Business Decision Making - Murano Restaurant

Business Decision Making

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Plan for collecting primary and secondary data....................................................................1
1.2 Survey methodology and sampling frame.............................................................................2
1.3 Designing a questionnaire for study......................................................................................2
2.1 Dissemination of information...............................................................................................4
2.2 Analysis of data by using measure of central tendency........................................................5
2.3 Analysis of data by using measure of dispersion..................................................................5
2.4 Use of correlation coefficient for decision making...............................................................6
TASK 2............................................................................................................................................7
3.1 Creation of graphs and charts................................................................................................7
3.2 Use of trend line in interpretation as well as future forecasting...........................................9
3.3 Presentation of report with suitable graphs and charts........................................................10
3.4 Report presentation by devising all sections to senior management...................................10
TASK 3..........................................................................................................................................11
4.1 Use of software generated information...............................................................................11
4.2 Use of time scale for evaluating duration of project...........................................................11
4.3 Use of financial information in order to determine feasibility of project...........................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
An appropriate judgement always support an organisation to grow and maximise
operations at a large scale (Ferrell and Fraedrich, 2015). In this context, it is the duty of
managers to take beneficial judgement which promotes and supports an association to grow and
maximise operations as well. This project is based on Murano restaurant which is one of the
well-established small firms in London with appropriate customer base. Many people proclaim
that they deliver high quality products to gain better and suitable outcomes. There are variety of
sources could be used by an organisation in order to collect primary and secondary data as per
primary and secondary basis. On the basis of such consideration, there are various techniques get
evaluated which need to understand by business managers properly and utilise them effectively
for business purpose. With collected information, data need to get presented in an appropriate
frame with suitable graphs and charts for better and effective working. Thus, for better and
appropriate decision making, software generated information need to implement in an
organisation.
TASK 1
1.1 Plan for collecting primary and secondary data
A major thing which supports any kind of investigation is primary and secondary data
process (Ford and Richardson, 2013). Business needs to evaluate both these methods and
techniques properly so that appropriate and suitable study will lead to get organised. Thus,
Murano needs to understand both these approaches properly and frame suitable plan to collect
information for new chain in other parts of London, UK.
 Primary data: One of the major sources for gathering information which is raw in nature
and organised on vast range of people is primary data. It is the type of study which
supports in gaining better and effective outcomes directly through an individual by
conducting interview, questionnaire survey, etc. Murano can use this technique for
evaluating appropriate and suitable aspects properly in order to determine the best
suitable results and outcomes directly through customers.
 Secondary data: This is another kind of data collection process but in never provides raw
information in nature but based on already propose studies. Such information for business
is in the form of previous balance sheet, past year’s profit, etc. These records are used for
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deriving comparison between performances of a company. Murano can use this pathway
for evaluating the feasibility of future concern project by using past few records.
For collecting primary data, it is essential to formulate an appropriate and suitable plan which
includes:
Activities Days
Determine the problem 4 days
Evaluate appropriate method 4 days
Use and distribution of questionnaire 10 days
Gathering of information with analysis 15 days
This plan of Murano Hotel stated that for gathering information through primary source,
researcher need to interpret and analyse the data properly. For this consideration, they should
have to be focus on a define problem and evaluate it so that better results could be estimated.
1.2 Survey methodology and sampling frame
For every study, it is important to use appropriate and suitable survey methods to
conclude the best suitable outcomes (García-Peñalvo and Conde, 2014). Survey methodology
reflects about the use of various approaches and methods which enable in concluding better
suited result and outcome for better and effective gain. Survey methodology includes about
various approaches which have to be used by Murano so that better and effective working will
get promoted: Social media: One of the best ways to collect data from various sources or from large
population is social media. With a course of time, business managers are using social
media as a tool so that they will become able to gather various aspects properly and
effectively for better and effective customer responses. Murano can use social media as a
technique for analysing various individual aspects properly.
 Questionnaire: Another method for gathering data is questionnaire in which few number
of questions are included with concerned research. Many businesses can use it as an after
sales service to gather and collect information from various individuals. Murano lead to
utilise this approach for their better and effective working to gain all the best suitable
outcomes.
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There are various kinds of sampling frame get identify which could be use in any
research so that better and effective gain become possible. In this aspect, several types of
sampling frame which suppose to use by Murano are as follow:
 Random sampling: One of a basic and most appropriate method of sampling frame is
random sampling method in which all individuals get selected randomly and no definite
structure. Thus, Murano could use this in their work through which all respondents get
selected randomly
 Quota sampling: This is based on specified subgroups and completely unlike from
random sampling which focus on randomly selection of individual. But quota sampling is
based on definite groups and whole information get gather through such individuals.
Murano survey uses questionnaire as a data collection tool which associates primary
method in which raw materials are used. Along with this, simple random sampling method is
also utilised to conclude better results with concentration on 80 respondents who are customers
of a company and belong to different income level group.
1.3 Designing a questionnaire for study
Questionnaire is one of the ways in which various questions get included in a project for
determining and gaining the best suitable outcomes (Gigerenzer and Gaissmaier, 2011). It
supports to derive better and appropriate results of a study in order to determine the beneficial
aspects. This questionnaire is based on 80 respondents who belong to various income level group
concern personalities. By performing the questionnaire survey, better and effective outcomes are
carried out by an organisation whom interpretation support better and useful aspects. This
questionnaire includes personal details of customers so that long lasting users of Murano are
going to take the benefits of various discounts and offer vouchers.
QUESTIONNAIRE
Name:
Age:
Gender:
Q1. Do you like the cuisine of restaurant?
a) Yes
b) No
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Q2. Provide rating for amenities of restaurant.
a) 1
b) 2
c) 3
d) 4
e) 5
Q3. Define your income in respect with disposable money on restaurant products and services.
a) More than €20
b) Between €20 to €50
c) More than €50
Q4. Did you ever notice or suffer from any kind of misbehave by staff?
a) Yes
b) No
Q5. Which location is the most preferable for new restaurant?
a) Near to beach
b) Rooftop
c) Disc and Pub
Q6. Is there any need to modify all related aspects of restaurant properly in new chain?
a) Agree
b) Neutral
c) Disagree
Q7. Who are the major competitors of Murano?
a) Cafe Concerto
b) Food for friends
Q8. Are the offers or discount provided by restaurant exiting in nature?
a) Yes
b) No
Q9. Provide rating for restaurant performance.
a) Appropriate
b) Need improvement
c) Not appropriate
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