Business Decision Making Analysis

BUSINESS DECISION-MAKING

Table of Contents
INTRODUCTION.......................................................................................................................................1
TASK 1.......................................................................................................................................................1
1.1 Create a plan for data collection........................................................................................................1
1.2 Present survey methodology and sampling frame..............................................................................2
1.3 Design a questionnaire for a given business problem........................................................................2
TASK 2.......................................................................................................................................................4
2.1 Create information for decision making by summarizing the given data set......................................4
2.2 Analysis of the results to draw valid conclusion................................................................................6
2.3 Analyze data using dispersion measures............................................................................................7
2.4 Explain how quartile, percentiles and correlation coefficient used to draw conclusion.....................8
TASK 3.......................................................................................................................................................8
3.1 Producing graphs using spreadsheet and drawing conclusion............................................................8
3.2 Creating trend lines in the spreadsheets to assist in forecasting.......................................................10
3.3 Preparing a business presentation....................................................................................................11
3.4 Producing a formal business report..................................................................................................11
TASK 4.....................................................................................................................................................12
4.1 Using appropriate information processing tools...............................................................................12
4.2 Preparing a project plan for the activity and finding critical path....................................................13
4.3 Using financial tools for decision-making.......................................................................................14
CONCLUSION.........................................................................................................................................16
REFERENCES..........................................................................................................................................17

INTRODUCTION
In challenging time, decision-making becomes a vital part of every business organization
however, uncertainty, unpredictable market volatility, changing demographics, lifestyle, social
preference brings risk for the business. Although restaurant sector of UK is highly growing,
expanding and profitable industry, still, it is subjected to challenging period where all restaurants
are struggling in the market to stay competitively strong. In order to expand, currently, Murano
restaurant had taken a step forward to open one more outlet in the UK. Thus, the research will
carry out qualitative and quantitative analysis of primary and secondary data set collected
through survey and secondary reports. Lastly, it will utilize investment appraisal tools to
examine project viability.
TASK 1
1.1 Create a plan for data collection
Before commencing a new restaurant branch in London, Murano restaurant need to
investigate necessary information by collecting required data from different possible sources. It
will need to carry out a research to discover or explore the factors which affect their expansion
strategy.
Primary sources: As its name, new information is generated by conducting an original
investigation. Survey, field observation, questionnaire, interview and others are several ways
whereby primary information can be generated by a researcher (Pickard, 2012). With reference
to the given case, as the key focus is to know customer prefernces, choices and perception,
therefore, questionnaire survey seems an effective technique for Murano restaurant. Although, it
may be time consuming and expnsive too, still, helpful to extract credible information.
Secondary sources: By contrast to above, sometimes information is already available and
investigator do not need to collect it by surveying the target population. For instance, historical
studies of scholars, encyclopedia, newsletters, research papers, annual reports, industry statistics
and government publications are few secondary sources that may be published or unpublished.
Here, historical performance of Murano restaurant will be examine through extracting sales and
profit results of last years.
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1.2 Present survey methodology and sampling frame
Survey simply can be defined as a procedure wherein selected individual who are the
target people are questioned with several set of predesigned questions to extract useful
information. As Murano’s proposed plan to open a new restaurant mainly aims at serving more
number of people in the London through the best quality food offering, henceforth, survey is an
effective way to know consumer food choices and preferences. It can be carried on mail,
telephone and face to face however, consider the busyiest time, it is decided to conduct a mail
questionnaire. In this, all the people who give their voluntary participation agree will be invited
into the survey and questionnaire will be sent them on their personal mail address (Howell,
2016). It is also helpful as it maintain privacy for both the restaurant and individual as well.
Murano restaurant has a good client base therefore, no doubt, it can’t survey all of them.
Hence, applying sampling methodology, it is decided to survey 50 people. In order to avoid any
chance of biasness, sample of 50 individual will be drawn applying simple random sample
methodology. Randomly selection of the candidates eliminates the process from biasness
selection and helps in extracting useful set of data that can be easily generalized to the entire
population.
1.3 Design a questionnaire for a given business problem
Questionnaire is the instrument of research which contains list of questions that will be
asked from the chosen audiences and who will answer it by giving their valuable responses.
QUESTIONNAIRE
Name: ________________
Email address:__________
Demographic information
Q:1 Kindly mention your gender:
 Female
 Male
Q:2. Your age (in years) --------------------
Q:3. Kindly mention your nationality? ------------------
Q: 4 Annual Salary: -------------------------------
Restaurant-specific information
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