Business Decision Making Assignment(pdf)
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Added on 2020-02-12
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This project is for a restaurant in the UK named, Murano. This project report help Murano to increase their revenues and also help them to expand their business by presenting various facts and figures in front of them. These reports include various charts, graphs,s and diagrams for easy understanding by the organizer of the restaurant. The researcher uses primary data in this report, it collects these data through various surveys, questionnaires, etc.
Business Decision Making Assignment(pdf)
Added on 2020-02-12
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BUSINESS DECISIONMAKING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Plan for primary and secondary data for the business problem............................................11.2 Methodology of surveys and their frame for sampling.........................................................21.3 Questionnaires.......................................................................................................................32.1 Summarise the data collected through methodology............................................................52.2 Interpretation of measure of central tendency.......................................................................52.3 Measures of dispersion..........................................................................................................72.4 Quartiles and correlation coefficient for collected data........................................................8TASK 2............................................................................................................................................93.1 Graph and charts...................................................................................................................93.2 Trend lines forecast the information about specific business.............................................133.3 Presentation of the information affectivity.........................................................................143.4 Business report ...................................................................................................................14TASK 3..........................................................................................................................................164.1 Information processing tools...............................................................................................164.2 Gantt chart and critical path................................................................................................17Gantt chart.................................................................................................................................17Critical path...............................................................................................................................184.3 Financial tools NPV or IRR................................................................................................19CONCLUSION..............................................................................................................................20REFERENCE.................................................................................................................................21
INDEX OF TABLESTable 1: Estimations on collected data............................................................................................5Table 2: Standard deviation on collected data.................................................................................7Table 3: Quartiles and correlation coefficient for collected data.....................................................9Table 4: Activities of project plan.................................................................................................17Table 5: NPV for investment plan.................................................................................................19Table 6: IRR as investment appraisal tool.....................................................................................19
ILLUSTRATION INDEXIllustration 1: Formula used for calculating mean...........................................................................6Illustration 2: Median for odd number of respondents....................................................................7Illustration 3: Using formula to evaluate Standard deviation..........................................................8Illustration 4: Critical path.............................................................................................................18Illustration 5: Network diagram for project plan...........................................................................18
INTRODUCTIONBusiness decision making helps to the organization to achieve success in long run. Ithelps to the entities to take effective decisions to achieve more profit. By applying varioustechniques and methodology it helps to the organization to take the best decision amongalternatives. This project is for the restaurant of UK named as, murano. This project report helpto murano to increase their revenues and also help them to expand their business by presentingvarious facts and figures in front of them. This reports include various charts, graph and diagramfor easily understand by the organizer of the restaurant. Researcher uses primary data in thisreport, it collects these data through various surveys, questionnaire etc.TASK 11.1 Plan for primary and secondary data for the business problemData collection plays a significant role in every business and these are to be collected intwo types such as; primary data collection and secondary data collection (Frey and et.al., 2013).Primary collection data are this information which are to be collected first time by the researcher.These data collected through surveys, questionnaire, legal or government documents etc. Thisresearch is more important because whole business scenario depends on it. On the other handsecondary data are those data which are to be collected from other researches. The source ofsecondary data are articles, newspapers, organizations records and the data collected throughdepartment etc. Secondary data are more appropriate as compare to the secondary data(Shouzhen and et.al., 2014). Here, in the murano restaurant of UK both primary and secondarydata is needed for expanding their business. The researcher of the restaurant firstly conduct theprimary data collection that to determines the needs and wants of the peoples of UK. They planfor preparing the questionnaire for asking to the peoples for their requirements from therestaurants. Through questionnaire researcher determines that in which areas business is requiresfor expanding. Furthermore, researcher also collect the information through the secondarysources such as, collect information from the articles, newspapers of the areas of UK and collectthe information about the government rules and regulation so that they plan to expand thebusiness as per the government rules. Murano restaurant wants to collect this informationproperly so that they can take good decisions and achieve their goals or objectives. Due to thisthey make their concern more profitable in long period by satisfying the needs and wants ofcustomers. 1
1.2 Methodology of surveys and their frame for samplingMethodology of surveys denotes those techniques which applied by the entity for gettingthe information through the surveys about the needs and wants of the customers. There arevarious methods or techniques which has been applied by the organization for their surveys suchas, mail survey, telephone surveys, personal interviews, focus on groups of particular areas,youth surveys etc (Sikavica and et.al., 2014). Here, in UK's murano restaurant they use only twomethodology of surveys such as, personal interviews and focus on group of people surveys.According to the personal interview survey the researcher of the UK restaurant makesquestionnaires for knowing the need, wants or requirement of the people through which the itexpands its business. They frame questionnaire by fully knowing that the requirement of therestaurant and place decision for the area or things to expand the business. Questionnaire ask tothe public or fill the form of questionnaire so that takes decision by using them. This is the typeof primary research data and it is majorly used to expand or run profitably to the organizations.This research must be appropriate because due to this the owner of the restaurant place theirdecision for expanding the concern. Furthermore, the second type of surveys is used by theresearcher of the restaurant is focus on the people of the particular area. This survey is one ofmost important survey as per the point of views of the restaurant because they need the survey inthe this area where the restaurant is located. Moreover, in this survey researcher ask thequestions to the those people which are situated in the nearby place of the location of restaurant. Many sampling methods is used by the murano restaurant researchers, which are randomsampling, systematic sampling, stratified sampling and convenience sampling. Random samplingrefers that to select the facts and figures randomly by using that each member of population hasequal chance of being selected. By the systematic sampling researcher use commonly happensthing instead of random sampling (Yu, 2013). This is the most important sampling as per thepoint of views of the restaurant because the business does not expand through random sampling.Furthermore, they use stratified sampling which denotes that the sampling through probabilitymethods. The last method of sampling is convenience sampling it states that the sampling isselected as per the convenient. Through these all methods of sampling the researcher takes thedecisions to expand their business with profitability in long run. 2
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