Business Decision Making Introduction to Step 1 TASK 11

   

Added on  2020-07-23

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Business Decision Making
Business Decision Making Introduction to Step 1 TASK 11_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Use of plan in collecting data through primary and secondary format............................11.2 Use of sampling method and survey methodology..........................................................21.3 Use of questionnaire in relation to data............................................................................22.1 Creation of information on the basis of questionnaire.....................................................42.2 Use of mean, median and mode and its analysis..............................................................42.3 Analysis of data using measure of dispersion with including standard deviation............52.4 Benefits of quartile, percentile and correlation coefficient in business context...............6TASK 2............................................................................................................................................73.1 Preparation of charts, graphs in making a valid conclusion.............................................73.2 Creation of trend lines in future forecasting.....................................................................93.3 Business presentation.....................................................................................................103.4 Formation of formal business report to senior authority................................................10TASK 3..........................................................................................................................................114.1 Information processing tools advantages to beneficial decision making.......................114.2 Formation of critical path management..........................................................................124.3 Benefits of financial tools in relation to make beneficial decision................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
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INTRODUCTIONManager has to take an effective decision for company and it is not much easy for thembecause this will provide affect to entire working process either in a direct or indirect way. Forabove stated aim, they will take assistance of information as well as data because it will supportthem into decision making procedure (Bhattacharya and et. al., 2015). Present assignment isbased on Murano which is a restaurant and set up in UK. They are providing best and effectiveitems and services to customers which assist to fulfil their needs and wants proficiently. Theyconduct research to get viewpoint of people. Along with, this project is going to describe manytools which help manager in judgement process, such as mean, mode, median and many others.Additionally, graphs are also presented to show the results effectually.TASK 11.1 Use of plan in collecting data through primary and secondary formatEmployer has to formulate proper plan because this helps them to fulfil overall worksystematically. It will include each and every exercise that is linked with project. To know needsand requirements of clients, manager will conduct research in an appropriate way. In context ofMurano, they want to begin an another outlet in London so that, they will acquire more successas well as development (Franks and et. al., 2013). Along with, they want to provide items andbeverages to customers which will satisfy their demand. They will get review from peopleregarding selection of location. For this, they will use two techniques and these are stated asbelow:Primary data: It has been examined that this sort of data is related to current period andvery specific. By utilizing this tool, manager will easily collect viewpoints of many individualsby maintaining proper communication with them. Foremost limitation of this method is, itconsumes high cost as well as time. To gather information by using this technique, superior ofMurano will formulate an adequate plan which assist them to do entire work systematically.Along with, it aids them into maximum period of time. Some of main methodologies which willcomprise into this, such as questionnaire, survey and many others.Secondary data: If employer is going to use this kind of tool to collect data as well asinformation then, this will associated with past (Gaillard, 2014). Several methods which willinvolve into this, like newspaper, books, internet, magazine, research paper, journals and so on.1
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It is essential for manager to evaluate these info properly as it assists them to take an effectivedecision for company. Therefore, in this report superior will utilize primary source of method so that they willcollect data proficiently because it helps them to accomplish requirements and demands ofindividual. Additionally, they will easily take benefits from rivals at marketplace (Hartman andet. al., 2014).1.2 Use of sampling method and survey methodologyIf manager of an association is going to conduct research then, it is essential for them tochose some persons and they called as sample. With assistance of them, they will organiseresearch effectively. Investigator will use sampling method as this is considered as much easytool and under this, they will choose some individuals. Henceforth, there are some sorts ofsample techniques which are portrays as beneath:Stratified samplingRandom samplingCluster samplingIt has been evaluated that by using method of survey manager will collect data more effectively(Kahraman and et. al., 2015). In this assignment, investigator is using random samplingtechnique. For this aim, they selected 80 people on random basis. There are various kinds ofmethodologies which will be utilized by superior of Murano so that he will gather requisite dataor information effectually, these are stated as below:QuestionnaireSurvey monkeySocial mediaHenceforth, manager will use questionnaire tool as this is considered as most suitable method.With aid of this, they will take judgement in a proper manner. This technique will help managerto get viewpoint of distinctive persons.1.3 Use of questionnaire in relation to dataBy using questionnaire manager will gather information as well as data in more adequatemanner with support of various persons (Mardani and et. al., 2014). This will be divided intomany parts, like close ended, open ended, grouped, un grouped and many others. As a result,2
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