Business Decision Making Assignment - (Solved)
Added on 2020-09-17
18 Pages3895 Words42 Views
Business Decision Making
CONTENTSContents...........................................................................................................................................2INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Creation of plan for collecting primary and secondary data..................................................11.2 Survey methodology and sample frame used........................................................................21.3 Designing of questionnaire....................................................................................................22.1 Calculation of measure of central tendency...........................................................................42.2 Calculation of measure of dispersion....................................................................................42.3 Evaluation of variances..........................................................................................................52.4 Determination of correlation coefficient...............................................................................5TASK 2............................................................................................................................................53.1 Creation of graphs and charts................................................................................................53.2 Evaluation of trend lines for future forecasting.....................................................................73.3 Presentation for project..........................................................................................................83.4 Presentation of report for management..................................................................................8TASK 3............................................................................................................................................84.1 Use of information processing tool........................................................................................84.2 Project plan for preparing Gantt chart and Critical path........................................................94.3 Financial tools for determining future.................................................................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONIt is a duty of business managers to collect various information and data which is related with anorganisation so that better and effective decision making become possible (Bhattacharyaand et.al., 2015). Business need a keen focus on all its long term objectives and aims through which alltargets get accomplish in a significant manner. This project signifies about Murano whom wantto open up another chain of their restaurant in London due to past year success rate and increaseof customer satisfaction. For this context, management need to collate information from marketby applying relevant method and creation of plan. Along with this, they need to disseminate suchdata in a simple format so that it become understand for senior management and present it byusing appropriate graphs and charts. Moreover, for analysing the suitability and long termsustainability of project, managers need to apply relevant financial approaches so that better andappropriate decision making get promoted. All these factors will lead to evaluate in this projectfor encouraging decision of management of Murano. TASK 11.1 Creation of plan for collecting primary and secondary dataSocial affair of data plans to accumulate information from open and meet up at aparticular decision (Franksand et. al., 2013). For this circumstance, Murano needs to openanother outlet of their hotel in London. As the hotel is a place which is accessible to the overallpublic, no association has to know general perceivability regarding the advancement of newmotel. There should be suitably kept inefficient path so there is no confuse with respect todelayed consequences of serve. There are two ways to deal with assemble to accumulateinformation for handling any issue and pick up a particular decision which are stated as follow: •Primary data •Secondary data Primary or fundamental data: Research under basic data is painstakingly fit. These data are asper the examination of the affiliation (Woodand Williams, 2014). This data is versatile andmove as indicated by the situation. Hindrance of this technique is that is exorbitant and dreary. IfMurano restaurant applies this procedure at that point immediately they have to set illustration inlight of which they turn out with a result. Secondary data: When data is accumulated by some office or experts of an affiliation then it isassistant data. Generally, this technique is used when masses gauge is more. This strategy1
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