Business Decision Making Assignment (docs)

Added on -2020-11-23

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BUSINESS DECISION
MAKING
TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Collection of data using various sources..........................................................................1
1.2: Methodologies used in survey and sample framing........................................................2
1.3 Designing a Questionnaire...............................................................................................3
TASK 2............................................................................................................................................4
2.1: Interpretation of the collected data..................................................................................4
2.2: Analysing the results.......................................................................................................7
2.3: Analysis of results using measures of dispersion............................................................8
2.4: Benefits attained in using quartile, Percentile and correlation coefficient......................9
TASK 3..........................................................................................................................................10
3.1: Analysis of result by preparing graphs and charts........................................................10
3.2: Drawing a trend line......................................................................................................14
3.3: Covered in PPT.............................................................................................................16
3.4: Preparation of formal report..........................................................................................16
TASK 4..........................................................................................................................................17
4.1: Using informational techniques is making decisions....................................................17
4.2: Critical path...................................................................................................................17
4.3: Investment appraisal tools.............................................................................................18
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19
INTRODUCTION
The decisions related to businesses are very critical and these decisions can change the
company's operations and play a vital role in the future profitability of the organisation. The
managers should take the decisions related to the company very effectively and considering all
the factors that will impact the business in present and future. These decisions are taken to
manage the day to day operations of the business so that the management is able to achieve the
long and short term objectives of the business in an more organised and efficient manner.(Power,
and Phillips-Wren, 2011)
For generating more effective outcomes from the operations , there is an need for
evaluations of the feedbacks that are provided by customers who are visiting Murano on a
regular basis. This research report of decision making will discuss about the collection of data
from various sources such as primary and secondary. For the purpose of achieving the objectives
, lots of research methods will be used by the Murano such as data sampling , uses of various
questionnaires in getting feedbacks and using bar graphs and charts for presentation and
interpretation of those answers. All the information is formally summarised in order to present a
report that will then be used in taking decisions by the internal management.
TASK 1
1.1 Collection of data using various sources
The Murano restaurant is current operating in London UK and providing hospitality and
foods & beverage services in the city. They are looking to expand their business further for
which they are required to collect the information from the customers and public regarding their
services and quality of food they are providing. Fot this purpose they are looking for various
sources from which they can gain the information for taking decisions regarding the expansion of
their restaurant. There are two common methods that are adopted by the Murano restaurant in
order to collect information, these are broadly described as primary and secondary source of data
collection. By using informations from these sources it is the responsibility of the researcher to
gather information which is reliable and accurate. These methods are as under:
Primary sources: this source of collection of data uses fresh sources of data collection
and the data gathered from this source is first hand and data acquired from this source is more
reliable and accurate. The primary sources includes surveys , questionnaire and online websites .
1
The data collected from this source gives actual views and feedbacks that come directly from the
regular customers of the Murano restaurant.
Survey: In this method , various numbers of respondents are selected randomly by the
researcher who is conducting the research and then he asks a fixed set of questions from
those selected respondents, and then it is provided to the internal management which in
turn helps them in solving the problems according to the views provided by respondents.
Questionnaire: This method prepares a set of questions and those question are
determined by the management of company according to the issues faced by company.
These questionnaires are then distributed physically and uploaded online and published
in magazines.( Rothman,
2017)
Telephonic: This process enables the managers in directly communicating with the
customers by calling them and asking about their opinions.
Secondary sources: this source of data collections uses the sources such as magazines,
newspapers, articles and web informations, the data collected from secondary source is second
hand and is less reliable then primary data.
1.2: Methodologies used in survey and sample framing
The main aim behind conducting surveys is to gather the information from various
respondents to gather the data which is then used in formulating the policies and decision making
in Murano restaurant. In order to make a report which will be effective in taking decision
regarding expansion there is a need to conduct proper research and collect relevant information
regarding the issues that are faced by the restaurant.
Survey methodologies: this is the process of initiating a survey by Murano restaurant to
gather the data from the respondents by providing questionnaires and asking question about the
quality , ambience of the place. The Murano restaurant has decided to use the primary source of
data collection. These questionnaires involves questions regarding the issues that are faced by
Murano restaurant in their operations and then solving those problems by using views provided
by respondents.
Framing a sample: Sample framing is the procedure in which the researcher creates a
sample of respondents from the entire given population. The sample framework includes random
sampling method, stratified sampling, cluster sampling. The researcher of Murano restaurant has
2
used random sampling method for gathering information which is the most effective and
simplest method for selecting a sample from the population. (Sethi, and Zhang 2012) According
to this method the researcher chooses random respondents without discriminating so that the data
includes all type of information. Here the researcher of Murano is using a sample of 120
respondents from a given population. The issues that are questioned from these respondents
include:
diversification in services
Food product Quality and quantity
Rates
Ambience of Murano restaurant.
1.3 Designing a Questionnaire
Questionnaire
Murano restaurant
Respondent:
Sex:
Age:
Q1. Have you visited Murano restaurant ever?
Yes
No
Q2. What do you like most in Murano restaurant?
Services
Food
Ambience
Other
Q3. Are you satisfied with the quality of the food?
Yes
No
Q4. Is the price of food and services of Murano restaurant reasonable?
Yes
No
Q5. Are you satisfied with the diversification in the services and food products?
3
Satisfy
Highly satisfy
Dissatisfied
Q6. Which cuisine would you like the restaurant to serve in main course?
Italian
Chinese
French
Q7. Do you want that Murano introduce new dishes in its menu?
Yes, in breakfast
Yes, in main course
No
Q8. Which location you wish that Murano reaturant should establish its another branch?
Prime location
Country side
Q9. Feel free in providing your personal views?
Ans:....
TASK 2
2.1: Interpretation of the collected data
Q1. Have you visited
Murano restaurant ever?
Particular Respondent
Yes 80
No 40
Total 120
Mean 60
Median 60
Mode 0
Q2. What do you like
most in Murano
restaurant?
4

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