Unifying Decision-Making Frameworks in Business Failure Explanations
Added on 2019-12-18
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Business Decision Making
ContentsIntroduction.................................................................................................................................................3Task 1...........................................................................................................................................................31.1 Plan for collection of primary and secondary data............................................................................31.2 Survey methodology and sampling frame work................................................................................41.3 Design questionnaire.........................................................................................................................5Task 2...........................................................................................................................................................62.1 Mean mode and median calculation..................................................................................................62.2 Analyses of the results.......................................................................................................................72.3 Calculation of Dispersion...................................................................................................................82.4 Calculation of percentiles and correlation coefficient.......................................................................9Task 3.........................................................................................................................................................113.1 Data analyses...................................................................................................................................113.2 trend line.........................................................................................................................................123.3 Business presentation......................................................................................................................133.4 Formal business report....................................................................................................................13Task 4.........................................................................................................................................................144.1 Appropriate information processing tool.........................................................................................144.2 Critical path and network diagram...................................................................................................144.3 Financial tools..................................................................................................................................15Conclusion.................................................................................................................................................16References.................................................................................................................................................17
IntroductionBusiness decisions are most important part of any organization that can influence the overall performance of an entity. Organizations have too many options but they have to select most appropriate so that they can sustain in the corporate market for longer duration (Laureiro‐Martínez and et.al, 2015). London is the most dynamic city of world, there are many opportunities for a new firm to get high profit. Present report is based on Murano restaurant which is working well in London, cited firm is planning to open its second restaurant. Current assignment will create a plan for collecting a data from reliable sources. Survey methodology and sampling frame work will be described in this study (Amankwah-Amoah, 2015). In addition questionnaire will be designed and on the bases of collected information, data will be analyzed. Investment appraisal techniques will be discussed in orderto take correct decision for the growth of Murano restaurant .Task 11.1 Plan for collection of primary and secondary dataCollection of data is the most important part of any study, by this way company canidentify the root cause of the problems and can take proper decisions in order to resolvebusiness problems (Vitell, Singhapakdi and Nishihara, 2015). Currently Murano restaurant isplanning to open second restaurant in London city so it is necessary for the cited firm to doresearch on business problems. There are several sources that can help in collection ofrelevant information:Primary sourcesSecondary sourcesPrimary information are such data which have been collected by researcher by own andthese are first hand information. There are several sources that can support in collectingprimary information such as questionnaire, survey, interview etc (Saaty and Peniwati, 2013).Murano restaurant is working well but before opening its new branch it will have to knowabout needs and wants of consumers, so that in the new restaurant cited firm can serve
delicious food to them as per their demand. That would help in getting higher returns andnew restaurant will get established soon. For the needs of users, scholar has preparedquestionnaire and 40 people of London has been taken as respondent those who can fill thisquestionnaire (Lerner and et.al, 2015). Secondary sources is another method of collecting the information. These are suchinformation which are already available and researcher can use it as per the necessityof subject matter. There have been many researches conducted on the same topic soinvestigator can take support of these information in order to find out the currentsituation (Bernroider and Mitlohner, 2015). These sources are such as books,journals, internet articles etc. With the help of this source company will be able toanalyses the overview and accordingly it will be able to make sound decision. 1.2 Survey methodology and sampling frame workSampling framework is the outline that provides sampling techniques of collecting the relevant information. Murano restaurant can use several sampling frame work, these are described as below:Sample random sampling: It is one of the simplest way of data collection. In this method, investigator asked their point of view about Murano restaurant and its services and what they expect from restaurants (Merigó, 2015). Survey is conducted by the researcher and questions asked by general public of London.Stratified random sampling: It is another type of sampling frame work in which scholar divide group in to such parts on the bases of particular section. And try to measure their interest in restaurants. In this technique sample is being taken by the scholar from each stratum so that opinion of different people can be identified (Devigne, Manigart. and Wright, 2016). Stratum is formed on the bases of education, income, age, gender etc. By this way reliable data can be gathered by the researcher in order to make sound decision for the growth of the Murano restaurant.Cluster sampling: It is another type of method in which geographical area is divided into sub parts. It is same as stratified but in these strata is based on geographical division (Crane and Matten, 2016).
Survey methodologyBefore opining a new restaurant in London city, it is necessary for the research of Murano restaurant to identify the view points of London population. For that survey is the best way that can help in gathering essential information for making sound decision (Taylor, 2013). Questionnaire is the best way that can help in identify needs and demands of the customers. By this way Murano restaurant will be able to modify its operation accordingly in the new restaurant. It will support in meeting with the needs of guest thus, cited firm will be able to gain high profit I new restaurant.1.3 Design questionnaireNameAgeGenderHow many times you visit restaurant in a month?Once in a month2-3 times3-4 timesMore than 5 timesWhat factor influence your decision about selection of restaurant?PriceQualityWaiting timeOtherDo you like services of Murano restaurant.Yes
NoWhat you like to eat the most in a restaurant?IndianMexicanChineseDoes services of Murano restaurant is quick and satisfactory?Strong agreeAgreeDisagreeStrongly disagreeTask 22.1 Mean mode and median calculationMean formulaSales records:yearSales112000218000326000430000536000
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