Business Decision Making Report - Murano Restaurant
Added on 2020-07-23
22 Pages4351 Words38 Views
BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Plan for the collection of primary and secondary data..........................................................11.2 The survey methodology and sampling frame used..............................................................21.3 Questionnaire for a given business problem.........................................................................3TASK 2............................................................................................................................................52.1 information for decision making by summarising data using representative values............52.2 Evaluation of results to draw valid conclusions in an organisational context......................72.3 the data using measures of dispersion to information a given business scenario.................82.4 Quartile percentiles and the correlation coefficient to draw useful conclusion....................9TASK 3..........................................................................................................................................103.1 Produce graphs using spreadsheets and draw valid conclusion..........................................103.2 Create trend lines in spreadsheet graphs to assist in forecasting for specified businessinformation................................................................................................................................143.3 Business presentation using suitable software and techniques to disseminate informationeffectively..................................................................................................................................153.4 Produce a formal business report........................................................................................15TASK 4..........................................................................................................................................164.1 Use of appropriate information processing tools................................................................164.2 Prepare a project plan for an activity and determine the critical path.................................174.3 Use financial tools for decision making..............................................................................18CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................20
INTRODUCTIONBusiness decision making is a process which is used to manage important decisionsubjected to development and growth of organisation. Business decision making depends helpsmanagers to determine the success of organisation by managing plans and strategies. Muranorestaurant is the selected organisation in present study (Rothman, 2017). This report is able todefine the use of variety of source for the collection of data both primary and secondary data.Range of techniques and data are analysed for the business purpose. Information is produced inan appropriate format for decision making in organisational context. Use of software generatedinformation subjected to decision making is defined in this context along with elaborating thedimensions of decision making process.TASK 11.1 Plan for the collection of primary and secondary dataGrowth and development is the main objective of every organisation. Effective decisionmaking strategies and plans lead an organisational structure towards sustainable success. All thebasically the aims and objectives define vision and mission of business. Decision making processhelps to analyse the performance and strength of organisation (Levy, Weitz and Grewal, 2012).This process basically contains critical analysis and analysis of data. As per given scenario,Murano restaurant wants to explore its organisational chain at famous destination and location inthe UK. Managers want to get results for exploring business with the help of decision makingprocess. Data and information will be collected through various sources which are discussed asbelow:Primary data: These data are considered as original data which are directly collectedfrom the group of people, individual or first source. Information are collected form the directsources as a first hand. Information and data which are collected from direct resources remainmore efficient and relevant in order to make accurate decision making plans and strategies (Yangand et. al., 2011). Organisation has to pay large amount of investment to get the information byprimary dataSecondary data: This is another source of collecting information and data. This is alsoconsidered as a supportive source of gathering information. Secondary data approach isconsidered as the cost effective approach because primary research has already been done in1
secondary data. Business reports, statistical data and prior performance reports are mainsupporting or secondary tools which are considered in secondary data.Research: This is one of the ways to collect relevant and important information with thehelp of in-depth research and analysis. It contains a large amount of cost while implementingresearch methodology to gain information and data (Cosgrove and Rijsberman, 2014). Researchmethodology is considered as a more practical and realistic approach which helps to gainaccurate information and data. Questionnaire: This method is applied by the organisation to get specific andcategorised result by distributing questionnaire to public or group of people. It is a set ofquestions and suggestions with multiple choices. Individuals fill up the questionnaire as per theirpriorities. Public opinion polls: Opinion polls are the most common and practical methods todetermine mind set of public and individuals. There are some revenant aspects presented in fromof public and group of people (Routledge.Sinha and Labi, 2011). With the help of poolingmethod, organisation has become eligible to gain relevant information from public.1.2 The survey methodology and sampling frame usedSurvey methodology is one of the relevant approaches which is used by the organisationto gain relevant and practical information from the relevant resources. There are different typesof researches defined as below:Descriptive research: A brief research and practical scenarios are analysed in thisresearch methodology. It helps to analyse the data and information from ground level. This isalso considered as a complete research in order to maintain ethical order and accuracy in makingstrategies and plans. Descriptive research is related to particular subject or project. Practical andanalytical research is done in respect of understanding the factors of subject and projects.Exploratory research: This research methodology helps to bifurcate the nature ofsubject and the project in order to determine the effective plans and strategies. Figures andresults which remain close to the project and subjects are considered in decision making process.Qualitative and quantitative: Countable and measurable information and data areconsidered in quantitative research. Results and figures which are related to size, nature andlength of the project are the examples of quantitative research (Tzeng and Huang, 2011).Qualitative research works around identifying the virtue, nature, reasons, opinions and2
motivation. This research helps to evolve hypothesis or ideas in respect of potential quantitativeresearch. This is considered as semi structured techniques due to lack of statistical andmeasurable information and data. Sampling framing: This is one of the important tools which helps to determine thenature and mind set of customers by using sampling method. This method is basically opted bythe organisation to gain positive aspects and results. There is a specific group is opted andvariables are evaluated with the subject to one single subject or project.Random sampling: This method is a part of sampling method which helps to analysesame potential and equal probability in respect of tasks and projects. Basically, this approach isused to analyse the straightforward probability and sampling strategy (Pourshahid, Richards andAmyot, 2011). This method is considered to be effective and beneficial to evaluate critical pathand detect the problems associated with tasks and projects. Few prospect are keep inconsideration while conducting the research;Customer priceQuality and facilitiesTreatment given by staff members1.3 Questionnaire for a given business problemInquiry to determine the mind set of customers and public experience and satisfactionsubject to opening new Murano restaurant QUESTIONNAIREName:Age:Gender:Occupation:Q1: Should Murano explore the size of organisation? (a) Yes(b) NoQ2: Would the expansion plan will be effective for the organisation? (a) Yes(b) No(c) Neutral response 3
Q3: Are you satisfied with the pricing strategies of Murano restaurant?(a) High(b) optimum (c) LowQ4: What kind of cuisine you prefer in Murano restaurant?(a) Thai(b) Chinese(c) Italian(d) OtherQ5: Which attractive factors gain the customer's attraction as per your perspective?(a) Environment(b) Multiple-cuisine(c) HospitalityQ6: Do you any kind of alteration in services related to hospitality?(a) Yes (b) NoQ7: Are the cookery standards up to the mark?(a) Yes(b) NoQ8: Do you agree that Murano is able to met the customer criteria?(a) Yes(b) No(c) Neutral responseQ9: At which location, new restaurant should be located?(a) Central location (b) Prime location(c) Shopping Mall(d) Metro stationsQ10: What are required changes and plans as per suggested by your opinion?Ans.4
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