Importance of Business Decision making - Report
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Added on 2020-01-07
Importance of Business Decision making - Report
Added on 2020-01-07
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BUSINESS DECISIONMAKING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Plan for the collection of the primary and the secondary data for the “Murano”.................11.2 Presenting of the survey methodology and using of the frame.............................................21.3 Questionnaire for the given business problems in the assignment.......................................3TASK 2............................................................................................................................................52.1 Summarisation of the data and the information for decision making...................................52.2 Conclusion...........................................................................................................................112.3 Measures of dispersion for the business scenario given.....................................................122.4 Use of the quartiles, percentiles and correlation in deducing of meaningful conclusion....15TASK 2..........................................................................................................................................163.1 Deducing of meaningful conclusion in respect to the information derived........................163.2 Creating trend lines for assisting the forecasting for particular business information........173.3: Presentation in respect to the information deduced from the above information..............183.4 Business Report...................................................................................................................22Task 3.............................................................................................................................................234.1, 4.2.......................................................................................................................................234.3..............................................................................................................................................26CONCLUSION..............................................................................................................................29RECOMMENDATION.................................................................................................................29References......................................................................................................................................31
Index of TablesTable 1: Estimated Cash flow........................................................................................................26Table 2: Net present value.............................................................................................................27Table 3: Payback period.................................................................................................................28Table 4: Internal Rate of Return....................................................................................................29
Illustration IndexIllustration 1: Using formula to calculate mean of collected data.................................................12Illustration 2: Formula for evaluating median on odd number of respondents.............................12Illustration 3: Formula for evaluating median on even number of respondents............................13Illustration 4: Using formula to calculate Standard deviation.......................................................13Illustration 5: Mean, median and mode.........................................................................................14Illustration 6: Qurtiles....................................................................................................................16Illustration 7: Visiting new restaurant's factors.............................................................................17Illustration 8: Trend line for forecasting on Murano restaurant's operations................................18Illustration 9: Gantt chart for project plan.....................................................................................25Illustration 10: Network diagram...................................................................................................25Illustration 11: Used formula for calculating NPV........................................................................27Illustration 12: Formula for evaluating IRR..................................................................................28
INTRODUCTIONThe achievement of success in an organization is best described with the formation of thedecision for the better operation in the society. The availability of the success and the bettermanagement of the resources are determined with the decision made on the finance and the otheroperation. The report in here has properly described the importance of the business decisionmaking. The business decision making here have made proper association for smooth completionof the report.TASK 11.1 Plan for the collection of the primary and the secondary data for the “Murano”The plan for the better completion of the research work is developed through the smoothpreparation of the research methodology. The availability of the success and the bettermanagement of the research for the understanding of the situation of “Murano” are ensured. Theplan is created for the smooth development of the acquiring of data for the better completion ofthe data for the success in the research work. It is evident that the better plan for the smoothcompletion of the research work always demands the support of proper plan in collection of data.As supported by Heeley et al. (2016 p.149), the two for of collection data are the primary and thesecondary data, that marks the receiving of the information and the completion of the requiredobjective for the completion of the research objective. The primary data are collected in firsthand basis and secondary data are collected in the basis of other researcher's work.Data collection methods: Information are gathered through primary and secondary datacollection. It can be described as below:Primary data collection method:In this method, information are gathered throughconducting survey, face to face interview etc by which actual market position of Muranorestaurant can be identified. However, variety of ideas are generated for improvingquality services and effectiveness of the entity (Dillman, Hao and Edwards, 2016).Secondary data collection: On the other hand, under secondary data collection method, information are collected by using ready and prepared materials. For example; analysing financial reports of the entity for decision making regarding further years. 1
Survey (Questionnaire): In this research, researcher is to collect data as customers'views on services provided by Murano restaurant. Therefore, researcher is to selectrespondents randomly for analysing their opinions on food and accommodation servicesfor conducting survey (Heeley and et.al., 2016). For this purpose; he is to preparequestionnaire consists of questions regarding restaurant's services to identify theirsatisfaction level with them. Therefore, data is to be collected in this form for conductingsurvey and preparing strategies to maximize their satisfaction level with its servicesefficiently.Plan for the collection of data through the secondary research online process is as follows:SecondaryResearchOnlineDesign ofQuestionnaireDistributionofQuestionnaireSummary ofthe answersData analysisConclusions1 week1 week1 week3 days6 days3 daysThe plan is very easy attainable as for the logical sequence. The survey for the secondarymethods is well in strategy and properly staged. The availing of the stages require observing ofthe results and the better availing of the success results.1.2 Presenting of the survey methodology and using of the frameIn the methodology section there are two kinds of methods that are to be used in for thebetter achieving of the goal. The data collection that mostly deals with the interpretation of datafrom reliable source and various websites, which helps in the understanding of the views and thefacts that helps in the understanding of the secondary research methodology. The quantitativedata collection methods are this method which deals with the smooth collection of data withnumeric inclusion of that. The support of the research project is thus based on the bettercollection of both the data collection methods. The data collection for the quantitative methodsurvey will be done. The survey answers would then be converted in numbers for the viability ofthe research work. However, as argued by Dowling et al. (2016, p.434), both the methodologieshave its merit and demerits, as the quantitative research deals with large sample size for betterassumption of the answers and the qualitative survey is more of subjective in nature and seemsdifficult to interpret the answers.2
Sampling is done through different methods as; systematic, random sampling, clustersampling and so on. In systematic sampling method, respondents are selected systematically in asequence as well in random sampling, researcher selects respondents unsystematic ally. While, incluster sampling method, he conducts survey with a group of people for collecting data (BusinessDecision Making, 2016). Thus, in this research process, researcher is to collect data throughselecting respondents randomly for collecting their views on services provided by Muranorestaurant. Therefore, random sampling is to be used for data collection process and furthermaking decisions to implement their satisfaction level with its services on large scale.There will be near about 20 respondents for the issue of solving the sampling size. Assupported by Dillman et al. (2016, p.220), the operation of the frame is to understand the smoothcompletion of the work and the better results in the research work. The sample size consisted ofpeople from the age of 18 to 48 including both male and female in the society. The primeobjective concerning this research understands the views of the people in the society regardingvisiting new hotels and restaurants. The research also clearly identifies the status of the factorsthat determines the factors that changes the taste and the preferences of the people in the society.In this research there are generally two prime variables those would help in the betterunderstanding of the research work.1.3 Questionnaire for the given business problems in the assignmentAs supported by Attard et al. (2016, p.311), the aim of the research is easily attained withthe help of the determination of the aims in the research. The preparation of the questionnairetakes real hardship over the researcher, but ensures smooth and accurate calculations of the work.It is evident that the rise in the better evaluation of the support helps in the proper gaining of theanswers through the research done. The closed question asked to the consumers and the peopleof the society is for the better supporting of the aim of the research as to simulate the answerswith tin the specific boundary of fulfilling the work. However, there will be o qualitativeinformation collected for the fulfilment of the information required for the proper finishing of theresearch work.Survey QuestionnaireThe survey questionnaire to be designed for conducting the analysis on the Muranorestaurant could be provided as follows:3
Q1: In which age group do you belong?17 – 24 years25 – 34 years34 – 48 yearsQ2: what is your sex category?MaleFemaleQ3: what is the annual income of your family?10k to 20k21k to 31k32k and aboveQ4: How frequently do you visit any restaurant?In a weekOne time in two weeksOne time in a monthVery lessQ5: what is your per visit spending?£10 to £20£22 to £52£53 and aboveQ6: Do you want to try visiting new restaurants?YesNoQ7: What can induce you for visiting any new restaurant?Reviews of customersFriends and family recommendationWork or home proximityBrand awarenessQ8: Which factor is the most relevant one to you when you visit any restaurant?Atmosphere factorCustomer service unitsPrices changesMenu list and choicesLocation of the placeAll of the above mentionedQ9: Would you spend more to receive better quality service and food?YesNoQ10: Are you interested in recommending the restaurant to your friends as wellas family?4
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