Business Decision Making

This presentation covers the topic of business decision making. It discusses the preferences for different types of dishes for lunch or dinner, factors considered for choosing a restaurant, trend analysis techniques, and Gantt charts and network diagrams. It also includes references for further reading.

BUSINESS DECISON MAKING

Which type of dishes given below you prefers for lunch or
dinner?
European Italian Mexican Chinese
0
5
10
15
20
25
20
17
7 6
Column C

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It can be seen from the chart given above that out of 50 respondents 20
prefer to eat European dishes and 17 prefer to consume Italian dishes.
Whereas, only 7 and six respondents like to eat Mexican and Chinese
dishes in London. Hence, will be beneficial for Murano restaurant if it
will give more importance to European and Italian dishes then Mexican
and Chinese food items.

Which of these factors you highly consider for taking lunch or dinner at
restaurant?
20
15
10
5
Price
Taste
Staff service
Waiting time

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From figures it is clear that most of respondents think that price
is an important factor that people highly consider while taking
lunch or dinner at the hotel. Apart from this taste and staff
service are another factor to which people are giving due
importance while visiting a restaurant. People does not give too
much importance to waiting time in making their purchase
decisions. 20 respondents state that they give importance to price
and 15 state that they give priority to taste while taking lunch or
dinner in any restaurant. 10 respondents give importance to staff
service and 5 give priority to waiting time. Hence, it can be said
that Murano restaurant must focus on making available tasty
food at cheaper price and with good service quality.

Trend analysis
1 2 3 4 5
0
10000
20000
30000
40000
50000
60000
f(x) = 5000 x + 25000
Column C
Linear (Column C)

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It is a technique which is employed to make forecast about
upcoming years. It may be observed from the image above that
revenue will elevate back to back in upcoming years . This
prediction is made because trend line is moving upward.
Managers can not completely rely on this method because it is
not necessary that past trends remain continue in future. Hence,
managers must should make use of simulation method in order
to make reliable prediction about the future time period.

GANTT chart

Network diagram

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It is a method that indicate the number of days within
which project should be completed by the project
manager. Contrary to this, if project will not be
executed within stipulated time period cost of same
will increase (Ellis, 2012). It is inevitable to perform
project activities in series that is revealed by the above
given chart. From review of chart critical path is
identified and chronological set of activity for the
project is 1-5-8-9-10 that means project must be
completed in 22 days.

References
Neumark, D., Wall, B. and Zhang, J., 2011. Do small businesses create
more jobs? New evidence for the United States from the National
Establishment Time Series. The Review of Economics and
Statistics. 93(1). pp.16-29.
Ellis, R.S., 2012. Entropy, large deviations, and statistical mechanics
(Vol. 271). Springer Science & Business Media.
Braitenberg, V. and Schüz, A., 2013. Anatomy of the cortex: statistics
and geometry (Vol. 18). Springer Science & Business Media.

Thank you