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Data Collection and Decision Making Tools : Report

   

Added on  2020-06-04

28 Pages4915 Words45 Views
FinanceProfessional DevelopmentChemistry
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BUSINESS DECISION
MAKING
Data Collection and Decision Making Tools : Report_1

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Data collection plan...............................................................................................................1
1.2 Survey methods and sampling framework............................................................................2
1.3 Questionnaire for data collection..........................................................................................3
TASK 2............................................................................................................................................5
2.1 Estimation on collected data.................................................................................................5
2.2 Data estimations on conducting survey.................................................................................6
2.3 Dispersion of collected data..................................................................................................8
2.4 Quartiles and correlation of collected data............................................................................9
TASK 3..........................................................................................................................................10
3.1 Graphical presentation on conducting survey.....................................................................10
3.2 Trend line method for forecasting on further business operations......................................15
3.3 Power point presentation of collected data.........................................................................16
3.4 Business report....................................................................................................................16
TASK 4..........................................................................................................................................17
4.1 Information processing tools...............................................................................................17
4.2 Project plan..........................................................................................................................18
4.3 Financial/investment appraisal techniques for decision making.........................................20
CONCLUSION..............................................................................................................................22
REFERENCES..............................................................................................................................23
Data Collection and Decision Making Tools : Report_2

INDEX OF TABLES
Table 1: Data collection plan for Murano restaurant.......................................................................1
Data Collection and Decision Making Tools : Report_3

ILLUSTRATION INDEX
Illustration 1: Formula used to calculate mean value......................................................................6
Illustration 2: Formula used for odd number of respondents...........................................................6
Illustration 3: Formula used for evaluating SD................................................................................9
Illustration 4: Age group of respondents.......................................................................................11
Illustration 5: Satisfaction level of respondents with Murano restaurant.....................................12
Illustration 6: The most attracted service of Murano restaurant....................................................13
Illustration 7: Food dish attracted at most......................................................................................14
Illustration 8: Service required to be improved.............................................................................15
Illustration 9: Trend line for forecasting on further implementation.............................................16
Illustration 10: Project plan............................................................................................................18
Illustration 11: Gantt chart.............................................................................................................19
Illustration 12: Network diagram...................................................................................................19
Illustration 13: Time schedule of the project.................................................................................20
Illustration 14: Formula used for calculating NPV........................................................................21
Illustration 15: NPV ......................................................................................................................21
Illustration 16: IRR........................................................................................................................22
Data Collection and Decision Making Tools : Report_4

INTRODUCTION
Decision making is an essential for creating planning and forecasting regarding further
business implementations. It is appropriate for managing entire business operations and
improving quality services at higher level. Present report is based on understanding data
collection and decision making tools for Murano restaurant which is going to setting up its new
entity in London. It provides food services and accommodation to a million people worldwide. In
this regard, data collection and storage tools as of gathering information and effective decision
making is to be discussed. Likewise, information and communication technology (ICT) for data
processing and decision making will be introduced. However, significance of business decision
making can be understood for establishing new entity of the restaurant in this report.
TASK 1
1.1 Data collection plan
Decision makers of Murano restaurant are planning for setting up its new business entity
in London as of increasing its profitability and goodwill in market. For this purpose, it is required
to analyse restaurant's actual business and market position on which appropriate decisions can be
made (Craft, 2013). However, data collection is done through primary and secondary methods by
which different ideas are generated for planning and further decision making.
In primary data collection method, researcher conducts survey, face to face interviews
and direct survey etc. In accordance to this, actual business and market position of the entity is
recognised for making favourable decisions (García and Conde, 2014). However, for this
research, investigator is to collect data through analysing 50 randomly customers' views on food
services of Murano in terms of conducting survey.
However, under secondary data collection method, investigator gathers information by
using ready materials such as; reading articles in books and magazines, social networking sites
and so on (Ginevičius and Podviezko, 2013). Therefore, knowledge can be enhanced regarding
the research topic. For research on identifying market position of the restaurant, following data
collection plan is to be implemented as:
Table 1: Data collection plan for Murano restaurant
Aim Identifying customers' attitude and interest towards food
1
Data Collection and Decision Making Tools : Report_5

services and accommodation of Murano restaurant for decision
making regarding establishing its new entity in London.
Place Murano restaurant
Research method Primary data collection
Survey with Conducting survey with 50 customers of the entity
Sampling method Random sampling
Estimated cost to be incurred 500-600
Time frame 1-2 weeks
Workers involved in research
method
Researcher, manager, decision makers.
1.2 Survey methods and sampling framework
Survey methods:
Survey is a process of data collection by which actual business and market position of the
entity is recognised. Including this, variety of ideas are generated for further implementations
and planning to improve business' performance. Besides this, it is helpful for appropriate
investment on business operations and increasing its quality at higher level (Gu and et.al., 2013).
However, it is done through asking questions to respondents directly, face to face interviews,
online survey and so on. In this regard, survey is effective for improving business' performance
and appropriate decision making in the future time. For research on analysing business and
market position of Murano restaurant, researcher is going to conduct survey with people
regarding their taste, food qualities and so on. Therefore, appropriate decision can make to set up
its new entity.
Sampling frameworks:
2
Data Collection and Decision Making Tools : Report_6

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