Decision Making Theories and Applications
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This assignment delves into the world of decision-making, examining various theoretical frameworks like bounded rationality, prospect theory, and organizational decision processes. It analyzes how these theories influence individual and group decisions in contexts ranging from financial choices to strategic business planning. The provided readings offer insights into factors affecting decision speed, biases inherent in judgment, and the application of big data analytics in strategic decision-making.
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BUSINESS DECISION
MAKING
MAKING
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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Collection of data for the research........................................................................................1
1.2 Sampling method and survey methodology .........................................................................2
1.3 Questionnaire for research....................................................................................................3
TASK 2............................................................................................................................................6
2.1 Statistical tools and their application....................................................................................6
2.2 Analysis results of descriptive tools and techniques.............................................................7
2.3 Calculation Standard deviation ............................................................................................8
2.4 Calculation of quartile deviation and correlation..................................................................8
TASK 3............................................................................................................................................9
3.1 Graphical representation of data...........................................................................................9
3.2 Trend line graph which assist to forecast............................................................................10
3.3 Business presentation for suitable software .......................................................................11
3.4 Formal business report of Murano Restaurant....................................................................14
TASK 4..........................................................................................................................................15
4.1 Information processing tools and their use within the business organisation ....................15
4.2 Network diagram ................................................................................................................16
4.3 project evaluation method .................................................................................................17
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Collection of data for the research........................................................................................1
1.2 Sampling method and survey methodology .........................................................................2
1.3 Questionnaire for research....................................................................................................3
TASK 2............................................................................................................................................6
2.1 Statistical tools and their application....................................................................................6
2.2 Analysis results of descriptive tools and techniques.............................................................7
2.3 Calculation Standard deviation ............................................................................................8
2.4 Calculation of quartile deviation and correlation..................................................................8
TASK 3............................................................................................................................................9
3.1 Graphical representation of data...........................................................................................9
3.2 Trend line graph which assist to forecast............................................................................10
3.3 Business presentation for suitable software .......................................................................11
3.4 Formal business report of Murano Restaurant....................................................................14
TASK 4..........................................................................................................................................15
4.1 Information processing tools and their use within the business organisation ....................15
4.2 Network diagram ................................................................................................................16
4.3 project evaluation method .................................................................................................17
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
In order to pass the time, every organisation faces problems so that it is essential to remove
obstacles so that enterprise can attain effective results and performances within the business
environment (Dekker, Fleischmann and van Wassenhove, 2013). In recent time, managers using
such tools which demonstrate problems and solve it to make effective results and performances.
In this way, statistics is the best element which eliminates causes from the workplace to
determine high performances and results within the business enterprise (Bagdasarov, Johnson
and Mumford, 2016). In this context, present report is based on Murano restaurant which is
providing different types of food products in various part of London UK. They are working with
effective raw material so that customer can easily attract towards the company and its operations.
Thus, it is profitable to deal with various outcomes and performances at workplace. Currently
cited firm is operating its business in London and now it is planning to open its second branch in
order to gain high profit. By opening second restaurant entity can be able to enahce its market
share and will be able to accomplish its business objectives.
In this context, present report covers collection of data to conduct research program within
the business. Furthermore, it includes questionnaire in which some questions are included for
conduct research program at workplace. Moreover, appropriate information tool are taken at
workplace for making decisions to deal with situation of company. In addition to this, trend
analysis covers in report which shows position of the chosen organisation. At last, there are
information processing tools which assist to prepare project plan at workplace.
TASK 1
1.1 Collection of data for the research
In respect to conduct research program, it is very important to understand the project in
better aspect. In this way, it is essential to collect data from primary and secondary sources. In
primary and secondary data high differences take place which demonstrate their better
importance at workplace. Both elements are use in same manner but in different context (Qin,
Liang and Wei, 2017). As results, if anyone intend to carry their research program, they have to
select a topic in which they want to carry their operations and outcomes. Until, not understand
about the project can create problem to determine solution for it. Thus, it is important to
demonstrate results and performances for ascertain results and performances. In addition to this,
1
In order to pass the time, every organisation faces problems so that it is essential to remove
obstacles so that enterprise can attain effective results and performances within the business
environment (Dekker, Fleischmann and van Wassenhove, 2013). In recent time, managers using
such tools which demonstrate problems and solve it to make effective results and performances.
In this way, statistics is the best element which eliminates causes from the workplace to
determine high performances and results within the business enterprise (Bagdasarov, Johnson
and Mumford, 2016). In this context, present report is based on Murano restaurant which is
providing different types of food products in various part of London UK. They are working with
effective raw material so that customer can easily attract towards the company and its operations.
Thus, it is profitable to deal with various outcomes and performances at workplace. Currently
cited firm is operating its business in London and now it is planning to open its second branch in
order to gain high profit. By opening second restaurant entity can be able to enahce its market
share and will be able to accomplish its business objectives.
In this context, present report covers collection of data to conduct research program within
the business. Furthermore, it includes questionnaire in which some questions are included for
conduct research program at workplace. Moreover, appropriate information tool are taken at
workplace for making decisions to deal with situation of company. In addition to this, trend
analysis covers in report which shows position of the chosen organisation. At last, there are
information processing tools which assist to prepare project plan at workplace.
TASK 1
1.1 Collection of data for the research
In respect to conduct research program, it is very important to understand the project in
better aspect. In this way, it is essential to collect data from primary and secondary sources. In
primary and secondary data high differences take place which demonstrate their better
importance at workplace. Both elements are use in same manner but in different context (Qin,
Liang and Wei, 2017). As results, if anyone intend to carry their research program, they have to
select a topic in which they want to carry their operations and outcomes. Until, not understand
about the project can create problem to determine solution for it. Thus, it is important to
demonstrate results and performances for ascertain results and performances. In addition to this,
1

to solve the business issues and problems, researcher take both type of data which assist to gain
competitive advantages and results in the better way.
In order to take results and performances, primary and secondary data are taken at
workplace which determine effective solution for undertake performances at workplace. Firstly
present study is gather secondary data to conduct research program at workplace. Hence, books,
journals, and many other reviews can be taken at workplace which demonstrates programs and
results in the better way (Nummela, Saarenketo and Loane, 2014). This assist to researcher, to
find solution for their topic in the better manner. In this way, they can find development for
related topics within previous research programs. After collection of secondary data, primary
data also gathered. In this way, researcher needs to take some questions in questionnaire. After
this, researcher will conduct this questionnaire from respondents (Dekker, Fleischmann and van
Wassenhove, 2013). In this way, appropriate sampling is requiring to be taken from researcher to
undertake results and performances at workplace. Through sampling method, sample unit will be
selected for conduct research program at workplace. Questionnaire can be given to each
respondent and primary data will be taken for this process. It is the entire process which can be
followed for collecting primary data and secondary data within the research (Bagdasarov,
Johnson and Mumford, 2016).
1.2 Sampling method and survey methodology
In the current research sample of the 50 people will be taken from the population. In this
aspect, appropriate sampling method can be used at workplace of Murano which assist to make
decisions at workplace (Zikmund, Babin and Griffin, 2013). In respect to this, formation of
sample for research program is taken which determine effective results and performances within
the business environment. Researcher often use variety of sampling method for conduct their
research program. Following are such sample method which can be used at workplace:
Simple random sampling
This method is majorly use by various individual at workplace. In this way, researcher
takes variety of research program at workplace to demonstrate effective results and performances
within the business environment (Mardani, Jusoh and Zavadskas, 2015). This is because, it is
very essential to determine solution for ascertaining research on the basis of age, gender,
occupation, and education level. For gathering information about the market condition,
2
competitive advantages and results in the better way.
In order to take results and performances, primary and secondary data are taken at
workplace which determine effective solution for undertake performances at workplace. Firstly
present study is gather secondary data to conduct research program at workplace. Hence, books,
journals, and many other reviews can be taken at workplace which demonstrates programs and
results in the better way (Nummela, Saarenketo and Loane, 2014). This assist to researcher, to
find solution for their topic in the better manner. In this way, they can find development for
related topics within previous research programs. After collection of secondary data, primary
data also gathered. In this way, researcher needs to take some questions in questionnaire. After
this, researcher will conduct this questionnaire from respondents (Dekker, Fleischmann and van
Wassenhove, 2013). In this way, appropriate sampling is requiring to be taken from researcher to
undertake results and performances at workplace. Through sampling method, sample unit will be
selected for conduct research program at workplace. Questionnaire can be given to each
respondent and primary data will be taken for this process. It is the entire process which can be
followed for collecting primary data and secondary data within the research (Bagdasarov,
Johnson and Mumford, 2016).
1.2 Sampling method and survey methodology
In the current research sample of the 50 people will be taken from the population. In this
aspect, appropriate sampling method can be used at workplace of Murano which assist to make
decisions at workplace (Zikmund, Babin and Griffin, 2013). In respect to this, formation of
sample for research program is taken which determine effective results and performances within
the business environment. Researcher often use variety of sampling method for conduct their
research program. Following are such sample method which can be used at workplace:
Simple random sampling
This method is majorly use by various individual at workplace. In this way, researcher
takes variety of research program at workplace to demonstrate effective results and performances
within the business environment (Mardani, Jusoh and Zavadskas, 2015). This is because, it is
very essential to determine solution for ascertaining research on the basis of age, gender,
occupation, and education level. For gathering information about the market condition,
2
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consumer's choice researcher has taken support of simple random sampling method. It has helped
in gathering realistic information about the subject.
Stratified sampling method
It is another method which is used by most of the researcher within their research study.
In this way, sample approach is determines demographic factor which can split population in
different era. As per the demographic factors, sample unit population is divided in variety of
parts which ascertain for results and outcomes in the better manner. In this way, researcher can
be conducting same research in better way to create broad understanding (Qin, Liang and Wei,
2017).
Cluster sampling
This method is used in same context of stratified method. In this aspect, population is
also classified in different types of division in term of specific geographic areas. From the help
of different geographic areas, sample unit is taken from the population (Nummela, Saarenketo
and Loane, 2014).
Convenience sampling
It is another approach which is used for picking specific individual as respondents from
the population. In addition to this, researcher takes one by one respondent from different
population. One by one respondent will be given their view to ascertain results and performances
(Zikmund, Babin and Griffin, 2013).
Survey methodology
In order to collect in-depth information about the market and consumers choice Murano
needs to conduct survey. Questionnaire is the best tool which have been applied by cited firm in
order to gather detail about the market condition. With the help of questionnaire technique
individual become able to identify consumer's choice, their taste and their requirements. This is
simple method and can support in collecting realistic information about market.
1.3 Questionnaire for research
Name ___________
Age______________
Income__________
In one month how much time you visit Murano restaurant
1 ( )
3
in gathering realistic information about the subject.
Stratified sampling method
It is another method which is used by most of the researcher within their research study.
In this way, sample approach is determines demographic factor which can split population in
different era. As per the demographic factors, sample unit population is divided in variety of
parts which ascertain for results and outcomes in the better manner. In this way, researcher can
be conducting same research in better way to create broad understanding (Qin, Liang and Wei,
2017).
Cluster sampling
This method is used in same context of stratified method. In this aspect, population is
also classified in different types of division in term of specific geographic areas. From the help
of different geographic areas, sample unit is taken from the population (Nummela, Saarenketo
and Loane, 2014).
Convenience sampling
It is another approach which is used for picking specific individual as respondents from
the population. In addition to this, researcher takes one by one respondent from different
population. One by one respondent will be given their view to ascertain results and performances
(Zikmund, Babin and Griffin, 2013).
Survey methodology
In order to collect in-depth information about the market and consumers choice Murano
needs to conduct survey. Questionnaire is the best tool which have been applied by cited firm in
order to gather detail about the market condition. With the help of questionnaire technique
individual become able to identify consumer's choice, their taste and their requirements. This is
simple method and can support in collecting realistic information about market.
1.3 Questionnaire for research
Name ___________
Age______________
Income__________
In one month how much time you visit Murano restaurant
1 ( )
3

2 ( )
3 ( )
More than 3 times ( )
Are you satisfied from the services of the restaurant
Agree ( )
Strongly agree ( )
Neutral ( )
Disagree ( )
Strongly dissatisfied ( )
Highly dissatisfied ( )
Time to deliver the product is best within the organisation
Agree ( )
Strongly agree ( )
Neutral ( )
Disagree ( )
Strongly disagree ( )
In the restaurant, in which factor you are giving importance to select convenience for dinner
Cost of dishes ( )
Hygiene ( )
Ambiance ( )
Nearness to house ( )
Interior design of the company is playing very important role to make good image in front of
customer
Yes ( )
No ( )
4
3 ( )
More than 3 times ( )
Are you satisfied from the services of the restaurant
Agree ( )
Strongly agree ( )
Neutral ( )
Disagree ( )
Strongly dissatisfied ( )
Highly dissatisfied ( )
Time to deliver the product is best within the organisation
Agree ( )
Strongly agree ( )
Neutral ( )
Disagree ( )
Strongly disagree ( )
In the restaurant, in which factor you are giving importance to select convenience for dinner
Cost of dishes ( )
Hygiene ( )
Ambiance ( )
Nearness to house ( )
Interior design of the company is playing very important role to make good image in front of
customer
Yes ( )
No ( )
4

Are you satisfied with charges of Murano restaurant for their products
Agree ()
Strongly agree ()
Neutral ()
Disagree ()
Highly disagree()
Which thing you are prefer to get dish from Murano restaurant
Spicy ( )
Healthier ( )
Both ( )
Do you think that Murano gives immediate response to their quarry?
Yes
No
Which type of food do you like to eat in restaurant?
Indian
Chinese
Mexican
Other
Give rank to the services of Murano restaurant?
Excellent
Average
Good
Poor
5
Agree ()
Strongly agree ()
Neutral ()
Disagree ()
Highly disagree()
Which thing you are prefer to get dish from Murano restaurant
Spicy ( )
Healthier ( )
Both ( )
Do you think that Murano gives immediate response to their quarry?
Yes
No
Which type of food do you like to eat in restaurant?
Indian
Chinese
Mexican
Other
Give rank to the services of Murano restaurant?
Excellent
Average
Good
Poor
5
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TASK 2
2.1 Statistical tools and their application
Table 1. Calculation of mean, median and mode
1 50000
2 60000
3 70000
4 65000
5 45000
6 55000
Mean 57500
Median 57500
mode -
There are various types of descriptive tools which can be used by the organisation. Some
of the following explained under here:
Mean
It is the very important tool in which each and every data are scientist when researcher
analysis it. When the manager tries to solve business issue and problems, it is the effective tool
which can be used by them (Bagdasarov, Johnson and Mumford, 2016). In this way, advance
method such as time series analysis and regression can be used by the researcher. As results, they
can easily analysis relationship between different variables at workplace. Before using this tool,
manager requires to calculate mean. This tool is used by scientist to get overview from the
variables. After application of tool, the company can easily make profitability at workplace
(Dekker, Fleischmann and van Wassenhove, 2013).
Median
Apart from mean, median is very important parameter which can be used to analysis
descriptive research. It is the well known facts that are related to the company and its operations.
As results, it is not easily recognised to analysis trends through ascertain single view of the data.
In addition to this, it is very important to classify the data from the different set. Through
analysis in this way, trends can easily classify in the better way which understand easily in huge
set of figures (Nummela, Saarenketo and Loane, 2014). Beside this, media is also tools which
assist to demonstrate set of values within the business organisation with taking equivalent part.
6
2.1 Statistical tools and their application
Table 1. Calculation of mean, median and mode
1 50000
2 60000
3 70000
4 65000
5 45000
6 55000
Mean 57500
Median 57500
mode -
There are various types of descriptive tools which can be used by the organisation. Some
of the following explained under here:
Mean
It is the very important tool in which each and every data are scientist when researcher
analysis it. When the manager tries to solve business issue and problems, it is the effective tool
which can be used by them (Bagdasarov, Johnson and Mumford, 2016). In this way, advance
method such as time series analysis and regression can be used by the researcher. As results, they
can easily analysis relationship between different variables at workplace. Before using this tool,
manager requires to calculate mean. This tool is used by scientist to get overview from the
variables. After application of tool, the company can easily make profitability at workplace
(Dekker, Fleischmann and van Wassenhove, 2013).
Median
Apart from mean, median is very important parameter which can be used to analysis
descriptive research. It is the well known facts that are related to the company and its operations.
As results, it is not easily recognised to analysis trends through ascertain single view of the data.
In addition to this, it is very important to classify the data from the different set. Through
analysis in this way, trends can easily classify in the better way which understand easily in huge
set of figures (Nummela, Saarenketo and Loane, 2014). Beside this, media is also tools which
assist to demonstrate set of values within the business organisation with taking equivalent part.
6

As results, it can be said that it is very important tool for analysis ascertained within the business
organisation (Mardani, Jusoh and Zavadskas, 2015).
Mode
Mode is the value which assists to find more specific value and outcomes from different
source of the organisation. In this aspect, business can analysis their performances through
ascertain results and performances in terms of repeating the value and outcomes. If in a series
value occurring more times, within specific trend it is conducted as mode (Zikmund, Babin and
Griffin, 2013).
2.2 Analysis results of descriptive tools and techniques
Results of the analysis are as follows:
Mean
Variables that can be taken into account for analysis sales of the chosen company. In this
way, mean value is taken with sales which is 57500 within the workplace. It means that average
sales of the organisation taken which is based on specific time period. A current sale of the
Murano restaurant is 55000 that reflect sales volume of the company above the current position
(Qin, Liang and Wei, 2017). Thus, it is identified that performances of the cited firm is not
effective which create negative impact on the business and its image in front of customer. The
chosen firm is failing to operate their functions and operations which are very critical to
determine effective outcomes and performances. They are fails to achieve average sales
within the business and it reflects to that condition of Murano is critical (Dekker, Fleischmann
and van Wassenhove, 2013).
Median
Value of the median is 57500 which can be dividing in term of entire set of figure that
demonstrate in multiple part of the company. It has been seen that sales of Murano is increasing
but their rates are decline which create negative impact on the business and its operations. As
results, the chosen firm need to enhance their performances which create positive results and
performances at workplace (Bagdasarov, Johnson and Mumford, 2016).
Table 2. changes in percentage of sales
1 50000
2 60000 20%
3 70000 17%
7
organisation (Mardani, Jusoh and Zavadskas, 2015).
Mode
Mode is the value which assists to find more specific value and outcomes from different
source of the organisation. In this aspect, business can analysis their performances through
ascertain results and performances in terms of repeating the value and outcomes. If in a series
value occurring more times, within specific trend it is conducted as mode (Zikmund, Babin and
Griffin, 2013).
2.2 Analysis results of descriptive tools and techniques
Results of the analysis are as follows:
Mean
Variables that can be taken into account for analysis sales of the chosen company. In this
way, mean value is taken with sales which is 57500 within the workplace. It means that average
sales of the organisation taken which is based on specific time period. A current sale of the
Murano restaurant is 55000 that reflect sales volume of the company above the current position
(Qin, Liang and Wei, 2017). Thus, it is identified that performances of the cited firm is not
effective which create negative impact on the business and its image in front of customer. The
chosen firm is failing to operate their functions and operations which are very critical to
determine effective outcomes and performances. They are fails to achieve average sales
within the business and it reflects to that condition of Murano is critical (Dekker, Fleischmann
and van Wassenhove, 2013).
Median
Value of the median is 57500 which can be dividing in term of entire set of figure that
demonstrate in multiple part of the company. It has been seen that sales of Murano is increasing
but their rates are decline which create negative impact on the business and its operations. As
results, the chosen firm need to enhance their performances which create positive results and
performances at workplace (Bagdasarov, Johnson and Mumford, 2016).
Table 2. changes in percentage of sales
1 50000
2 60000 20%
3 70000 17%
7

4 65000 -7%
5 45000 -31%
6 55000 22%
Mode
In this aspect, it has been seen that above data are not valued in term of mode. It can be
stated that, there is no value within the data set which occurring again and again (Nummela,
Saarenketo and Loane, 2014). It is a cause due to which there is no value of mode.
2.3 Calculation Standard deviation
Table 3. Calculation of standard deviation
1 50000
2 60000
3 70000
4 65000
5 45000
6 55000
Standard
deviation 9354.143
Interpretation
Standard deviation is the important tool which is mainly used by the company to analysis
their variable and performances. It reflects distance between average value of the variable and
current value of it. In this aspect, higher average value and current values are same which
demonstrate effective results and performances (Qin, Liang and Wei, 2017). It assists to find
effective performances and outcomes of the company to create productivity at workplace.
Interpretation which determine by researcher is depend on their variable. For instance, if
researcher sales than evaluation is assumed good and bad decision of the company. On the basis
of it, it can be stated that variable of Murano restaurant are highly deviate and average value of
sales is also. As result, it can be stated that the chosen organisation performances is fluctuating
from average value which determines that is good or not (Dekker, Fleischmann and van
Wassenhove, 2013).
8
5 45000 -31%
6 55000 22%
Mode
In this aspect, it has been seen that above data are not valued in term of mode. It can be
stated that, there is no value within the data set which occurring again and again (Nummela,
Saarenketo and Loane, 2014). It is a cause due to which there is no value of mode.
2.3 Calculation Standard deviation
Table 3. Calculation of standard deviation
1 50000
2 60000
3 70000
4 65000
5 45000
6 55000
Standard
deviation 9354.143
Interpretation
Standard deviation is the important tool which is mainly used by the company to analysis
their variable and performances. It reflects distance between average value of the variable and
current value of it. In this aspect, higher average value and current values are same which
demonstrate effective results and performances (Qin, Liang and Wei, 2017). It assists to find
effective performances and outcomes of the company to create productivity at workplace.
Interpretation which determine by researcher is depend on their variable. For instance, if
researcher sales than evaluation is assumed good and bad decision of the company. On the basis
of it, it can be stated that variable of Murano restaurant are highly deviate and average value of
sales is also. As result, it can be stated that the chosen organisation performances is fluctuating
from average value which determines that is good or not (Dekker, Fleischmann and van
Wassenhove, 2013).
8
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2.4 Calculation of quartile deviation and correlation
Table 4. Computation of quartile deviation and correlation
1 50000 5000
2 60000 6000
3 70000 7000
4 65000 6500
5 45000 4500
6 55000 5500
Q1 51250
Q2 57500
Q3 63750
Correlation 1
Interpretation
Correlation is another tool which is used to analysis scientific data by researcher at
workplace. In this way, they are find relationship between two variables. In this way, table show
value of correlation of one element and demonstrate relationship among the variables (Butler and
Ghosh, 2015). Correlation value is always remains as range of +1 or -1. In the chosen business,
there is two possibility in which identified respective sales data. In the present case, it is found
that there is strong relationship. As results, it is the chance towards Murano to demonstrate
effective results and performances through analysis their outcomes (Bateman, Harwood and
Fezzi, 2013). Quartile is also another element which is used as a figure. It demonstrates in four
parts which assist to get effective results and performances. From the help of set of values, it can
be seen that values are fluctuating performances are also not constant. As results, the cited firm
require to improve their performances for future expansion (Amankwah-Amoah, 2015).
TASK 3
3.1 Graphical representation of data
In respect to take lunch and dinner, in one month how many time you come in Murano
restaurant?
1 30
2 10
3 5
9
Table 4. Computation of quartile deviation and correlation
1 50000 5000
2 60000 6000
3 70000 7000
4 65000 6500
5 45000 4500
6 55000 5500
Q1 51250
Q2 57500
Q3 63750
Correlation 1
Interpretation
Correlation is another tool which is used to analysis scientific data by researcher at
workplace. In this way, they are find relationship between two variables. In this way, table show
value of correlation of one element and demonstrate relationship among the variables (Butler and
Ghosh, 2015). Correlation value is always remains as range of +1 or -1. In the chosen business,
there is two possibility in which identified respective sales data. In the present case, it is found
that there is strong relationship. As results, it is the chance towards Murano to demonstrate
effective results and performances through analysis their outcomes (Bateman, Harwood and
Fezzi, 2013). Quartile is also another element which is used as a figure. It demonstrates in four
parts which assist to get effective results and performances. From the help of set of values, it can
be seen that values are fluctuating performances are also not constant. As results, the cited firm
require to improve their performances for future expansion (Amankwah-Amoah, 2015).
TASK 3
3.1 Graphical representation of data
In respect to take lunch and dinner, in one month how many time you come in Murano
restaurant?
1 30
2 10
3 5
9

More than 3 5
Figure 1 Frequency graph of lunch or dinner taken by the people
Interpretation
From the above analysis, it has been seen that various people are not prefer to take lunch
or dinner from Murano restaurant. It can be from the graph that 30 respondents are people from
50 who are taking 1 time in a month. In addition to this, 10 respondents are those who prefer
only two times to take lunch and dinner from the cited firm. There are only five respondents who
see services of the cited firm more than three times (Bagdasarov, Johnson and Mumford, 2016).
Time to deliver the product is best within the organisation
Agree 10
Strongly agree 27
Neutral 5
Disagree 5
Strongly
disagree 3
Figure 2 People response on time per the availability of ordered items
Interpretation
From the above analysis, it has been seen that there are 10 respondents who are satisfied
on the basis of time taken for deliver order at workplace (Zikmund, Babin and Griffin, 2013). In
addition to this, there are 27 respondents who are satisfied and strongly agree from the company
operations. Only 5 respondents who are neutral from deliver time of Murano restaurant. In this
way, 3 people are strongly dissatisfied on this services and outcomes. As results, it can be stated
that only few people are take place within the company who are not satisfied from the time
availability of services in the cited firm (Nummela, Saarenketo and Loane, 2014).
3.2 Trend line graph which assist to forecast
10
Figure 1 Frequency graph of lunch or dinner taken by the people
Interpretation
From the above analysis, it has been seen that various people are not prefer to take lunch
or dinner from Murano restaurant. It can be from the graph that 30 respondents are people from
50 who are taking 1 time in a month. In addition to this, 10 respondents are those who prefer
only two times to take lunch and dinner from the cited firm. There are only five respondents who
see services of the cited firm more than three times (Bagdasarov, Johnson and Mumford, 2016).
Time to deliver the product is best within the organisation
Agree 10
Strongly agree 27
Neutral 5
Disagree 5
Strongly
disagree 3
Figure 2 People response on time per the availability of ordered items
Interpretation
From the above analysis, it has been seen that there are 10 respondents who are satisfied
on the basis of time taken for deliver order at workplace (Zikmund, Babin and Griffin, 2013). In
addition to this, there are 27 respondents who are satisfied and strongly agree from the company
operations. Only 5 respondents who are neutral from deliver time of Murano restaurant. In this
way, 3 people are strongly dissatisfied on this services and outcomes. As results, it can be stated
that only few people are take place within the company who are not satisfied from the time
availability of services in the cited firm (Nummela, Saarenketo and Loane, 2014).
3.2 Trend line graph which assist to forecast
10

Figure 3 Trend line chart
Interpretation
It can be seen from the above analysis; trend line of sales is decline so that performances
of the company are also reducing in upcoming year (Kudyba, 2014). As results, it can be predict
within past years sales growth of the business is reduce so that it create very negative impact on
Murano restaurant. As results, it is clear from the analysis future good improvements are not
taken by the chosen firm. Thus, the organisation needs to prepare suitable business strategy for
improving outcomes and results within the organisation (Kaufmann and Gaeckler, 2015).
3.3 Business presentation for suitable software
Covered in ppt
11
Interpretation
It can be seen from the above analysis; trend line of sales is decline so that performances
of the company are also reducing in upcoming year (Kudyba, 2014). As results, it can be predict
within past years sales growth of the business is reduce so that it create very negative impact on
Murano restaurant. As results, it is clear from the analysis future good improvements are not
taken by the chosen firm. Thus, the organisation needs to prepare suitable business strategy for
improving outcomes and results within the organisation (Kaufmann and Gaeckler, 2015).
3.3 Business presentation for suitable software
Covered in ppt
11
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12

13

3.4 Formal business report of Murano Restaurant
To
The director of Murano restaurant Date: 9th April 2017
Subject: Demonstrate performances of the organisation
14
To
The director of Murano restaurant Date: 9th April 2017
Subject: Demonstrate performances of the organisation
14
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Sir/ madam
Introduction
In order to conduct the research program, current research assists to understand customer
behaviour at workplace. In addition to this, there is also aim to conduct research program for
evaluation of Murano restaurant (Mardani, Jusoh and Zavadskas, 2015).
Research methodology
In the present case study, 50 respondents are taken for the research, which specified through
stratified random sampling at workplace. In addition to this, there are also such statistical tools
applied to evaluate the business performances (Ferguson, 2014).
Data analysis
As per the analysis data, it has been identified that price is the main factor which determine
through people to select any restaurant. Interior design is also attract ant customer at workplace
through the company can make their brand value and image in front of people. Beside this,
within the chosen organisation it has been found that performance of the company is very poor
and their revenue is fluctuating so that they have to improve performances at workplace
(Greenhalgh and Hart, 2015).
Conclusion and recommendations
It is also concluded that the chosen business is facing many issues and problems to maintain
their performances and inconsistency. From the some years, sales of the company are decline so
that Murano need to concentrate on their performances and outcomes to deals with effective
results and performances at workplace. As results, the organisation needs to make sound strategy
through using more customer attraction at workplace (Qin, Liang and Wei, 2017).
TASK 4
4.1 Information processing tools and their use within the business organisation
There are various types of information processing tools which used in the organisation. In
this, some of the processing tools are explains as follows:
Decision support system
This information system tool is used by the company to operate functions and operations
at once place (Smith, 2014). In this aspect, senior manager of Murano restaurant are take place at
first level. They are responsible to make strategy and decisions within the organisation. They are
15
Introduction
In order to conduct the research program, current research assists to understand customer
behaviour at workplace. In addition to this, there is also aim to conduct research program for
evaluation of Murano restaurant (Mardani, Jusoh and Zavadskas, 2015).
Research methodology
In the present case study, 50 respondents are taken for the research, which specified through
stratified random sampling at workplace. In addition to this, there are also such statistical tools
applied to evaluate the business performances (Ferguson, 2014).
Data analysis
As per the analysis data, it has been identified that price is the main factor which determine
through people to select any restaurant. Interior design is also attract ant customer at workplace
through the company can make their brand value and image in front of people. Beside this,
within the chosen organisation it has been found that performance of the company is very poor
and their revenue is fluctuating so that they have to improve performances at workplace
(Greenhalgh and Hart, 2015).
Conclusion and recommendations
It is also concluded that the chosen business is facing many issues and problems to maintain
their performances and inconsistency. From the some years, sales of the company are decline so
that Murano need to concentrate on their performances and outcomes to deals with effective
results and performances at workplace. As results, the organisation needs to make sound strategy
through using more customer attraction at workplace (Qin, Liang and Wei, 2017).
TASK 4
4.1 Information processing tools and their use within the business organisation
There are various types of information processing tools which used in the organisation. In
this, some of the processing tools are explains as follows:
Decision support system
This information system tool is used by the company to operate functions and operations
at once place (Smith, 2014). In this aspect, senior manager of Murano restaurant are take place at
first level. They are responsible to make strategy and decisions within the organisation. They are
15

also facing some issues and uncertainty to make accurate information for undertake various
situations. As results, it makes very hard decisions and performances to make profitability and
outcomes at workplace. Thus, it is essential to use DSS which make simulation and model for
developing outcomes and operations at workplace (Koropp, Kellermanns and Stanley, 2014).
Management information system
Management information system is another tool which demonstrates large quantity of
data at workplace. In this way, data set and stored which can be proceeded to generate report for
making strategic business decision at workplace (Keren and Wu, 2015). As results, it can be
stated that it determine great importance for ascertain information system at workplace. In
addition to this, management information system also assists to develop results and performances
in the better manner so that targets and goals can be achieved at workplace with ascertain results
and performances (Güçdemir and Selim, 2015).
Transaction processing system
Transaction processing system is another information system which makes solution for
cost related problems for ascertain results and performances at workplace. In this way, entire
details are related to record expenses to make decisions for solution problems of the company
(Foster, O'Reilly and Dávila, 2016). As results, Murano can deal with various results and
performances to make effective outcomes at workplace. It assist to gain competitive advantages
for ascertain more profits and revenue.
4.2 Network diagram
16
situations. As results, it makes very hard decisions and performances to make profitability and
outcomes at workplace. Thus, it is essential to use DSS which make simulation and model for
developing outcomes and operations at workplace (Koropp, Kellermanns and Stanley, 2014).
Management information system
Management information system is another tool which demonstrates large quantity of
data at workplace. In this way, data set and stored which can be proceeded to generate report for
making strategic business decision at workplace (Keren and Wu, 2015). As results, it can be
stated that it determine great importance for ascertain information system at workplace. In
addition to this, management information system also assists to develop results and performances
in the better manner so that targets and goals can be achieved at workplace with ascertain results
and performances (Güçdemir and Selim, 2015).
Transaction processing system
Transaction processing system is another information system which makes solution for
cost related problems for ascertain results and performances at workplace. In this way, entire
details are related to record expenses to make decisions for solution problems of the company
(Foster, O'Reilly and Dávila, 2016). As results, Murano can deal with various results and
performances to make effective outcomes at workplace. It assist to gain competitive advantages
for ascertain more profits and revenue.
4.2 Network diagram
16

Figure 4 Gantt chart
Figure 5.Network diagram
Interpretation
Network diagram reflect order in which subtasks are determines at workplace. Entire
project must be performing in systematic way which demonstrates effective results and
performances for developing ideas and solution at workplace (Li, Ashkanasy and Ahlstrom,
2014). In this way, it is noted that entire project is taken on the basis of 1+5+8+9+10= 22 days.
Hence, it can be stated that project is completing in 22 days at workplace of Murano. With the
help of different activities and actions project is demonstrate various outcomes and performances
to make effective results. In addition to this, project cost also increase which needs to be taken at
workplace as execution of different elements (March 2013). If the company is not completing
their project on the time, there cost also increases which create negative impact on the business
and its outcomes so that it is essential to deliver effective results and performances to ascertain
results and performances.
4.3 project evaluation method
Table 4. Computation of net present value
Year Cash inflow (£)
Discounting factor
@12%
Discounted cash
inflow (£)
1 50000 0.893 44650
2 64000 0.797 51008
17
Figure 5.Network diagram
Interpretation
Network diagram reflect order in which subtasks are determines at workplace. Entire
project must be performing in systematic way which demonstrates effective results and
performances for developing ideas and solution at workplace (Li, Ashkanasy and Ahlstrom,
2014). In this way, it is noted that entire project is taken on the basis of 1+5+8+9+10= 22 days.
Hence, it can be stated that project is completing in 22 days at workplace of Murano. With the
help of different activities and actions project is demonstrate various outcomes and performances
to make effective results. In addition to this, project cost also increase which needs to be taken at
workplace as execution of different elements (March 2013). If the company is not completing
their project on the time, there cost also increases which create negative impact on the business
and its outcomes so that it is essential to deliver effective results and performances to ascertain
results and performances.
4.3 project evaluation method
Table 4. Computation of net present value
Year Cash inflow (£)
Discounting factor
@12%
Discounted cash
inflow (£)
1 50000 0.893 44650
2 64000 0.797 51008
17
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3 58000 0.712 41296
4 70000 0.636 44520
Total discounted cash
inflow 181474
Less: Initial
investment 190000
Net present value
(Total discounted
cash inflow – initial
investment) -8526
Interpretation
Net present value is indicate project which remain same to demonstrate effective results
and performances after deducting cash outlay amount from the present value of cash flows.
However, negative NPV determine adverse impact and the company is not in good position to
determine effective results and performances at workplace (Lombardi, Trequattrini and Battista,
2014). In this aspect, the chosen business needs to concentrate their outcomes and performances
which require increase profitability at workplace. In addition to this, Murano has responsibility
to deal with new project and another investment for ascertain more profit and revenue at
workplace. In addition to this, the chosen firm can demonstrate effective NPV through analysis
their performances at workplace. They have opportunity to deal with new element which needs
to be taken for making results and performances (Collier, 2015).
Table 5. Calculation of Internal rate of return
Year Cash inflow (£)
Initial investment -190000
1 50000
2 64000
3 58000
18
4 70000 0.636 44520
Total discounted cash
inflow 181474
Less: Initial
investment 190000
Net present value
(Total discounted
cash inflow – initial
investment) -8526
Interpretation
Net present value is indicate project which remain same to demonstrate effective results
and performances after deducting cash outlay amount from the present value of cash flows.
However, negative NPV determine adverse impact and the company is not in good position to
determine effective results and performances at workplace (Lombardi, Trequattrini and Battista,
2014). In this aspect, the chosen business needs to concentrate their outcomes and performances
which require increase profitability at workplace. In addition to this, Murano has responsibility
to deal with new project and another investment for ascertain more profit and revenue at
workplace. In addition to this, the chosen firm can demonstrate effective NPV through analysis
their performances at workplace. They have opportunity to deal with new element which needs
to be taken for making results and performances (Collier, 2015).
Table 5. Calculation of Internal rate of return
Year Cash inflow (£)
Initial investment -190000
1 50000
2 64000
3 58000
18

4 70000
IRR 9.94%
Interpretation
Internal rate of return is the essential element which reflects to gain the effective results
within chosen organisation project. From the above analysis it has been seen that IRR of the
business project of Murano is 9.94% so that it is not profitable for them to determine effective
results and performances at workplace. As results, the company need to take new things which
assist to gain effective results and outcomes. In addition to this, they can also concentrate on
their value which enhances profits (Velu and Stiles, 2013). Beside this, more cash flow require
for taking results and performances for dealing with various issues and problems.
CONCLUSION
From the above report, it can be concluded that there are various issues and problems
which face by Murano to operate their functions and operations. In this aspect, it is essential to
determine effective results and solutions for dealing with different elements. At workplace, it is
difficult to identified sources of problems which ascertain for deal with different element at
workplace. In this aspect, the chosen company conducting research program which assist to
make solution for undertake right element at workplace. Furthermore, there are different types of
descriptive elements are take at workplace which assist to make research program. Moreover,
statistical tools are also included within the chosen organisation which assists to make effective
results and performances at workplace. At last, net present value and internal rate of return
calculate. It demonstrate effective solution to conduct research program at workplace.
19
IRR 9.94%
Interpretation
Internal rate of return is the essential element which reflects to gain the effective results
within chosen organisation project. From the above analysis it has been seen that IRR of the
business project of Murano is 9.94% so that it is not profitable for them to determine effective
results and performances at workplace. As results, the company need to take new things which
assist to gain effective results and outcomes. In addition to this, they can also concentrate on
their value which enhances profits (Velu and Stiles, 2013). Beside this, more cash flow require
for taking results and performances for dealing with various issues and problems.
CONCLUSION
From the above report, it can be concluded that there are various issues and problems
which face by Murano to operate their functions and operations. In this aspect, it is essential to
determine effective results and solutions for dealing with different elements. At workplace, it is
difficult to identified sources of problems which ascertain for deal with different element at
workplace. In this aspect, the chosen company conducting research program which assist to
make solution for undertake right element at workplace. Furthermore, there are different types of
descriptive elements are take at workplace which assist to make research program. Moreover,
statistical tools are also included within the chosen organisation which assists to make effective
results and performances at workplace. At last, net present value and internal rate of return
calculate. It demonstrate effective solution to conduct research program at workplace.
19

REFERENCES
Books and Journals
Amankwah-Amoah, J., 2015. A unified framework for incorporating decision making into
explanations of business failure. Industrial Management & Data Systems. 115(7).
pp.1341-1357.
Bagdasarov, Z., Johnson, J. F. and Mumford, M. D., 2016. Mental models and ethical decision
making: The mediating role of sensemaking. Journal of Business Ethics. 138(1). pp.133-
144.
Bateman, I. J., Harwood, A. R. and Fezzi, C., 2013. Bringing ecosystem services into economic
decision-making: land use in the United Kingdom. Science. 341(6141). pp.45-50.
Butler, S. A. and Ghosh, D., 2015. Individual differences in managerial accounting judgments
and decision making. The British Accounting Review. 47(1). pp.33-45.
Collier, P. M., 2015. Accounting for managers: Interpreting accounting information for decision
making. John Wiley & Sons.
Dekker, R., Fleischmann, M. and van Wassenhove, L. N. eds., 2013. Reverse logistics:
quantitative models for closed-loop supply chains. Springer Science & Business Media.
Ferguson, J. L., 2014. Excessive risk exposure: A question of ethical decision-making. Journal
of Business Research. 67(1). pp.2684-2685.
Foster, G., O'Reilly, N. and Dávila, A., 2016. Sports Business Management: Decision Making
Around the Globe. Routledge.
Greenhalgh, S. and Hart, G., 2015. Mainstreaming ecosystem services into policy and decision-
making: lessons from New Zealand’s journey. International Journal of Biodiversity
Science, Ecosystem Services & Management. 11(3). pp.205-215.
Güçdemir, H. and Selim, H., 2015. Integrating multi-criteria decision making and clustering for
business customer segmentation. Industrial Management & Data Systems. 115(6).
pp.1022-1040.
20
Books and Journals
Amankwah-Amoah, J., 2015. A unified framework for incorporating decision making into
explanations of business failure. Industrial Management & Data Systems. 115(7).
pp.1341-1357.
Bagdasarov, Z., Johnson, J. F. and Mumford, M. D., 2016. Mental models and ethical decision
making: The mediating role of sensemaking. Journal of Business Ethics. 138(1). pp.133-
144.
Bateman, I. J., Harwood, A. R. and Fezzi, C., 2013. Bringing ecosystem services into economic
decision-making: land use in the United Kingdom. Science. 341(6141). pp.45-50.
Butler, S. A. and Ghosh, D., 2015. Individual differences in managerial accounting judgments
and decision making. The British Accounting Review. 47(1). pp.33-45.
Collier, P. M., 2015. Accounting for managers: Interpreting accounting information for decision
making. John Wiley & Sons.
Dekker, R., Fleischmann, M. and van Wassenhove, L. N. eds., 2013. Reverse logistics:
quantitative models for closed-loop supply chains. Springer Science & Business Media.
Ferguson, J. L., 2014. Excessive risk exposure: A question of ethical decision-making. Journal
of Business Research. 67(1). pp.2684-2685.
Foster, G., O'Reilly, N. and Dávila, A., 2016. Sports Business Management: Decision Making
Around the Globe. Routledge.
Greenhalgh, S. and Hart, G., 2015. Mainstreaming ecosystem services into policy and decision-
making: lessons from New Zealand’s journey. International Journal of Biodiversity
Science, Ecosystem Services & Management. 11(3). pp.205-215.
Güçdemir, H. and Selim, H., 2015. Integrating multi-criteria decision making and clustering for
business customer segmentation. Industrial Management & Data Systems. 115(6).
pp.1022-1040.
20
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Kaufmann, L. and Gaeckler, J., 2015. On the relationship between purchasing integration and
purchasing decision-making speed. International Journal of Physical Distribution &
Logistics Management. 45(3). pp.214-236.
Keren, G. and Wu, G. eds., 2015. The Wiley Blackwell Handbook of Judgment and Decision
Making, 2 Volume Set. John Wiley & Sons.
Koropp, C., Kellermanns, F. W., and Stanley, L., 2014. Financial decision making in family
firms: An adaptation of the theory of planned behavior. Family Business Review. 27(4).
pp.307-327.
Kudyba, S., 2014. Big data, mining, and analytics: components of strategic decision making.
CRC Press.
Li, Y., Ashkanasy, N. M. and Ahlstrom, D., 2014. The rationality of emotions: A hybrid process
model of decision-making under uncertainty. Asia Pacific Journal of Management. 31(1).
pp.293-308.
Lombardi, R., Trequattrini, R. and Battista, M., 2014. Systematic errors in decision making
processes: the case of the Italian Serie A football championship. International Journal of
Applied Decision Sciences. 7(3). pp.239-254.
March, J. G., 2013. Handbook of Organizations (RLE: Organizations) (Vol. 20). Routledge.
Mardani, A., Jusoh, A. and Zavadskas, E. K., 2015. Fuzzy multiple criteria decision-making
techniques and applications–Two decades review from 1994 to 2014. Expert Systems
with Applications. 42(8). pp.4126-4148.
Nummela, N., Saarenketo, S. and Loane, S., 2014. Strategic decision-making of a born global: a
comparative study from three small open economies. Management International Review.
54(4). pp.527-550.
Qin, Q., Liang, F. and Wei, Y. M., 2017. Selection of energy performance contracting business
models: A behavioral decision-making approach. Renewable and Sustainable Energy
Reviews. 72. pp.422-433.
Smith, W. K., 2014. Dynamic decision making: A model of senior leaders managing strategic
paradoxes. Academy of Management Journal. 57(6). pp.1592-1623.
21
purchasing decision-making speed. International Journal of Physical Distribution &
Logistics Management. 45(3). pp.214-236.
Keren, G. and Wu, G. eds., 2015. The Wiley Blackwell Handbook of Judgment and Decision
Making, 2 Volume Set. John Wiley & Sons.
Koropp, C., Kellermanns, F. W., and Stanley, L., 2014. Financial decision making in family
firms: An adaptation of the theory of planned behavior. Family Business Review. 27(4).
pp.307-327.
Kudyba, S., 2014. Big data, mining, and analytics: components of strategic decision making.
CRC Press.
Li, Y., Ashkanasy, N. M. and Ahlstrom, D., 2014. The rationality of emotions: A hybrid process
model of decision-making under uncertainty. Asia Pacific Journal of Management. 31(1).
pp.293-308.
Lombardi, R., Trequattrini, R. and Battista, M., 2014. Systematic errors in decision making
processes: the case of the Italian Serie A football championship. International Journal of
Applied Decision Sciences. 7(3). pp.239-254.
March, J. G., 2013. Handbook of Organizations (RLE: Organizations) (Vol. 20). Routledge.
Mardani, A., Jusoh, A. and Zavadskas, E. K., 2015. Fuzzy multiple criteria decision-making
techniques and applications–Two decades review from 1994 to 2014. Expert Systems
with Applications. 42(8). pp.4126-4148.
Nummela, N., Saarenketo, S. and Loane, S., 2014. Strategic decision-making of a born global: a
comparative study from three small open economies. Management International Review.
54(4). pp.527-550.
Qin, Q., Liang, F. and Wei, Y. M., 2017. Selection of energy performance contracting business
models: A behavioral decision-making approach. Renewable and Sustainable Energy
Reviews. 72. pp.422-433.
Smith, W. K., 2014. Dynamic decision making: A model of senior leaders managing strategic
paradoxes. Academy of Management Journal. 57(6). pp.1592-1623.
21

Velu, C. and Stiles, P., 2013. Managing decision-making and cannibalization for parallel
business models. Long Range Planning. 46(6). pp.443-458.
Zikmund, W. G., Babin, B. J. and Griffin, M., 2013. Business research methods. Cengage
Learning.
22
business models. Long Range Planning. 46(6). pp.443-458.
Zikmund, W. G., Babin, B. J. and Griffin, M., 2013. Business research methods. Cengage
Learning.
22
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