Restaurant Customer Service Analysis
VerifiedAdded on 2020/06/06
|29
|4899
|216
AI Summary
This assignment delves into a customer service analysis of Murano restaurant. It examines feedback gathered from customers regarding various aspects of their dining experience, including service quality, menu satisfaction, and overall ambiance. The analysis employs statistical methods such as mean, median, standard deviation, and trend lines to interpret customer preferences and pinpoint areas requiring enhancement. The findings provide valuable insights for Murano's management to improve customer satisfaction and formulate effective business strategies.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
BUSINESS DECISION
MAKING
MAKING
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Data collection methods........................................................................................................1
1.2 Survey methods and sampling framework............................................................................1
1.3 Questionnaire........................................................................................................................2
TASK 2............................................................................................................................................4
2.1 Data estimations....................................................................................................................4
2.2 Averages on collected data....................................................................................................6
2.3 Dispersion on collected data.................................................................................................8
2.4 Quartile and correlation coefficient......................................................................................9
TASK 3..........................................................................................................................................10
3.1 Findings on conducting survey...........................................................................................10
3.2 Trend line on forecasting for further years.........................................................................16
3.3 Presentation on findings......................................................................................................17
3.4 Business report....................................................................................................................17
TASK 4..........................................................................................................................................18
4.1 Information processing tools...............................................................................................18
4.2 Project plan..........................................................................................................................18
4.3 Investment appraisal techniques.........................................................................................21
CONCLUSION..............................................................................................................................23
REFERENCE.................................................................................................................................24
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Data collection methods........................................................................................................1
1.2 Survey methods and sampling framework............................................................................1
1.3 Questionnaire........................................................................................................................2
TASK 2............................................................................................................................................4
2.1 Data estimations....................................................................................................................4
2.2 Averages on collected data....................................................................................................6
2.3 Dispersion on collected data.................................................................................................8
2.4 Quartile and correlation coefficient......................................................................................9
TASK 3..........................................................................................................................................10
3.1 Findings on conducting survey...........................................................................................10
3.2 Trend line on forecasting for further years.........................................................................16
3.3 Presentation on findings......................................................................................................17
3.4 Business report....................................................................................................................17
TASK 4..........................................................................................................................................18
4.1 Information processing tools...............................................................................................18
4.2 Project plan..........................................................................................................................18
4.3 Investment appraisal techniques.........................................................................................21
CONCLUSION..............................................................................................................................23
REFERENCE.................................................................................................................................24
INDEX OF TABLES
Table 1: NPV ................................................................................................................................22
Table 2: IRR as investment plan...................................................................................................23
Table 1: NPV ................................................................................................................................22
Table 2: IRR as investment plan...................................................................................................23
ILLUSTRATION INDEX
Illustration 1: Formula used for calculating mean ..........................................................................5
Illustration 2: Formula for calculating median for odd number respondents..................................5
Illustration 3: Standard deviation measurement..............................................................................8
Illustration 4: Age group of respondents.......................................................................................11
Illustration 5: Respondents' views on services of the restaurant...................................................12
Illustration 6: Frequency to visit Murano restaurant......................................................................13
Illustration 7: The most attractive tool of restaurant......................................................................14
Illustration 8: Respondents' ranking on services of restaurant......................................................15
Illustration 9: Service required to be improved.............................................................................16
Illustration 10: Trend line for forecasting on further operations...................................................17
Illustration 11: Project plan............................................................................................................19
Illustration 12: Gantt chart.............................................................................................................20
Illustration 13: Network diagram...................................................................................................20
Illustration 14: Project schedule.....................................................................................................21
Illustration 15: Formula for calculating NPV................................................................................22
Illustration 1: Formula used for calculating mean ..........................................................................5
Illustration 2: Formula for calculating median for odd number respondents..................................5
Illustration 3: Standard deviation measurement..............................................................................8
Illustration 4: Age group of respondents.......................................................................................11
Illustration 5: Respondents' views on services of the restaurant...................................................12
Illustration 6: Frequency to visit Murano restaurant......................................................................13
Illustration 7: The most attractive tool of restaurant......................................................................14
Illustration 8: Respondents' ranking on services of restaurant......................................................15
Illustration 9: Service required to be improved.............................................................................16
Illustration 10: Trend line for forecasting on further operations...................................................17
Illustration 11: Project plan............................................................................................................19
Illustration 12: Gantt chart.............................................................................................................20
Illustration 13: Network diagram...................................................................................................20
Illustration 14: Project schedule.....................................................................................................21
Illustration 15: Formula for calculating NPV................................................................................22
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
INTRODUCTION
Decision making for business operations is essential affect its further operations and
services. It is beneficial for analysing actual performance and preparing planning for increasing
efficiencies. The present report is based on understanding decision making tools for establishing
new restaurant of Murano restaurant in London. It is food and accommodation service provider
of the country planning for its expansion. In this regard, data collection methods and average
estimations on these are to be described on which further decisions are made. However, different
information processing tools for exchanging data is to identify through this assignment.
Including this, project plan including Gantt chart and investment appraisal techniques will be
introduced. Thus, learners are able to understand several aspects of business decision making on
expansion of Murano restaurant through this report.
TASK 1
1.1 Data collection methods
Data are collected at primary and secondary level by which performance of entity is
recognised. However, in primary data collection, information are gathered through conducting
survey, face to face interview and so on. Therefore, actual position of organisation is identified
that affect further operations its efficiencies. While, on the other side, under secondary data
collection, information is collected by using ready and prepared materials like; analysing
position of business entity using financial tools, other competitive entity's performance through
newspaper, magazine, social networking sites etc. Therefore, market position and economic
position of entity is determined for further business operations (Craft, 2013).
Similarly, for establishing new restaurant of Murano in London, its actual position is
required to be identified. In this regard, its position is to be recognised by conducting survey and
asking questions to selected 60 people for collecting data regarding their views on services
provided by the restaurant (García and Conde, 2014).
1.2 Survey methods and sampling framework
Survey is a process of analysing respondents' attitude towards goods and services
provided by Murano restaurant for identifying its actual position. However, survey is conducted
in different ways through sampling, online data collection, interview and so on. In this process,
information is gathered at first time also variety of data are generated ideas for further business
1
Decision making for business operations is essential affect its further operations and
services. It is beneficial for analysing actual performance and preparing planning for increasing
efficiencies. The present report is based on understanding decision making tools for establishing
new restaurant of Murano restaurant in London. It is food and accommodation service provider
of the country planning for its expansion. In this regard, data collection methods and average
estimations on these are to be described on which further decisions are made. However, different
information processing tools for exchanging data is to identify through this assignment.
Including this, project plan including Gantt chart and investment appraisal techniques will be
introduced. Thus, learners are able to understand several aspects of business decision making on
expansion of Murano restaurant through this report.
TASK 1
1.1 Data collection methods
Data are collected at primary and secondary level by which performance of entity is
recognised. However, in primary data collection, information are gathered through conducting
survey, face to face interview and so on. Therefore, actual position of organisation is identified
that affect further operations its efficiencies. While, on the other side, under secondary data
collection, information is collected by using ready and prepared materials like; analysing
position of business entity using financial tools, other competitive entity's performance through
newspaper, magazine, social networking sites etc. Therefore, market position and economic
position of entity is determined for further business operations (Craft, 2013).
Similarly, for establishing new restaurant of Murano in London, its actual position is
required to be identified. In this regard, its position is to be recognised by conducting survey and
asking questions to selected 60 people for collecting data regarding their views on services
provided by the restaurant (García and Conde, 2014).
1.2 Survey methods and sampling framework
Survey is a process of analysing respondents' attitude towards goods and services
provided by Murano restaurant for identifying its actual position. However, survey is conducted
in different ways through sampling, online data collection, interview and so on. In this process,
information is gathered at first time also variety of data are generated ideas for further business
1
operations (Ginevičius and Podviezko, 2013). For conducting survey, researcher is to select 60
people randomly for identifying their views on food and accommodation services of Murano
restaurant.
Sampling: Survey is done through sampling people out of population systematically or
randomly. However, respondents are selected systematically as selecting each one or alternate
one. While, on the other side, under random sampling method, respondents are selected
randomly as no fix system is recognised for sampling and conducting survey. Likewise, cluster
sampling is a process for selecting respondents and asking questions in a cluster or group. In this
regard, for analysing respondents' views on services of Murano restaurant, 60 respondents are
selected randomly and for conducting survey (Gu and et.al., 2013). Therefore, different ideas are
also generated for further business operations and its expansion efficiently.
1.3 Questionnaire
It consists of questions regarding satisfaction level and different views of respondents on
services of Murano restaurant (Hill and et.al., 2013). However, questions asked by researcher to
selected respondents are mentioned below:
Name:
Age:
Gender:
Q.1 From which of the age group you are belonged to?
14-20
21-25
26-35
36-50
Above 50
Q.2 Comment on services provided by Murano restaurant.
Effective
Satisfied
Neutral
2
people randomly for identifying their views on food and accommodation services of Murano
restaurant.
Sampling: Survey is done through sampling people out of population systematically or
randomly. However, respondents are selected systematically as selecting each one or alternate
one. While, on the other side, under random sampling method, respondents are selected
randomly as no fix system is recognised for sampling and conducting survey. Likewise, cluster
sampling is a process for selecting respondents and asking questions in a cluster or group. In this
regard, for analysing respondents' views on services of Murano restaurant, 60 respondents are
selected randomly and for conducting survey (Gu and et.al., 2013). Therefore, different ideas are
also generated for further business operations and its expansion efficiently.
1.3 Questionnaire
It consists of questions regarding satisfaction level and different views of respondents on
services of Murano restaurant (Hill and et.al., 2013). However, questions asked by researcher to
selected respondents are mentioned below:
Name:
Age:
Gender:
Q.1 From which of the age group you are belonged to?
14-20
21-25
26-35
36-50
Above 50
Q.2 Comment on services provided by Murano restaurant.
Effective
Satisfied
Neutral
2
Unsatisfied
Q.3 How frequently you visit the restaurant?
Weekly
Monthly
Between 2-3 month
Twice in a year
Yearly
Rare
Q.4 From which of the following service of organisation attracted you the most?
Delicious and variety in food
Accommodation
Dealing with customers
Environment
Q.5 Do you recommend you friends and family for its services?
Yes
No
Q.6 How is cost charges on services of Murano restaurant?
High cost on services
Economic
Q.7 Comment on quality services of restaurant.
Impressive
Effective
Neutral
Poor
3
Q.3 How frequently you visit the restaurant?
Weekly
Monthly
Between 2-3 month
Twice in a year
Yearly
Rare
Q.4 From which of the following service of organisation attracted you the most?
Delicious and variety in food
Accommodation
Dealing with customers
Environment
Q.5 Do you recommend you friends and family for its services?
Yes
No
Q.6 How is cost charges on services of Murano restaurant?
High cost on services
Economic
Q.7 Comment on quality services of restaurant.
Impressive
Effective
Neutral
Poor
3
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Q.8 Overall, rank on services of Murano restaurant.
1st order
2nd order
3rd order
Q.9 On which of the following factor, Murano should consider for better services in the future
time?
Food services
Accommodation
Environment
Customer dealing
Suggest your recommendations for the entity..............
TASK 2
2.1 Data estimations
Estimation on collected data is done through evaluating mean, median and mode on
which further decisions are made regarding business operations. However, all the tools for data
estimation can be described as:
Mean: It is average on collected data determined by dividing sum of all variables to
number of total variables. It is an easy and convenient method for estimation on overall
data for decision making in the future time (Malik, Awais and Khursheed, 2016). In this
regard, respondent’s views on services of Murano restaurant can be estimated on
averageaffect organisation's effectiveness. It is evaluated by using below mentioned
formula as:
4
1st order
2nd order
3rd order
Q.9 On which of the following factor, Murano should consider for better services in the future
time?
Food services
Accommodation
Environment
Customer dealing
Suggest your recommendations for the entity..............
TASK 2
2.1 Data estimations
Estimation on collected data is done through evaluating mean, median and mode on
which further decisions are made regarding business operations. However, all the tools for data
estimation can be described as:
Mean: It is average on collected data determined by dividing sum of all variables to
number of total variables. It is an easy and convenient method for estimation on overall
data for decision making in the future time (Malik, Awais and Khursheed, 2016). In this
regard, respondent’s views on services of Murano restaurant can be estimated on
averageaffect organisation's effectiveness. It is evaluated by using below mentioned
formula as:
4
Illustration 1:
Formula used for
calculating mean
Here, sigma denotes summation of overall collected data
x refers to respond/selected rank by respondents of UKCBC
And, N= total number of respondents
Median: Through this data estimation, mid value of the collected data is considered as
average for further decision making regarding business operations (Marshall and et.al.,
2016). For total odd number of variable, mid value is determined as well for even number
of variables appropriate formula is used.
For odd number of variables, formula used is:
Median= (n/2) th term
For odd number of variables, used formula is mentioned as:
Illustration 2: Formula for calculating median for odd
number respondents
Mode: The frequency of responds and most used data is considered as mode on which
further decisions are made. In this regard, for analysing market position of Murano
5
Formula used for
calculating mean
Here, sigma denotes summation of overall collected data
x refers to respond/selected rank by respondents of UKCBC
And, N= total number of respondents
Median: Through this data estimation, mid value of the collected data is considered as
average for further decision making regarding business operations (Marshall and et.al.,
2016). For total odd number of variable, mid value is determined as well for even number
of variables appropriate formula is used.
For odd number of variables, formula used is:
Median= (n/2) th term
For odd number of variables, used formula is mentioned as:
Illustration 2: Formula for calculating median for odd
number respondents
Mode: The frequency of responds and most used data is considered as mode on which
further decisions are made. In this regard, for analysing market position of Murano
5
restaurant, frequent responds on satisfaction level of respondents is estimated for further
implementation. Similarly, proper ideas are generated regarding expansion of entity and
increasing its quality services for further years (Moonen and et.al., 2013). Therefore,
using this data estimation tool affect further services and increasing its effectiveness.
2.2 Averages on collected data
Average on data collections as respondents' views in respect of different services of
Murano restaurant is evaluated (Noguera and Pert, 2015). However, on different tools, they rank
differently shows market position of the entity can be understood as follows:
1) Food services
Average Estimation
Mean 1.36
Median 1
Mode 1
Interpretation: On average, most of the respondents give 1st order rank on food services
of Murano restaurant. Including this, they express that variety in food and deliciousness are
meet. Moreover, they recommend their friends and family for its food services impacts on
productivity and profitability. Therefore, this attraction of people is to be maintained and
improved in the future time.
2) Accommodation services
Average Estimation
Mean 1.26
Median 1
Mode 1
6
implementation. Similarly, proper ideas are generated regarding expansion of entity and
increasing its quality services for further years (Moonen and et.al., 2013). Therefore,
using this data estimation tool affect further services and increasing its effectiveness.
2.2 Averages on collected data
Average on data collections as respondents' views in respect of different services of
Murano restaurant is evaluated (Noguera and Pert, 2015). However, on different tools, they rank
differently shows market position of the entity can be understood as follows:
1) Food services
Average Estimation
Mean 1.36
Median 1
Mode 1
Interpretation: On average, most of the respondents give 1st order rank on food services
of Murano restaurant. Including this, they express that variety in food and deliciousness are
meet. Moreover, they recommend their friends and family for its food services impacts on
productivity and profitability. Therefore, this attraction of people is to be maintained and
improved in the future time.
2) Accommodation services
Average Estimation
Mean 1.26
Median 1
Mode 1
6
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Interpretation: On evaluation of accommodation services provided by Murano
restaurant, it is evaluated that most of the respondents are attracted with its services. Including
this, they get encouraged for taking advantage of this service. Therefore, respondents are
attracted with accommodation services of the restaurant remain able to maintain for the further
years.
3) Rank on services
Average Estimation
Mean 1.23
Median 1
Mode 1
Interpretation: Researcher asks respondents to rank on entire services provided by the
restaurant. However, it is estimated that most of them has given 1st order rank on its services
affect environment and further implementation. Thus, on this basis, it can forecast that expansion
of new restaurant in London would be succeed in the future time.
4) Customer dealing
Average Estimation
Mean 1.7
Median 2
Mode 2
Interpretation: On average of collected data, customer dealing service of Murano
restaurant is required to be improved affect further implementation. However, respondents
respond negatively on its services requires improving in the future time. Thus, it is estimated that
by considering this service will be able to implement further services and improving its services
effectively.
5) Environment of Murano restaurant
7
restaurant, it is evaluated that most of the respondents are attracted with its services. Including
this, they get encouraged for taking advantage of this service. Therefore, respondents are
attracted with accommodation services of the restaurant remain able to maintain for the further
years.
3) Rank on services
Average Estimation
Mean 1.23
Median 1
Mode 1
Interpretation: Researcher asks respondents to rank on entire services provided by the
restaurant. However, it is estimated that most of them has given 1st order rank on its services
affect environment and further implementation. Thus, on this basis, it can forecast that expansion
of new restaurant in London would be succeed in the future time.
4) Customer dealing
Average Estimation
Mean 1.7
Median 2
Mode 2
Interpretation: On average of collected data, customer dealing service of Murano
restaurant is required to be improved affect further implementation. However, respondents
respond negatively on its services requires improving in the future time. Thus, it is estimated that
by considering this service will be able to implement further services and improving its services
effectively.
5) Environment of Murano restaurant
7
Average Estimation
Mean 0.43
Median 1
Mode 1
Interpretation: Respondents positive views are obtained on environment of Murano
restaurant effect can be more effective through improving customer dealing. In this regard, 1st
order rank on its environment is determined for further operations.
2.3 Dispersion on collected data
It is considered as data estimation tool for comparing actual data with estimated. It
includes standard deviation, variance analysis and so on (Ruff and Pert, 2013). However, on
average collected data regarding standard deviation can be found as:
Standard deviation:
It is data estimation technique for difference between estimated and actual data. It is
evaluated by using following formula as:
Illustration 3: Standard deviation
measurement
Here, x represents total responds on questions
x (bar) is for mean of the collected data
n- refers to total number of respondents who participated in survey.
However, on services of Murano restaurant, standard deviation is determined as:
8
Mean 0.43
Median 1
Mode 1
Interpretation: Respondents positive views are obtained on environment of Murano
restaurant effect can be more effective through improving customer dealing. In this regard, 1st
order rank on its environment is determined for further operations.
2.3 Dispersion on collected data
It is considered as data estimation tool for comparing actual data with estimated. It
includes standard deviation, variance analysis and so on (Ruff and Pert, 2013). However, on
average collected data regarding standard deviation can be found as:
Standard deviation:
It is data estimation technique for difference between estimated and actual data. It is
evaluated by using following formula as:
Illustration 3: Standard deviation
measurement
Here, x represents total responds on questions
x (bar) is for mean of the collected data
n- refers to total number of respondents who participated in survey.
However, on services of Murano restaurant, standard deviation is determined as:
8
Variance SD
1 0.1928828406 0.4391842901
2 0.2018161808 0.4492395584
3 0.1953023878 0.4419302974
4 0.1881968726 0.4338166347
5 0.1906977372 0.4366895204
Interpretation: Here, 1 to 5 shows different services of restaurant on which average
deviation is evaluated. It is evaluated that on average deviation is evaluated of about 0.43 which
is normal and can manage for the further services. Therefore, its services are required to be
improved in the future time efficiently.
2.4 Quartile and correlation coefficient
Quartiles: Entire collected data is segmented into three parts at 25%, 50% and 75%.
Therefore, ranking on food and accommodation services as well environment of the restaurant is
estimated effectively (Salama and Collins, 2013). However, respondents' views on services of
restaurant in segments can be understood as:
Q1 Q2 Q3
1 1 1 2
2 1 1 2
3 1 1 1.05
4 1 2 2
5 1 1 1.43
Interpretation: It is evaluated that in 1st quartile, respondents are satisfied with all
services as well in 2nd quartile, it is determined that environment of organisation is not so
effective. However, ranking on food and accommodation services provided by Murano
restaurant are required to be improved for maintaining its position in the further years.
9
1 0.1928828406 0.4391842901
2 0.2018161808 0.4492395584
3 0.1953023878 0.4419302974
4 0.1881968726 0.4338166347
5 0.1906977372 0.4366895204
Interpretation: Here, 1 to 5 shows different services of restaurant on which average
deviation is evaluated. It is evaluated that on average deviation is evaluated of about 0.43 which
is normal and can manage for the further services. Therefore, its services are required to be
improved in the future time efficiently.
2.4 Quartile and correlation coefficient
Quartiles: Entire collected data is segmented into three parts at 25%, 50% and 75%.
Therefore, ranking on food and accommodation services as well environment of the restaurant is
estimated effectively (Salama and Collins, 2013). However, respondents' views on services of
restaurant in segments can be understood as:
Q1 Q2 Q3
1 1 1 2
2 1 1 2
3 1 1 1.05
4 1 2 2
5 1 1 1.43
Interpretation: It is evaluated that in 1st quartile, respondents are satisfied with all
services as well in 2nd quartile, it is determined that environment of organisation is not so
effective. However, ranking on food and accommodation services provided by Murano
restaurant are required to be improved for maintaining its position in the further years.
9
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Correlation:
It is interpreted that for Murano restaurant, relation between food and accommodation
services is 0.24 which shows moderate position as can be maintained in the future (Sutherland
and Holstead, 2014). It is considered that an ideal correlation between two factors is 1. In this
regard, food and accommodation services of the restaurant is required managing for improving
them efficiently.
TASK 3
3.1 Findings on conducting survey
Researcher selects 60 respondents randomly for asking questions regarding services
provided by Murano restaurant. Through this survey, customers' views on its services can be
recognised affect decision for expansion of restaurant in London (Uechi and et.al., 2015). On the
basis of market position, decision is to be taken for expansion of the restaurant. However, this
finding can be understood as follows thematically:
Thematic analysis:
Theme 1: Age group of respondents
14-20 10
21-25 20
26-35 15
36-50 15
Above 50 10
Total number of
respondents 60
10
It is interpreted that for Murano restaurant, relation between food and accommodation
services is 0.24 which shows moderate position as can be maintained in the future (Sutherland
and Holstead, 2014). It is considered that an ideal correlation between two factors is 1. In this
regard, food and accommodation services of the restaurant is required managing for improving
them efficiently.
TASK 3
3.1 Findings on conducting survey
Researcher selects 60 respondents randomly for asking questions regarding services
provided by Murano restaurant. Through this survey, customers' views on its services can be
recognised affect decision for expansion of restaurant in London (Uechi and et.al., 2015). On the
basis of market position, decision is to be taken for expansion of the restaurant. However, this
finding can be understood as follows thematically:
Thematic analysis:
Theme 1: Age group of respondents
14-20 10
21-25 20
26-35 15
36-50 15
Above 50 10
Total number of
respondents 60
10
Interpretation: From all the selected respondents, most of them belonged to age of 21 to
25. However, 15 out of overall 60 are between 26 to 35 of age who participated in survey for
expressing their views on food and accommodation services of Murano restaurant. Therefore,
recent market trend in terms of this analysis can gained efficiently.
Theme 2: Services of Murano restaurant
Effective 15
Satisfied 30
Neutral 15
Unsatisfied 5
Total number of
respondents 60
11
14-20 21-25 26-35 36-50 Above 50
0
2
4
6
8
10
12
14
16
18
20
Column C
Illustration 4: Age group of respondents
25. However, 15 out of overall 60 are between 26 to 35 of age who participated in survey for
expressing their views on food and accommodation services of Murano restaurant. Therefore,
recent market trend in terms of this analysis can gained efficiently.
Theme 2: Services of Murano restaurant
Effective 15
Satisfied 30
Neutral 15
Unsatisfied 5
Total number of
respondents 60
11
14-20 21-25 26-35 36-50 Above 50
0
2
4
6
8
10
12
14
16
18
20
Column C
Illustration 4: Age group of respondents
Interpretation: Researcher asks about satisfaction level of respondents with services of
the restaurant. It is determined that 50% of them are satisfied also appreciate that its services
attract them to visit frequently. Therefore, this value and behaviour of respondents with services
is essential to maintain for further years efficiently.
Theme 3: Frequency to visit the restaurant
Weekly 20
Monthly 15
Between 2-3 month 10
Twice in a year 10
Yearly 3
Rare 2
Total number of
60
12
Effective
Satisfied
Neutral
Unsatisfied
0 5 10 15 20 25 30 35
Column C
Illustration 5: Respondents' views on services of the restaurant
the restaurant. It is determined that 50% of them are satisfied also appreciate that its services
attract them to visit frequently. Therefore, this value and behaviour of respondents with services
is essential to maintain for further years efficiently.
Theme 3: Frequency to visit the restaurant
Weekly 20
Monthly 15
Between 2-3 month 10
Twice in a year 10
Yearly 3
Rare 2
Total number of
60
12
Effective
Satisfied
Neutral
Unsatisfied
0 5 10 15 20 25 30 35
Column C
Illustration 5: Respondents' views on services of the restaurant
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
respondents
Interpretation: Collected data is presented in bie chat form where blue represents
weekly, orange for monthly, yellow shows between 2-3 months, green as twice in a year brown
is for yearly and other blue is to rare. In this regard, frequency of respondents for food and
accommodation services is evaluated presents market position of the entity. It is evaluated that
20 out of them visit weekly for its services as well 15 visits monthly. However, its good market
position and demand for services has been introduced can be maintained and enhanced for
further years.
Theme 4: The most attractive factor
13
20
15
10
10
3
2
Weekly
Monthly
Between 2-3 month
Twice in a year
Yearly
Rare
Illustration 6: Frequency to visit Murano restaurant
Interpretation: Collected data is presented in bie chat form where blue represents
weekly, orange for monthly, yellow shows between 2-3 months, green as twice in a year brown
is for yearly and other blue is to rare. In this regard, frequency of respondents for food and
accommodation services is evaluated presents market position of the entity. It is evaluated that
20 out of them visit weekly for its services as well 15 visits monthly. However, its good market
position and demand for services has been introduced can be maintained and enhanced for
further years.
Theme 4: The most attractive factor
13
20
15
10
10
3
2
Weekly
Monthly
Between 2-3 month
Twice in a year
Yearly
Rare
Illustration 6: Frequency to visit Murano restaurant
Delicious and variety in food 35
Accommodation 15
Dealing with customers 5
Environment 5
Total number of respondents 60
Interpretation: With the help of this research, it is evaluated that 35 out of 60
respondents are attracted with delicious food of Murano restaurant. Similarly, 15 votes for its
accommodation services which is required to be maintained for its good market position for
longer time period. However, different responds are evaluated on services of the entity in various
ways requires maintaining for longer time period efficiently.
Theme 5:Ranking on services of Murano restaurant
1st order 40
2nd order 15
14
Delicious and variety in food
Accommodation
Dealing with customers
Environment
0 5 10 15 20 25 30 35 40
Column C
Illustration 7: The most attractive tool of restaurant
Accommodation 15
Dealing with customers 5
Environment 5
Total number of respondents 60
Interpretation: With the help of this research, it is evaluated that 35 out of 60
respondents are attracted with delicious food of Murano restaurant. Similarly, 15 votes for its
accommodation services which is required to be maintained for its good market position for
longer time period. However, different responds are evaluated on services of the entity in various
ways requires maintaining for longer time period efficiently.
Theme 5:Ranking on services of Murano restaurant
1st order 40
2nd order 15
14
Delicious and variety in food
Accommodation
Dealing with customers
Environment
0 5 10 15 20 25 30 35 40
Column C
Illustration 7: The most attractive tool of restaurant
3rd order 5
Total number of respondents 60
Interpretation: In this approach, researcher asks respondents to rank on entire facilities
provided by Murano restaurant. However, 40 of 60 give 1st order rank on entire services . On the
basis of this interpretation, it can be forecasted that organisation can expand its restaurant to
improve its services in the future time. Therefore, this attraction of people is required to be
maintained for further years.
Theme 6: Service required to be improved
Food services 5
Accommodation 10
Environment 20
Customer dealing 25
15
1st order 2nd order 3rd order
0
5
10
15
20
25
30
35
40
Column C
Illustration 8: Respondents' ranking on services of restaurant
Total number of respondents 60
Interpretation: In this approach, researcher asks respondents to rank on entire facilities
provided by Murano restaurant. However, 40 of 60 give 1st order rank on entire services . On the
basis of this interpretation, it can be forecasted that organisation can expand its restaurant to
improve its services in the future time. Therefore, this attraction of people is required to be
maintained for further years.
Theme 6: Service required to be improved
Food services 5
Accommodation 10
Environment 20
Customer dealing 25
15
1st order 2nd order 3rd order
0
5
10
15
20
25
30
35
40
Column C
Illustration 8: Respondents' ranking on services of restaurant
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Total number of respondents 60
Interpretation: It is critical evaluation on services of hotel entity which is required to be
maintained at first for proper management. However, 25 out of overall respondents respond that
it is needed for Murano restaurant to consider customer dealing services affect environment and
further implementation.
3.2 Trend line on forecasting for further years
Trend line method is used for forecasting on further operations for Murano restaurant.
However, last 5 years' sales and profit structure is recognised for further investment and
implementing strategies for its expansion effectively. Thus, sales and profit data of the restaurant
is to be presented as:
Year Sales Profit
2012 200 500
2013 400 700
16
Food services
Accommodation
Environment
Customer dealing
0 5 10 15 20 25 30
Column C
Illustration 9: Service required to be improved
Interpretation: It is critical evaluation on services of hotel entity which is required to be
maintained at first for proper management. However, 25 out of overall respondents respond that
it is needed for Murano restaurant to consider customer dealing services affect environment and
further implementation.
3.2 Trend line on forecasting for further years
Trend line method is used for forecasting on further operations for Murano restaurant.
However, last 5 years' sales and profit structure is recognised for further investment and
implementing strategies for its expansion effectively. Thus, sales and profit data of the restaurant
is to be presented as:
Year Sales Profit
2012 200 500
2013 400 700
16
Food services
Accommodation
Environment
Customer dealing
0 5 10 15 20 25 30
Column C
Illustration 9: Service required to be improved
2014 600 1000
2015 800 1200
2016 1000 1400
Interpretation: Here, 1 to 5 are years as 2012 to 2015 whose financial positions are to be
recognised. Similarly, blue colour shows sales data while orange for profit on investments.
Therefore, it is determined that organisation invested 200, 400, 600, 800 and 1000 in years on
which profit is earned as of 500, 700, 1000, 1200 and 1400 respectively. Therefore, on the basis
of this interpretation, it is recognised that Murano restaurant is able to expand its entity affect
further years' operation and sustaining customers' attraction with its services.
3.3 Presentation on findings
Attached in enclosed ppt.
3.4 Business report
General manager
17
1 2 3 4 5
0
200
400
600
800
1000
1200
1400
1600
200
400
600
800
1000
f(x) = 230 x + 270
Column C
Column D
Linear (Column D)
Illustration 10: Trend line for forecasting on further operations
2015 800 1200
2016 1000 1400
Interpretation: Here, 1 to 5 are years as 2012 to 2015 whose financial positions are to be
recognised. Similarly, blue colour shows sales data while orange for profit on investments.
Therefore, it is determined that organisation invested 200, 400, 600, 800 and 1000 in years on
which profit is earned as of 500, 700, 1000, 1200 and 1400 respectively. Therefore, on the basis
of this interpretation, it is recognised that Murano restaurant is able to expand its entity affect
further years' operation and sustaining customers' attraction with its services.
3.3 Presentation on findings
Attached in enclosed ppt.
3.4 Business report
General manager
17
1 2 3 4 5
0
200
400
600
800
1000
1200
1400
1600
200
400
600
800
1000
f(x) = 230 x + 270
Column C
Column D
Linear (Column D)
Illustration 10: Trend line for forecasting on further operations
Murano restaurant
For decision making on expansion of the entity, market research is conducted to analyse
customers' attitude with its food and accommodation services. For this purpose, researcher
selects 60 respondents randomly and conducts survey to analyse its market position. However,
their positive responds are recognised which shows its effectiveness. Including this, it is
determined that customers are attracted with its variety of food services at most as well work for
its customer dealing is required. Overall, effective responses has been determined which can be
maintained for the further years. On the basis of survey, it is analysed that new restaurant can be
established in London affect its effectiveness. Therefore, organisation should work for its
expansion with adequate investment plan in the future time.
TASK 4
4.1 Information processing tools
Different processing tools are used for exchanging data from one place to another by
which decisions are made regarding further operations. For example; decision support system
(DSS), management information system (MIS) and transaction processing system (TPS).
However, all these tools can be described as:
Decision Support System (DSS): The top-level managers of the entity use this system
for decision making on business operations like; CEO, COO, managing director of the
company etc. They also discuss information and some important notices with middle
level employees (Zsambok and Klein, 2014).
Management Information System (MIS): Middle level managers of different
departments of the enterprise uses this information processing tool for sharing data and
communicating with upper and lower level employees as well (Business Decision
Making, 2016).
Transaction processing system (TPS): The lower level employees of the organisation
uses this tool for getting and sharing information through notice board, email etc.
Therefore, information is exchanged effectively impact decision making regarding
business activities.
18
For decision making on expansion of the entity, market research is conducted to analyse
customers' attitude with its food and accommodation services. For this purpose, researcher
selects 60 respondents randomly and conducts survey to analyse its market position. However,
their positive responds are recognised which shows its effectiveness. Including this, it is
determined that customers are attracted with its variety of food services at most as well work for
its customer dealing is required. Overall, effective responses has been determined which can be
maintained for the further years. On the basis of survey, it is analysed that new restaurant can be
established in London affect its effectiveness. Therefore, organisation should work for its
expansion with adequate investment plan in the future time.
TASK 4
4.1 Information processing tools
Different processing tools are used for exchanging data from one place to another by
which decisions are made regarding further operations. For example; decision support system
(DSS), management information system (MIS) and transaction processing system (TPS).
However, all these tools can be described as:
Decision Support System (DSS): The top-level managers of the entity use this system
for decision making on business operations like; CEO, COO, managing director of the
company etc. They also discuss information and some important notices with middle
level employees (Zsambok and Klein, 2014).
Management Information System (MIS): Middle level managers of different
departments of the enterprise uses this information processing tool for sharing data and
communicating with upper and lower level employees as well (Business Decision
Making, 2016).
Transaction processing system (TPS): The lower level employees of the organisation
uses this tool for getting and sharing information through notice board, email etc.
Therefore, information is exchanged effectively impact decision making regarding
business activities.
18
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
4.2 Project plan
Project plan includes activities for accomplishing tasks and further implementations. In
this regard, decision making and forecasting also evolved for further operations regarding
investment and all action plans (Salama and Collins, 2013). Therefore, project plan for analysing
customers' views on services of Murano restaurant and decision making for further years is
created as follows:
Gantt Chart:
It is considered as project schedule from starting to finishing the tasks position. However,
all activities included in the project plan are determined through this process (Marshall and et.al.,
2016). In this regard, Gantt charts for present project is recognised as:
19
Illustration 11: Project plan
Project plan includes activities for accomplishing tasks and further implementations. In
this regard, decision making and forecasting also evolved for further operations regarding
investment and all action plans (Salama and Collins, 2013). Therefore, project plan for analysing
customers' views on services of Murano restaurant and decision making for further years is
created as follows:
Gantt Chart:
It is considered as project schedule from starting to finishing the tasks position. However,
all activities included in the project plan are determined through this process (Marshall and et.al.,
2016). In this regard, Gantt charts for present project is recognised as:
19
Illustration 11: Project plan
Illustration 12: Gantt chart
Network diagram:
This project plan is to present connection of all activities of the project from start to end.
However, network diagram for the organisation is to present as:
Illustration 13: Network diagram
20
Network diagram:
This project plan is to present connection of all activities of the project from start to end.
However, network diagram for the organisation is to present as:
Illustration 13: Network diagram
20
4.3 Investment appraisal techniques
Investment appraisal techniques are essential for decision making regarding further
business operations in respect of investment (Morris and Shin, 2016). For this purpose; different
techniques are used such as; net present value, internal rate of return, average rate of return,
payback period and so on. However, these methods for investment plan can be described as:
Net present value (NPV):
With the help of this technique, present value is determined on which effective estimation
and decision is made for project. It is evaluated by using following formula as:
21
Illustration 14: Project schedule
Investment appraisal techniques are essential for decision making regarding further
business operations in respect of investment (Morris and Shin, 2016). For this purpose; different
techniques are used such as; net present value, internal rate of return, average rate of return,
payback period and so on. However, these methods for investment plan can be described as:
Net present value (NPV):
With the help of this technique, present value is determined on which effective estimation
and decision is made for project. It is evaluated by using following formula as:
21
Illustration 14: Project schedule
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Illustration 15: Formula for calculating NPV
Table 1: NPV
Amount PV
Cash outflow 190000
Cash inflow (1st year) 50000 3846.15
Cash inflow (2nd year) 64000 51020.4
Cash inflow (3rd year) 58000 41283.25
Cash inflow (4th year) 70000 44486.26
140636.08
NPV (-) 49363.91
Interpretation: It is evaluated that initial investment on project is estimated as 190000
and cash inflows in next 4 years are 50000, 64000, 58000 and 70000 respectively. Further, PV
factor each inflow is determined by [cash flow of years*1/(1+R)^year]. Therefore, different pv
22
Table 1: NPV
Amount PV
Cash outflow 190000
Cash inflow (1st year) 50000 3846.15
Cash inflow (2nd year) 64000 51020.4
Cash inflow (3rd year) 58000 41283.25
Cash inflow (4th year) 70000 44486.26
140636.08
NPV (-) 49363.91
Interpretation: It is evaluated that initial investment on project is estimated as 190000
and cash inflows in next 4 years are 50000, 64000, 58000 and 70000 respectively. Further, PV
factor each inflow is determined by [cash flow of years*1/(1+R)^year]. Therefore, different pv
22
are determined for different years whose sum is deducted from initial investment to evaluate
NPV. However, NPV value is determined as (-) 49363.91 which is negative. Thus, it is estimated
that investment plan can be unfavourable for enterprise.
Internal rate of return (IRR):
Through this investment appraisal technique, return rate on investment is determined for
decision and choosing the best project (García and Conde, 2014). However, IRR for the project
is evaluated as:
Table 2: IRR as investment plan
Cash outflow -190000
Cash inflow(1st year) 50000
Cash inflow(2nd year) 64000
Cash inflow(3rd year) 58000
Cash inflow(4th year) 70000
IRR 9.94%
Interpretation: As calculating IRR, it is evaluated that this rate is 9.94% which is
moderate and not so profitable for the entity.
CONCLUSION
With the help of this report, it is concluded that decision making regarding business
operations is crucial for Murano restaurant to establish its new entity. In this regard, data
collection methods and different aspects for decision making are described, including this,
customers' views on services of entity are collected on which decisions are made. Likewise,
information processing tools are identified for exchanging data and implementing strategies for
further years through this assignment. Moreover, investment appraisal techniques for investment
plans are recognised for operating further business activities. Thus, several aspects of decision
making has been understood through this report.
23
NPV. However, NPV value is determined as (-) 49363.91 which is negative. Thus, it is estimated
that investment plan can be unfavourable for enterprise.
Internal rate of return (IRR):
Through this investment appraisal technique, return rate on investment is determined for
decision and choosing the best project (García and Conde, 2014). However, IRR for the project
is evaluated as:
Table 2: IRR as investment plan
Cash outflow -190000
Cash inflow(1st year) 50000
Cash inflow(2nd year) 64000
Cash inflow(3rd year) 58000
Cash inflow(4th year) 70000
IRR 9.94%
Interpretation: As calculating IRR, it is evaluated that this rate is 9.94% which is
moderate and not so profitable for the entity.
CONCLUSION
With the help of this report, it is concluded that decision making regarding business
operations is crucial for Murano restaurant to establish its new entity. In this regard, data
collection methods and different aspects for decision making are described, including this,
customers' views on services of entity are collected on which decisions are made. Likewise,
information processing tools are identified for exchanging data and implementing strategies for
further years through this assignment. Moreover, investment appraisal techniques for investment
plans are recognised for operating further business activities. Thus, several aspects of decision
making has been understood through this report.
23
REFERENCE
Books and Journal
Craft, J.L., 2013. A review of the empirical ethical decision-making literature: 2004–2011.
Journal of Business Ethics. 117(2). pp.221-259.
García, F.J. and Conde, M.Á., 2014. Using informal learning for business decision making and
knowledge management. Journal of Business Research. 67(5). pp.686-691.
Ginevičius, R. and Podviezko, A., 2013. The evaluation of financial stability and soundness of
Lithuanian banks. Economic Research-Ekonomska Istraživanja. 26(2). pp.191-208.
Gu, H. and et.al., 2013. RAMSY: Ratio analysis of mass spectrometry to improve compound
identification. Analytical chemistry. 85(22). pp.10771-10779.
Hill, R. and et.al., 2013. Indigenous land management in Australia: extent, scope, diversity,
barriers and success factors.
Malik, M.S., Awais, M. and Khursheed, A., 2016. Impact of Liquidity on Profitability: A
Comprehensive Case of Pakistan’s Private Banking Sector. International Journal of
Economics and Finance. 8(3). pp.61-69.
Marshall, N.A. and et.al., 2016. Advances in monitoring the human dimension of natural
resource systems: an example from the Great Barrier Reef. Environmental Research
Letters. 11(11). pp.114-220.
Moonen, P.J.J. and et.al., 2013. Compositions and methods for reducing scar formation in wound
healing. U.S. Patent. 8(5). pp.377-881.
Morris, S. and Shin, H.S., 2016. Illiquidity component of credit risk. Princeton University
William S. Dietrich II Economic Theory Center Research Paper. 19(4). pp.81.
Noguera, P. and Pert, C., 2015. Quantification and distribution of Anisakis simplex sensu stricto
in wild, one sea winter Atlantic salmon, Salmo salar, returning to Scottish rivers. Journal
of the Marine Biological Association of the United Kingdom. 95(2). pp.391-399.
Ruff, M.R. and Pert, C.B., 2013. Cellular Immunology Section, Laboratory of Microbiology and
Enkephalins and Endorphins: Stress and the Immune System. 9(4). pp.387.
24
Books and Journal
Craft, J.L., 2013. A review of the empirical ethical decision-making literature: 2004–2011.
Journal of Business Ethics. 117(2). pp.221-259.
García, F.J. and Conde, M.Á., 2014. Using informal learning for business decision making and
knowledge management. Journal of Business Research. 67(5). pp.686-691.
Ginevičius, R. and Podviezko, A., 2013. The evaluation of financial stability and soundness of
Lithuanian banks. Economic Research-Ekonomska Istraživanja. 26(2). pp.191-208.
Gu, H. and et.al., 2013. RAMSY: Ratio analysis of mass spectrometry to improve compound
identification. Analytical chemistry. 85(22). pp.10771-10779.
Hill, R. and et.al., 2013. Indigenous land management in Australia: extent, scope, diversity,
barriers and success factors.
Malik, M.S., Awais, M. and Khursheed, A., 2016. Impact of Liquidity on Profitability: A
Comprehensive Case of Pakistan’s Private Banking Sector. International Journal of
Economics and Finance. 8(3). pp.61-69.
Marshall, N.A. and et.al., 2016. Advances in monitoring the human dimension of natural
resource systems: an example from the Great Barrier Reef. Environmental Research
Letters. 11(11). pp.114-220.
Moonen, P.J.J. and et.al., 2013. Compositions and methods for reducing scar formation in wound
healing. U.S. Patent. 8(5). pp.377-881.
Morris, S. and Shin, H.S., 2016. Illiquidity component of credit risk. Princeton University
William S. Dietrich II Economic Theory Center Research Paper. 19(4). pp.81.
Noguera, P. and Pert, C., 2015. Quantification and distribution of Anisakis simplex sensu stricto
in wild, one sea winter Atlantic salmon, Salmo salar, returning to Scottish rivers. Journal
of the Marine Biological Association of the United Kingdom. 95(2). pp.391-399.
Ruff, M.R. and Pert, C.B., 2013. Cellular Immunology Section, Laboratory of Microbiology and
Enkephalins and Endorphins: Stress and the Immune System. 9(4). pp.387.
24
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Salama, N.K.G. and Collins, C.M., 2013. Development and assessment of a biophysical dispersal
model for sea lice. Journal of fish diseases. 36(3). pp.323-337.
Sutherland, L.A. and Holstead, K.L., 2014. Future-proofing the farm: On-farm wind turbine
development in farm business decision-making. Land Use Policy. 36(5). pp.102-112.
Uechi, L. and et.al., 2015. Sector dominance ratio analysis of financial markets. Physica A:
Statistical Mechanics and its Applications. 420(5). pp.488-509.
Zsambok, C.E. and Klein, G., 2014. Naturalistic decision making. Psychology Press.
Online
Business Decision Making. 2016. [online]. Available through:
<http://www.londoninternational.ac.uk/sites/default/files/documents/sample_materials/
ba1030_study-guide.pdf>. [Accessed on 6th October 2017].
25
model for sea lice. Journal of fish diseases. 36(3). pp.323-337.
Sutherland, L.A. and Holstead, K.L., 2014. Future-proofing the farm: On-farm wind turbine
development in farm business decision-making. Land Use Policy. 36(5). pp.102-112.
Uechi, L. and et.al., 2015. Sector dominance ratio analysis of financial markets. Physica A:
Statistical Mechanics and its Applications. 420(5). pp.488-509.
Zsambok, C.E. and Klein, G., 2014. Naturalistic decision making. Psychology Press.
Online
Business Decision Making. 2016. [online]. Available through:
<http://www.londoninternational.ac.uk/sites/default/files/documents/sample_materials/
ba1030_study-guide.pdf>. [Accessed on 6th October 2017].
25
1 out of 29
Related Documents
Your All-in-One AI-Powered Toolkit for Academic Success.
+13062052269
info@desklib.com
Available 24*7 on WhatsApp / Email
Unlock your academic potential
© 2024 | Zucol Services PVT LTD | All rights reserved.