Business Decision Making in Murano restaurant : Assignment
Create a plan for data collection, design a questionnaire, and analyze data for a given business problem.
24 Pages4961 Words67 Views
Added on 2020-06-04
Business Decision Making in Murano restaurant : Assignment
Create a plan for data collection, design a questionnaire, and analyze data for a given business problem.
Added on 2020-06-04
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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Create a plan for collecting primary and secondary data......................................................11.2 Present the survey methodology and sample frame used......................................................21.3 Design a questionnaire for collection of data........................................................................22.1 Information creation and summarisation by using various values........................................42.2 Use of measure of central tendency for result.......................................................................52.3 Data analysis by using measure of dispersion.......................................................................82.4 Use of quartile, percentile and correlation coefficient for valid decision.............................8TASK 2..........................................................................................................................................113.1 Formulation of graphs and charts to present the findings...................................................113.2 Creation of trend line in better future forecasting...............................................................153.3 Business presentation (Covered in power point presentation)............................................163.4 Formal business report........................................................................................................17TASK 3..........................................................................................................................................174.1 Use of information processing tool.....................................................................................174.2 Project plan for the activity and critical path......................................................................184.3 Financial methods use in decision making..........................................................................19CONCLUSION..............................................................................................................................21REFERENCES..............................................................................................................................22
INTRODUCTIONIn every business, an entrepreneur have to take some big and essential decisions whichare helpful and promote sustainability of an enterprise. It is a duty of managers to present everyreport of regular operation in front of senior management through which they become enable intaking a beneficial decision for betterment and growth (Ferrell and Fraedrich, 2015). Thisassignment is based on Murano restaurant who want to organise another restaurant in London.For gaining appropriate information about this, a research get conducted in which collection ofprimary and secondary data get done. Once the information get gather its analysis have to donein an adequate manner. Along with this by using measure of central tendency and measure ofdispersion, appropriate decision for future also take place. Charts, graphs make the presentationmore interesting as well as trend line will support in future forecasting. Calculation of NPV andIRR enable in measuring feasibility of project. TASK 11.1 Create a plan for collecting primary and secondary dataData collection is not a easy task for the research and require proper planningmanagement through which adequate information can gather easily (Ford and Richardson, 2013).There are mainly two sort of data are identify which are: primary data and secondary data.Murano hotel managers have to prepare a proper plan for collecting primary and secondaryinformation and utilise it in proper business project execution. Primary data: This is such sort of data which collected first time for a specific problem orpurpose. The best way to collect primary data is survey, research by preparing questionnaire.This primary data collection require appropriate plan for collecting data through various sources. 1.Identify the cause for which research is commencing2.Choose suitable methodology 3.Targeting population4.Time duration for a research 5.Budget allocationThis process have to follow by the managers of Murano and then start collecting data fromvarious number of respondents. Moreover time duration of this research is of one month andrandom sampling method has been used for selecting diverse number of respondents. 1
Secondary source: Another major source of data is secondary source of information. These aresuch sort of information which are already collected for a specific purpose. Some majortechniques from which this process become easy is books, journals, articles etc. This process alsorequire some more time for investigation because it get done through various articles and internetsources (Groebner and et. al., 2011). 1.2 Present the survey methodology and sample frame usedThere are various survey methods are identify which are helpful in collection of data(Laudon and Laudon, 2013). The survey methodology is a process through which various sort ofdata can easily gather by using different tools and techniques. The various methods of surveyare:Survey MonkeyQuestionnaireSocial media All these are some helpful method through which managers of Murano hotel can execute theprocess in an adequate manner. For this research random sampling frame has been used in whichseveral respondents of a company get selected and research get done on them. All such peopleare going to fill the questionnaire and provide their own views and opinion about services of acompany. The selected sampling for the research is describe as below: Method for samplingSimple random sampling approach Size of the selected population 90Age group 20- 35 yearsInstrument of sampleQuestionnaireLocation London areaThis research will support to Murano management in relation to take adequate steps fortheir new venture concept. Thus, this will aid them in working in an adequate manner as per theuser needs and wants. 1.3 Design a questionnaire for collection of dataBelow is the questionnaire for Murano restaurant which get fill by 90 customers. This isone of the suitable approach in relation to measure their view and different aspects: QUESTIONNAIREName:2
Age: Gender: Q1. How often you visit in the Muarano hotel?(a)Once in a week(b)Two to three times in a month (c)Hardly visit Q2. Do you ever found difficult to visit to restaurant?YesNoQ3. Do you like to prefer new outlet of Murano?1)Yes2)NoQ4. Describe the quality of food in one word?a)Excellentb)Neutral c)Not so goodQ5. Which is the best source of promotion for the new outlet?Social mediaTV advertisementNewspaper Q6. Are the products quality adequate to value of money? AgreeDisagreeQ7. Who prefer this restaurant to you?1.Friends2.Family 3.RelativesQ8. Is there any need of more improvement regards ambience, services and their quality?1.Yes2.No Q9. Which is the most influencing factor in restaurant?3
HygieneCost of dishesNearness to house Ambiance Q10. Any adequate suggestion for improvement?2.1 Information creation and summarisation by using various valuesInformation creation is an essential thing through which management become able toconclude and take a beneficial decision for the firm (Maxwell, Jeffrey and Lévesque, 2011). Thisinformation get summarise on the basis of questionnaire of Murano restaurant which organise on90 respondents. QUESTIONNAIREName:Age: Gender: Q1. How often you visit in the Muarano hotel?A)Once in a week 50 B)Two to three times in a month 30C)Hardly visit 10 Q2. Do you ever found difficult to visit to restaurant?Yes 40No 50Q3. Do you like to prefer new outlet of Murano?1)Yes 702)No 20Q4. Describe the quality of food in one word?a)Excellent 30b)Neutral 45c)Not so good 15Q5. Which is the best source of promotion for the new outlet?Social media 75TV advertisement 54
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