data so collected can be analyzed with the help of various data collection methods. The methods of descriptive statistics like the central tendency and dispersion methods can be used to determine the changes brought about in the restaurant and caf business. The differences in the average value and median value will indicate the changes brought about in the current periods. Regression analysis can be done to determine the dependence of various factors among themselves. A linear regression can be fitted by taking prices of food as independent variable and number of customers as dependent variable. A significant value of the regression coefficient will indicate that the prices of food determine the customers. On the other hand a value equivalent to zero will indicate the price of food has no effect on the number of customers. The number of people employed is dependent on number of customers. A separate regression line can be fitted for that. The prospect of the business can be measu red with the help of profit or operating income. A time series analysis of the figures of profit will determine the growth of the business. The future values of the business can be forecasted with the help of time series analysis of the profit figures. Conclusion: In this assignment, the growth of restaurant business in Sydney is being studied. An outline idea about the methods of data collection and analysis of the data is gien in this assignment. The possible interpretation of the results of the analysis is also given in the assignment. This assignment will help the people of the country and concerned authorities to take a deeper look into the restaurant business and take necessary steps to improve the condition of the business. This is one of the leading businesses in the city and employs a lot of people. Improvement of the business will form a major source of income in the city and thereby improving the condition of the economy. Referrences Alonso, A.D. and Krajsic, V., 2014. 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