Business Decision Making Assignment Sample
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Added on 2020-06-04
Business Decision Making Assignment Sample
Added on 2020-06-04
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Business decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1: Sources of data collection....................................................................................................11.2: Research methodologies and sampling framework.............................................................21.3: Questionnaire designing ......................................................................................................3TASK 2............................................................................................................................................52.1: Designing data with the help of representative values.........................................................52.2: Evaluation of data those are collected from research .........................................................7TASK 3..........................................................................................................................................103.1: Different charts and graphs................................................................................................103.2: Trend line...........................................................................................................................143.3: Covered in PPT..................................................................................................................15TASK 4..........................................................................................................................................164.1: Use of information methods system in decision-making...................................................164.2: Critical path .......................................................................................................................174.3: Various investment appraisal tools....................................................................................18CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19.......................................................................................................................................................19.......................................................................................................................................................19
INTRODUCTIONBusiness decision making is vital part of organisation. It helps in selection of best projectout of large number of alternative choices. There are large number of information and financialtools like transfer processing system, decision support system and NPV, IRR etc. are used toenhance their decision making power. Research is an important aspect which helps in collectionof information from market and interpretation of important conclusions. There are large numberof methods like mean, median and mode helps to ascertain important results. Murano is arestaurant which provides their services in London. The objective of restaurant is to start newbranch (Saaty and Peniwati, 2013).In the present report explain about, creation of plan by use of primary and secondarymethod of data collection, research methodologies and sample framing, designing ofquestionnaire, analysis of data to interpret important conclusions, use of quartiles, percentilesand correlation coefficient to interpret conclusions. Also creation of graphs and use ofinformation and financial tools for enhance decision making.TASK 11.1: Sources of data collectionMurano is a restaurant which provides their services in London. Diversified dishes areprovided by restaurant like seafood, Italian, Thai etc. The main aim of restaurant is to satisfy thedifferent demands of customer and open new branch in London to expand their businessoperations. For this purpose, they want to ascertain the views of customer regarding theirservices and viability of their move of expansion. Research plays an important role in collectionof data. Primary and secondary method of data collection is used by the researcher which aredefined below:Primary data: It is considered as best method of data collection because it helps incollection of unbiased information. This method used to ascertain the real views of respondents.Such information is also called as first hand information. It is effective method to enhance thedecision making power of management of restaurant. It includes different tools and techniqueswhich are mentioned below:1
Research: This method includes face to face communication with respondents toascertain their feedbacks. Under this method, ranks are given to the information whichare provided by respondents for their effective evaluation.Questionnaire: This includes the various set of questions which are asked fromrespondents to know their views. It can be of two types which are open-ended and closeended. This is time saving and cost efficient method in comparison to other primary tools.Online: This includes the use of social media platforms to get the answers fromrespondents. The reach of this primary tool is more wide. So, it helps in collection ofinformation from large number of public.Secondary method: This method is used to collect the information which is alreadypresent in secondary sources. Such secondary sources are articles, magazines, newspapers etc. Itis not much relevant method to conduct research because the data collected through this methodis not reliable and relevant (Nooraie, 2012).1.2: Research methodologies and sampling frameworkThe main purpose behind conducting research is to getting the solutions regardingproblems, factors which are present in business environment, check the viability of move ofopening of new branch and current position of restaurant in market. There are many researchmethods are available but the researcher has the duty to select the best method which helps inselection of respondents from total population.Survey methodologies: There are large number of methods which are helpful inconducting research. Such methods are known as primary and secondary method of datacollection. The researcher of Murano restaurant decided to use primary source of data collection.This sources of data collection includes many tools but questionnaire is used to collect theinformation. Researcher prepares different set of questions regarding their issues, expansionplan, quality of current products and services etc. 10 different questions are included inquestionnaire.Sample framework: This includes the process of designing of sample framework whichguides researcher while conducting research work. While preparing such framework differentmethods are available to select respondents from total population. Such methods are cluster,stratifies and random sampling etc. But management of Murano decided to adopt random2
sampling method to select respondents. By the use of this method 50 respondents are selectedfrom population. In process of conducting research, 10 different questions which are prepared byresearcher are asked to such selected 50 respondents to ascertain their view points. Large numberof different methods of dispersion and quartiles, percentiles and correlation coefficient are usedto interpret important results. The research topics which are covered under questionnaire arementioned below:Current position of restaurant in marketQuality of the existing food products and servicesGrowth of business activities by opening of new branch in London1.3: Questionnaire designing Questionnaire: It includes set of research questions to ascertain preferences, behavioursand facts. Open-ended questionnaire provides the opportunity to the respondents regardingformulation of their own answer. On other hand, Close ended questions have multiple answersattached to such questions (Kacprzyk and Fedrizzi, 2012).QuestionnaireName:Age:Occupation:Gender:Q1. Is it viable for Murano to open new branch in London?YesNoQ2. Do you think it helps in capturing large market share?YesNoCan't sayQ3. Are you satisfied with the pricing of the food products of Murano?Highly satisfiedSatisfiedDissatisfied3
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