Decision Making Strategies in Business

This assignment delves into the multifaceted realm of decision making in business. It explores theories and methods from renowned authors such as Gigerenzer, Maxwell, and Vercellis, covering heuristic decision-making (Gigerenzer & Gaissmaier), business angel early-stage decision making (Maxwell et al.), data mining for decision optimization (Vercellis), and more. The assignment also examines the impact of politics on organizational decision-making (Pettigrew) and explores foresight perspectives in business issue decision-making (Zolfani et al.). Additionally, it touches upon multiple criteria decision making methods (Tzeng & Huang, Zionts) and naturalistic decision making (Zsambok). The assignment encourages students to understand and evaluate these strategies to make informed decisions within a business context.

BUSINESS DECISION
MAKING

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
1.1 Creation of plan for primary and secondary data..................................................................3
1.2 Survey methodology and sampling framing used.................................................................4
1.3 Questionnaire for a business problem ..................................................................................5
TASK 2............................................................................................................................................6
2.1 Create information for decision making using appropriate values.......................................6
2.2 Analyse the results to draw conclusions...............................................................................6
2.3 Analyse the data using measures of dispersion.....................................................................6
2.4 Use of quartiles, percentiles and correlation coefficient.......................................................6
TASK 3............................................................................................................................................7
3.1 Produce graphs and draw conclusions on the information derived.......................................7
3.2 Trend lines in spreadsheet graphs to assist in forecasting for business information............7
3.3 Covered in PPT.....................................................................................................................7
3.4 Formal business report..........................................................................................................7
TASK 4............................................................................................................................................9
4.1 Information processing tools.................................................................................................9
4.2 Prepare a project Plan for an activity and determine the critical Path..................................9
4.3 Use financial tools for decision-making.............................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
In this competitive world, the business is required to make an effective decision in the
market which can help company to make them to get stable too. Even though the organization
has alternatives of decision in which best one has to be chose. Normally, selecting the decision is
that which also provide the better result in entity which do have an analysis of various
investment scenario with the help of IRR and NPV. These tools do help in determining as which
will provide the maximum return from investment in different areas. The report is based on
Murano which is situated in London, England. Restaurant is founded in year around 2008 and it
was found by Angela Hartnett and Gordon Ramsay. They provide the best quality of foods
product to customers in great way. Assignment is such which will include primary and secondary
data produce a plan, although framing of samples and methodologies are also there too.
Questionnaire, evaluation of information has to be done and use of different method is also there
with dispersion which has contribution in quartiles, percentiles and correlation that do conclude
result in right context.
TASK 1
1.1 Creation of plan for primary and secondary data.
Murano does come under the best restaurant which do provide the best services to their
clients in UK. Restaurant is that which look forward to new outlet in the heart of London.
Management of the firm decided that they will take feedback from client related to their food
items and services which will help them to open new branch in market (Aharoni, Tihanyi, and
Connelly, 2011). For such thing Murano has adopted the primary and secondary method to
collect information. Research will help them to take better decision and to make proper strategies
by management of company.
Primary source: It is being considered as the important factor and comes under the first
hand collection of information. As, this is such which do help in collecting the authentic data
which do help in getting the idea about taste and preferences of customers that reveal current
trend and scenario which do prevail the food industry of UK in better manner.
 Questionnaire: In this various questions are there which is required to be prepared and
has to be asked from many customers and candidates which does help in obtaining

information and knowledge in proper way. For many purpose, collecting data from
primary and secondary. This will include the information and regarding to preferences of
today's consumers and different factors in which business environment affects.
 Survey: It does face some interaction with respondents on particular topic is by asking
the determined questions and take feedback on some specific topic and for various
purpose and making testing concept, knowing the customer satisfaction level etc.
Secondary sources: Researcher also goes with second hand information which is
collected by the someone and already has been published in magazines and newspapers
or book.
1.2 Survey methodology and sampling framing used.
Research for the Murano restaurant is such which help them to gather the information in
great way and thus it makes them to make better decision for the longer period of time.
Moreover, the company is that who uses the different survey methodologies and this help in
carry out the various right information and data too (Ferrell, and Fraedrich, 2015).
Methodology:- It is being considered as the selection method of survey which also
provide the different optimum things and result as well. Management of Murano has taken
decision to collect information with primary and secondary method. Although a better
questionnaire is such which has helped in making an effective research and provide the needed
information in right context too. Even though there are some question which is being covered to
have different aspect.
Sample framework: It is that which do consider the method by researcher with many
other respondents as well. Different method is that which cluster, stratifies and having random
calling with many more too. Therefore, many things are there which needs to choose the random
sampling method and having almost 30 candidates with the given choose scenario from various
population which include several question and it is being asked to questionnaire. Some of the
main topic which is considered in this are as follows:
 Looking forward to have an open branch in UK.
 It is required to know the quality of product and services which they do offer to people.
 Strength and weakness with their current performance too in better way.

1.3 Questionnaire for a business problem
This is that which include the different important topics which needed to have questions.
Questionnaire is done with various things that has an advantage in with comparison to other
things like saving, collecting the various information etc. in various better manner too. Normally,
behaviours are facts which can be collected in various great way too (Ford and Richardson,
2013).
QUESTIONNAIRE
Name of a candidate:
Residential Address:
Email Id:
Gender:
1.) Is it profitable for restaurant to open a new branch in London?
 Yes
 No
2.) Are customers happy with the decision or not?
 Yes
 No
 Moderate
3.) Are clients satisfied with the quality of products offer by the restaurant?
 Yes
 No
4.) Is staff personnel behave properly or not?
 Yes
 No
5.) Do you think that Murano is working well in their industry?
 Yes
 No
6.) Do you think Murano is fulfilling the ultimate demands of customers?
 Yes

 No
7.) Is restaurant offer pleasant environment or not?
 Yes
 No
8.) Is restaurant offer all type of food items or not?
 Yes
 No
9.) Any suggestions for the Murano restaurant?
…......................................................................................................................................................
.....................................................................................................................................
TASK 2
2.1 Create information for decision making using appropriate values
1.) Is it profitable for restaurant to open a new branch in London?
Particulars Respondents
Yes 20
No 10

2.) Are customers happy with the decision or not?
Particulars Respondents
Yes 15
No 10
Moderate 5
3.) Are clients satisfied with the quality of products offer by the restaurant?
Particulars Respondents
Yes 25
No 5

4.) Is staff personnel behave properly or not?
Particulars Respondents
Yes 25
No 5
5.) Do you think that Murano is working well in their industry?
Particulars Respondents
Yes 22
No 8

6.) Do you think Murano is fulfilling the ultimate demands of customers?
Particulars Respondents
Yes 20
No 10
7.) Is restaurant offer pleasant environment or not?
Particulars Respondents
Yes 21
No 9

8.) Is restaurant offer all type of food items or not?
Particulars Respondents
Yes 23
No 7
2.2 Analyse the results to draw conclusions
Year Sales Net Profit
2009 2560 1000
2010 4050 1200
2011 6000 1500
2012 2800 1800
2013 5990 1760
2014 8100 2000
2015 5200 1700
2016 7800 1896
2017 8000 1100
Particulars Sales Net Profit

Mean 5611.11 1550.67
Mode 2560 1000
Median 5990 1700
Mean: It is the average value that is calculated by dividing total of present sales volume
with the total time period. This aids the business organisation to determine the financial position
of the company in effective manner. The mean sales is 5611.11 and the net profit is 1550.67. it
helps the restaurant to make the overall decision in appropriate and effective manner.
Median: It refers to the middle most value of the given data information. The calculated
median of the above data is 5990 of the net sales and 1700 of the net profit. This aids the
restaurant to calculate the overall financial tools so that final objectives could be accomplished.
Mode: It refers to the most occurring value of the collected data or information. The
mode of sales volume is 2560 and the net profit is 1000. hence, the management system have to
calculate all these ratios in accurate manner so that they can able to come into final decision that
help in achieving final set outcomes in particular time period (Gigerenzer and Gaissmaier, 2011).
2.3 Analyse the data using measures of dispersion
Year Sales Net Profit
2009 2560 1000
2010 4050 1200
2011 6000 1500
2012 2800 1800
2013 5990 1760
2014 8100 2000
2015 5200 1700
2016 7800 1896
2017 8000 1100

Minimum Value 2560 1000
Maximum value 8000 2000
Standard Deviation 2144.91 367.64
Coefficient of Correlation 6210.11 562.11
2.4 Use of quartiles, percentiles and correlation coefficient.
These are those who has quartiles, percentiles and correlation coefficient technique or
methodology with various adopted and implemented researches for having conversion of client
feedback with information into conclusion in right context. Normally these are those
methodologies which will provide the detail analysis with market viability and having customer
or market requirement from the restaurant with many other company.
Moreover, researchers for Murano thus help which will help in knew and also identify the
various current situation with existing restaurant and does help in situating with different branch
with in London.
Quartiles: Generally it is such which is divided in 3 segments which is named as upper,
lower and interquartile method. Normally, it is be like having 3 segments of quartiles with their
own % limits, which is coined as 75% for upper quartile, 50% for interquartile and thus 25% is
for the lower quartile.
Correlation coefficient: This kind of methodology do show positive and optimum result
in comparison with two different time of duration data (Groebner and et. al., 2011).
Percentile: The most important feature of this component is that it allow the company to
compare data of particular company between several years. It is basically, presented into
percentage form which can be easily be represented.

TASK 3
3.1 Produce graphs and draw conclusions on the information derived
1.)
Is it profitable for restaurant to open a new
branch in London?
Respondents
Yes 20
No 10
Interpretation: From the above graph it has been interpreted that 20 clients believe that it is a
profitable decision to open a new branch in another place where as 10 believe that it is not
profitable for them, thus restaurant have to show them their effective planning in order to gain
their interest.
2.)
Are customers happy with the decision or not? Respondents
Yes 15
No 10
Yes No
0
2
4
6
8
10
12
14
16
18
20
Column B

Moderate 5
Interpretation: From the above graph it has been interpreted that 15 respondents are happy with
the new decision whereas 10 are against it. 5 customers could not take decision respect to it.
Hence, restaurant have to provide high quality services to remove the doubt of 10 clients.
3.)
Are clients satisfied with the quality of
products offer by the restaurant?
Respondents
Yes 25
No 5
Yes No Moderate
0
2
4
6
8
10
12
14
16
Column B

Interpretation: From the above discussion it can be interpreted that 25 clients are satisfied with
the quality that the restaurant is offering, this is a major positive point. Whereas 5 customers are
not satisfied thus, restaurant have to take feedback from them in order to remove their
complaints.
4.)
Is staff personnel behave properly or not? Respondents
Yes 25
No 5
Yes No
0
5
10
15
20
25
Column B

Interpretation: From above, it has been interpreted that 25 customers agree that staff members of
the restaurant behave properly with them where as 5 do not believe such. Therefore, restaurant
must focus on improving their services in order to remove complaints of 5 customers.
5.)
Do you think that Murano is working well in
their industry?
Respondents
Yes 22
No 8
Yes No
0
5
10
15
20
25
Column B

Interpretation: It has been interpreted from above graph that 22 customer believed that restaurant
is doing well in their food industry whereas 8 do not agree with the same. Thus, it is important
for them to listen to their point of views and improve their current position wherever it is needed.
6.)
Do you think Murano is fulfilling the ultimate
demands of customers?
Respondents
Yes 20
No 10
Yes No
0
5
10
15
20
25
Column C

Interpretation: From the above discussed graph it has been concluded that 20 respondents belive
that restaurant is able to full fill the demands of ultimate customers and 10 do not agree with the
same.
7.)
Is restaurant offer pleasant environment or not? Respondents
Yes 21
No 9
Yes No
0
2
4
6
8
10
12
14
16
18
20
Column C

Interpretation: From the above made graph it has been interpreted that 21 clients feel that
restaurant is offering healthy and conducive environment to them and others do not feel so. Thus
restaurant have to review their process.
8.)
Is restaurant offer all type of food items or not? Respondents
Yes 23
No 7
Yes No
0
5
10
15
20
25
Column C

Interpretation: From the above graph it has been interpreted that 23 clients believe that restaurant
is offering all types of products to their customers whereas other do not feel so.
3.2 Trend lines in spreadsheet graphs to assist in forecasting for business information
Trend line is an essential tool that is formulated in order to underline the forecasting of
net profits and sales. It assists in locating several areas that are posing high losses and profits to
the company. As the name suggests trend lines find out the trend that is followed from one year
to another in respect of sales volume and net profit. After determining it the company can able to
find out the areas that need is hindering the overall performance of the restaurant. Hence, trend
line provide the basis of taking the decision in effective and efficient manner. It helps in
forecasting the information in advance so that management can able to take crucial decision
regarding it whether to continue with the same work task or not (Maxwell, Jeffrey and Lévesque,
2011).
Year Sales Net Profit
2017 7180 3500
2018 5660 2100
Yes No
0
5
10
15
20
25
Column C

2019 8500 3550
2020 8860 3600
3.3 Covered in PPT
3.4 Formal business report.
To,
Managing director
18 April 2018
Scientific approach research is such which is conducted with knowing the several
customers and respondent which is regard expansion as well with performance in Murano
product and services in England. These research methodology or approaches is such which
provide the assistance and as well as with facts and figures to firm which is regarding to the
point of views which is related to product and services in great way. These research as that
which do help in identifying the competitors commodities. Although research and feedbacks
help company to know approach that provide the assistance and opportunity to the management
of Murano that help to determine the strength, weaknesses for their product and services with
threat and opportunity with the competitive market. Generally, these things are there which
directly provide the implement strategy and policies in effective and efficient manner which do
create and develop the healthy environment within, Murano restaurant. Although the random
1 2 3 4
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
3500
2100
3550 3600 Year
Sales
Net Profit

sampling is done with methodology which is used by researcher for having feedback of 20
respondents of customer which frame questionnaire. In questionnaire different things are there
which has different mixture of questions in great way and even asked from the customer to have
feedback of quality of product, ambience in restaurant and even though company do ask for
suggestion if any to improve what is needed to improve in right context. Therefore, Murano is
such firm which know he fact and figures of their product and services. Mean, mode and
median is also calculated and also being measured from the previous financial year sales as well
as profit and growth which does formulate fact and figure that result into from feedback and
research through questionnaires.
Recommendation
For having improvement in Murano restaurant business as well with economic
growth an appointment of expertise has to be done which is must in the statistical model and
tool for having interpretation of co-respondent information with feedback from the various
market too. Use the digital technology or platforms for the promotion as well of advertise their
brand, product and services as well.
Conclusion
From business report, it has been concluded that research and feedback is that which
play an significant role in Murano policies and procedure with strategies which do implement
efficient and effective manner. These type of small research is such which do change the
customer mindset and also will impact the positive towards the organisation growth. This is
such which help in competing the rivalry and take a advantage of customer friendly market too.
TASK 4
4.1 Information processing tools.
Therefore, the main aim of such tools is that which do improve the working and power of
management in Murano and thus it is be like something that will help in activity to work in
effective manner. It is that which play an effective tool that help to have a proper functioning of
the restaurant. There are several information tools which are mentioned below:
 Decision making process: It is the duty of management to produce important decisions in
respect to number of effective elements that have to be applied in appropriate manner.

Majorly, there are three important management levels that has to be coordinated in
proper way (Nowduri, 2011). For example; manager is engaging in buying material from
suppliers in order to gain maximum benefits due to which they are liable for making
appropriate decision by considering necessary facts or figures. Thus, decisional process
is not an easy task due to which managers needs to be very serious while making
judgement.
 Transactional system: There are number of activities that are performed at the same time
in the single business organisation system, therefore it is necessary to review all these
aspects so that it must be focused on single direction that is to accomplish final
objectives and goals.
 Information system of management: This tool allow Murano to record all the important
data information in proper format so that every thing should remain safe and secure. For
instance; MIS system aids in maintaining authentic information which helps in
protecting them from getting misused.
4.2 Prepare a project Plan for an activity and determine the critical Path
There are several plan of actions and activities that are carried out in every business
organisation. There is important tool that is known as critical Path that allow restaurant to
calculate the total time that is required to full fill their respective activity. After preparation of
these important path management can able to control any difficulty that may come across on
their path of performance. It is drawn to determine the path or route in order to complete that
particular activity. After preparation, the best known path is selected
(Pettigrew10,2,38,23,38,23,21, 2014). The critical path which is prepared by Murano restaurant
is illustrated below:

Path A: 1+2+3+7+8=17 days
Path B: 1+2+5+6+8=15 Days
Path c: 1+4+7+8=10 Days
After determining the above discussed the critical path, it is observed that the longest
path that is Path A is selected. Thus, it is prepared to evaluate the route through which all set
activities are accomplished. It allow the management to take decisions accordingly so that best
possible outcome could be accomplished (Popovič and et. al, 2012).
4.3 Use financial tools for decision-making
Project
Discounting
factor Discounted cash inflow
Year
Cash
Flow 12.00% Present Value
0 -190000 1 -190000
1 50000 0.893 44645
2 64000 0.797 51020.8
3 58000 0.712 41284.4
4 70000 0.636 44485
Total P.V 181435.2
Initial investment
of year -190000
NPV -8564.8
IRR 9.94%