logo

Business Decision Making INTRODUCTION 3 TASK- 1 3 1.1 Survey Methodology 4 1.3 Questionnaire Format For Murano 5 2.1 Information Used in Business Decision Making

19 Pages3851 Words473 Views
   

Added on  2019-12-17

About This Document

Business Decision Making INTRODUCTION 3 TASK- 1 3 1.1 Plan For the Collection Of Primary & Secondary Data 3 1.2 Survey Methodology 4 1.3 Questionnaire Format For Murano 5 2.1 Information Used in Decision Making 7 2.2 Mean, Median & Mode8 2.3 Measures Of Dispersion8 2.4 Quartiles & Percentiles 9 TASK-210 3.1 Conclusions Based on Graphs10 3.2 Trend Lines 13 3.3 Business Presentation 13 3.4 Business Report 13 TASK-314 4.1 Information Tools For Decision-Making 14 4.2

Business Decision Making INTRODUCTION 3 TASK- 1 3 1.1 Survey Methodology 4 1.3 Questionnaire Format For Murano 5 2.1 Information Used in Business Decision Making

   Added on 2019-12-17

ShareRelated Documents
Business DecisionMaking
Business Decision Making INTRODUCTION 3 TASK- 1 3 1.1 Survey Methodology 4 1.3 Questionnaire Format For Murano 5 2.1 Information Used in Business Decision Making_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK- 1...........................................................................................................................................31.1 Plan For the Collection Of Primary & Secondary Data.........................................................31.2 Survey Methodology..............................................................................................................41.3 Questionnaire Format For Murano........................................................................................52.1 Information Used in Decision Making..................................................................................72.2 Mean, Median & Mode .........................................................................................................82.3 Measures Of Dispersion ........................................................................................................82.4 Quartiles & Percentiles..........................................................................................................9TASK-2..........................................................................................................................................103.1 Conclusions Based on Graphs.............................................................................................103.2 Trend Lines..........................................................................................................................133.3 Business Presentation .........................................................................................................133.4 Business Report...................................................................................................................13TASK-3..........................................................................................................................................144.1 Information Tools For Decision-Making.............................................................................144.2 Business Plan and Gantt Chart.............................................................................................144.3 NPV & IRR .........................................................................................................................16CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................182
Business Decision Making INTRODUCTION 3 TASK- 1 3 1.1 Survey Methodology 4 1.3 Questionnaire Format For Murano 5 2.1 Information Used in Business Decision Making_2
INTRODUCTIONDecision making is an integral part of every successful business enterprise in the presentscenario. Rational and sound decision making on the basis of statistical data is the primaryfunction of the management executives in any organization. Decision making processes are theindispensable and continuous component for managing any company and its business activities.The present report will provide a a detailed description of the various statistical tools that can beused for the purpose of efficient and effective decision making (Groebner and et.al, 2011). Thestudy will also help in analyzing the various data collected from the external and internalenvironment and hence enable the organization to take decisions on a reasonable basis. For thepurpose of carrying out this assessment Murano restaurant is selected. It is the food chainrestaurant which operating in London and is presently considering for opening a second branch. TASK- 11.1 Plan For the Collection Of Primary & Secondary DataFor the purpose of carrying out data interpretation and take effective decisions on thatbasis the activity of data collection plays a vital role. Data is the primary input for any kind ofdecision making exercise. There are two broad classification of methods by which a business canbe collected. They are primary and secondary sources of data collection. The first hand evidenceleft behind by the observers or the participants at a particular time is called primary data. Thatmeans this data is directly collected from the participants or people for the purpose of decision-making. On the contrary the secondary sources of data is collected and interpreted by someoneelse and used for the purpose of making decisions (Groebner and et.al, 2011). Secondary Sourcesdiscuss, describe, comment upon, analyze and comment upon the data collected from primarysources. Below is a brief description of the various sources by which data can be collectedthrough primary and secondary sources.Primary data- The following are some of the sources from which Murano can collect the datawhich can be used for an effective decision making.Personal Interviews- Interviews of the people residing nearby can be taken. Theobservation are to be recorded that can be interpreted later on. The opinions of the peoplecan be used in making the necessary changes (Hwang and Yoon, 2012).3
Business Decision Making INTRODUCTION 3 TASK- 1 3 1.1 Survey Methodology 4 1.3 Questionnaire Format For Murano 5 2.1 Information Used in Business Decision Making_3
Emails- Different questionnaires can be floated by emails to customers who have eithervisited the webpage of the restaurant or have used the services provided by the restaurantat least once. The emails may require them to provide the ratings for the servicesprovided of the restaurants. Hence this is an effective source for collection of an authenticdata. Observations- By personally observing the reaction of the customers who have used theservices once the assessment of the performance can be done. Marano can collect thefeedback given by the customers and by observing general trends it can conclude whetheranother branch in the city can be opened or not. Simulation- Another method by which Murano can collect data is through conducting aneffective simulation. Simulation is a technique which involves the imitation of the realreal processes of the world over the definite time period taken as sample.Secondary Data- Some of the common sources for the purpose of collecting the secondary datawhich can be used by Murano Restaurant are described in brief below (Groebner and et.al,2011).Internal Sources- These can be the historical information of the restaurants like the costsheet of the previous years, reviews of the customers, other reports and feedbackprepared on the basis of data gathered. The purpose of Murano for the collection of datathrough these sources is to formulate various marketing strategies. External Sources- The main motive of Murano behind using the data for making financialapplications. The various sources available are the books, newspapers, journals, internetand libraries. 1.2 Survey MethodologySurvey for the purpose of collection of the feedback of the customers will be conductedby using an online survey mechanism. The questionnaires are mailed to the respective list ofpersons. The responses collected by them will enable Murano to draw reasonable conclusions.The online method used for the purpose of data collection is best as the data can be collectedeasily that too without the any unnecessary wastage of time and money. Hence this method is themost effective method for the collection of structured data. 4
Business Decision Making INTRODUCTION 3 TASK- 1 3 1.1 Survey Methodology 4 1.3 Questionnaire Format For Murano 5 2.1 Information Used in Business Decision Making_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Decision Making of Business : Report
|21
|3724
|51

Business Decision Making at Murano Restaurant
|29
|4160
|60

Business Decision Making - Murano Restaurant
|21
|4774
|32

Business Decision Making Assignment (docs)
|23
|4054
|217

Business Decision Making in Organisation - Report
|19
|3946
|31

Business Decision Making - Murano
|17
|4251
|68