Business Decision Making

Business Decision Making
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Table of Contents
Introduction................................................................................................................................3
Task 1.........................................................................................................................................3
1.1 Plan for the collection of primary and secondary data for Murano.................................3
1.2 Survey methodology & sampling frame..........................................................................4
1.3 Questionnaire.................................................................................................................4
2.1Information for decision making.......................................................................................6
2.2 Analysis of Secondary & Primary information................................................................6
2.3 Measures of Dispersion..................................................................................................10
2.4 Quartile, Percentiles and the correlation coefficient......................................................10
Task 2.......................................................................................................................................11
3.1 Graphical presentation...................................................................................................11
3.2 Trend line for forecasting...............................................................................................12
3.3 Business Presentation.....................................................................................................12
3.4 Formal Business Report.................................................................................................13
Task 3.......................................................................................................................................13
4.1 Appropriate information processing tools......................................................................13
4.2 Gantt chart & Network Diagram (Project Management)..............................................14
4.3 Financial tool for decision making.................................................................................15
Conclusion................................................................................................................................16
References................................................................................................................................18
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List of Tables
Table 1: Sales & Profit during last ten years..............................................................................7
Table 2: Descriptive statistics....................................................................................................7
Table 3: Do you prefer having Italian food products?...............................................................8
Table 4: Do you know about Murano restaurant in Queen Street?............................................9
Table 5: Do you agree that the Murano has its own taste of Italian food products?..................9
Table 6: Do you agree that the restaurant unit has pleasant and soothing ambience?.............10
Table 7: Measures of Dispersions............................................................................................11
Table 8: Quartiles.....................................................................................................................11
Table 9: Percentiles..................................................................................................................11
Table 10: Correlation coefficient.............................................................................................12
Table 11: List of activities........................................................................................................15
Table 12: Net present value......................................................................................................16
Table 13: Internal Rate of return..............................................................................................17
List of figures
Figure 1: Do you prefer having Italian food products?..............................................................8
Figure 2: Do you know about Murano restaurant in Queen street?...........................................9
Figure 3: you agree that the Murano has its own taste of Italian food products?....................10
Figure 4: Do you agree that the restaurant unit has pleasant and soothing ambience?............10
Figure 5: Bar Chart- Revenue & profits...................................................................................12
Figure 6: Trend line - Revenue & profit..................................................................................13
Figure 7: Gantt chart................................................................................................................15
Figure 8: Network Diagram.....................................................................................................16
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INTRODUCTION
Businesses in present scenario need to decide suitable course of action so as to
achieve success in long term. The report proposed herewith emphasizes on evaluating distinct
set of decisions for the restaurant unit. It is through application of different statistical and
financial techniques that the researcher has justified decision making process of the
organization. An investigation is conducted for London-based restaurant unit, Murano that is
planning to expand operations by opening up a novel branch. The research work accumulates
a wide variety of financial and non-financial information so as to decide future course of
action for the organization.
TASK 1
1.1 Plan for the collection of primary and secondary data for Murano
Murano is an Italian restaurant that is located at Queen Street in London. The cafe is
planning to open up its second branch within city. Customer tends to widely accept its
eatables due to pleasing taste. Further, it offers quality products to its clientele base with
customer-oriented services. In order to ascertain the feasibility of expansion for the business
unit, a set of primary and secondary information is accumulated. A plan for accumulation of
secondary and primary data is presented underneath in detail.
Collection of secondary information: The secondary data is collected through
different published articles, books and journals. The recent articles published related to
changing consumers' preferences in London. It is through government publications that trend
for tourism and demographic profile of population can be identified. This in turn helps in
targeting appropriate set of market segment (Taylor, 2013). The researcher also evaluates
various factors that impacts buying decisions of customers through accumulation of relevant
secondary information.
Collection of primary information: The researcher needs to conduct an investigation
so as to accumulate the primary information. The survey is conducted for customers so as to
collect understand their preferences and buying pattern. A sample of customers would be
selected so as to collect the first hand information (Jaggia and et.al., 2016). It is through
distribution of questionnaire among sample of population that the researcher is able to collect
the required information. Murano is able to identify consumers' taste and preferences through
the market survey. This in turn helps in satisfaction of customer demand.
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