Ethical Decision-Making in Business

This assignment delves into the realm of ethical decision-making within businesses. It critically examines a collection of research articles spanning from 2004 to 2013, focusing on various aspects of ethical decision processes. The analysis encompasses diverse topics such as models of corporate social responsibility, the influence of spiritual well-being on ethical orientations, and the impact of information seeking on group decision-making in business and politics.

Business Decision Making

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Creation of plan for collecting primary and secondary data.................................................1
1.2 Survey methodology and sample frame used........................................................................2
1.3 Designing of questionnaire...................................................................................................2
2.1 Creation of information ........................................................................................................4
2.2 Evaluation of measure of central tendency...........................................................................4
2.3 Calculation of measure of dispersion....................................................................................5
2.4 Determination of quartile and correlation coefficient...........................................................6
TASK 2............................................................................................................................................7
3.1 Creation of graphs and charts................................................................................................7
3.2 Evaluation of trend lines for future forecasting....................................................................9
3.3 Presentation for project.......................................................................................................10
3.4 Presentation of report for management...............................................................................10
TASK 3..........................................................................................................................................11
4.1 Use of information processing tool.....................................................................................11
4.2 Project plan for preparing Gantt Chart and Critical path....................................................11
4.3 Financial tools for determining future.................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Business operations and operating various elements is not an easy thing and taking big
decision for a company consider as one of a most typical factor (Barryand Edgman-Levitan,
2012). Thus, business need to understand this thing properly and management have to take
appropriate judgement for betterment and appropriate work. This project is based on business
decision making related with Murano restaurant whom want to maximise their business
operations with another chain London. For this context, they have to understand various
customers taste and preferences so that better and appropriate judgement making become
possible. This project includes collection and use of primary and secondary data as a decision
making tool and its creation for determine various aspects and elements properly. Along with
this by applying relevant statistical tool, business decision making become easy as such data
need to get present by various graphs and charts.
TASK 1
1.1 Creation of plan for collecting primary and secondary data
Collection of data means to collect information from public and arrive at a particular
decision. In this case Murano wants to open open new hotel chain in London. As hotel is a place
which is open for public, so company wants to know public view regarding growth of new hotel.
There should be proper kept in efficient manner so there is no confusion regarding results of
serve. There are two ways to collect information for solving any problem and acquire at a
particular decision. They are- Primary data Secondary data
Primary data: Research under primary data is tailor made. These data are as per the
research of the organisation (Brynjolfsson, Hitt and Kim, 2011). This data is flexible and vary as
per the situation. Limitation of this method is that is expensive and time consuming. If Murano
restaurant apply this method then firstly they have to set sample on the basis of which they come
out with result.
Secondary data: When data is collected by some agency or agents of organisation then it
is secondary data. Mainly this method is used when population size is more. This method
prevents time and cost as comparison to primary data. Sometimes there are chances that data
saved through secondary data is not compatible the need of the organisation. Data opted from the
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secondary research may be non-current which may proof to be wrong for the decision of the
organisation.
Thus, business management need to apply primary data method into business so that they
become able to evaluate various respondent’s opinion properly which enable them in taking
better decision making. Although, Murano always lead to serve best quality products to their
clients and for this context management need to evaluate each and every perspective properly.
1.2 Survey methodology and sample frame used
Sampling design is a framework for the survey. The population of which analysis to be
done is sampling design (Craft, 2013). Murano restaurant has to first analyse the targeted public
to whom they approach. Selected public will be the people who visit hotels frequently and have
taste of different varieties of food.
Questionnaire: Murano can use questionnaire as to know view of public about their new
opening. These days many hotels and restaurants are using this technique. This method is easy to
approach people who visit hotels and motels often.
Social media: Social media is very active method these days. The advantage of social
media is that it is easy to reach and can easily get revert from public. As this method is
impersonal in nature there are chances of ignorance by public.
Survey methodology is a method used for the survey. As per the requirement of situation
survey method is used. After collecting survey there is statistical calculation has been done
which help in getting a decision whether Murano has to open a hotel in London or not or of what
kind. Sample for the survey should be selected as per the requirement of the organisation. While
selecting sample there should not be biases, otherwise it may affect the results of survey.
1.3 Designing of questionnaire
Questionnaire is a one of way through which an organisation or a researcher become able
to determine and inspect views of various number of people at one point of course (Cronan and
et. al., 2011). Thus, this method is beneficial for every business organisation whom want to
expand their business operations for making a valid and appropriate comparison between diverse
range of material. Murano can opt this method into business so that they become able to
conclude a beneficial judgement for long term. This questionnaire includes 10 questions which
determine viewpoints of 80 respondents which consider as regular customer of restaurant.
QUESTIONNAIRE
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Name:
Age:
Gender:
Q1. What is your perspective towards restaurant offerings?
a) Positive
b) Negative
Q2. Have you ever visit twice in a week due to attractive interior design?
a) Yes
b) No
Q3. From which price category you belong to?
a) More than €30
b) Between €15 to €25
c) More than €40
Q4. Do you think that all working staff are well trained?
a) Yes
b) No
Q5. Is location of restaurant appropriate in nature?
a) Yes
b) No
Q6. Where you want to see a new chain of restaurant. Please prefer a location?
a) Sea side
b) Middle of the city
c) Near to beach
Q7. Do you really want restaurant to based on a theme?
a) Agree
b) Disagree
Q8. Have you ever feel that offers and discount vouchers are not exiting and appropriate?
a) Yes
b) No
Q9. Please provide rating for a restaurant from 1-5?
a) 1-2
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b) 2-3
c) 3-4
d) 4-5
Q10. Any further suggestion or recommendations?
This questionnaire will support to management of a company in order to improve
working condition and take suitable decision for business through which better and appropriate
outcome could be gain. This will support in sustainability of a company in order to which high
rated outcome could be gain. Thus, this data should have to be disseminate in an appropriate
frame so that better judgement gets encourage.
2.1 Creation of information
This process is helpful in order to disseminate whole data in an appropriate frame so that
it become easy to understand and for further evaluation. This technique is appropriate in nature
so that data evaluation process become easy and simple in nature. Murano information related
with new restaurant chain is stated as follow which have to take in consideration by senior
authority:
Ratings R1 R2 R3 R4
1 55 25
2 60 20
3 20 37 23
4 39 41
5 37 43
6 62 10 8
7 42 38
8 38 42
9 10 10 10 50
This dissemination of information is essential for business so that management become
able to take appropriate judgement related with business aspects which support in gaining better
and effective outcome. Although, it gets stated that there are several areas are identifying which
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need to improve by management in their new restaurant chain which is staff behaviour and have
to start their chain near to seas side their existing location is not appropriate but still customers
prefer it just because of quality of food and services. It also get analyse from this disseminate
data that quality of working is appropriate and high in standard as most number of individual
rated 5 star towards work. This enables in effective and appropriate work so that chances of
suitable and appropriate gains are high in frame. Along with this, restaurant need to be based on
a theme through which many users lead to get attracted. As in modern terms, many users are
attracted towards an organisation so that chances of sustainability get supported in order to
increase profit and growth rate. This analysis signifies that new idea of another outlet chain is not
bad in frame but good as Murano can implement it in a better and suitable manner.
2.2 Evaluation of measure of central tendency
R1 R2 R3 R4 Mean Median Mode
55 25 40 40 Nil
60 20 40 40 Nil
20 37 23 28.5 28.5 Nil
39 41 40 40 Nil
37 43 40 40 Nil
62 10 8 36 36 Nil
42 38 40 40 Nil
38 42 40 40 Nil
10 10 10 50 10 10 10
On the basis of this above stated calculation of data which represent various numerics
properly with help of measure of central tendency. For this context mean, median and mode get
calculated.
Mean: It is signifying as the average of a series which have to get evaluated in an appropriate
manner for better decision making (Fassin and Buelens, 2011). On the basis of this data it get
evaluated that average of frequency table is 40 in which a major thing get determine which
associated with offerings of restaurant. Products and services are appropriate and effective in
nature with high quality standard and this is a reason behind regular visit of users in case of not
appropriate location as well.
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Median: It is basically arriving when two middle values get represented (Fernando and
Chowdhury, 2010). He sample divided the upper half of values with lower half probability data
which get determine through {(n+1)}/2. For this frequency distribution, it is clearly stated that
staff members of a company need more appropriate training and rest thing is improvement and
selection of restaurant to another place. This will enable them in order to gain better and
appropriate results for enhancing business options and gain sustainability as well as growth.
Mode: It is a most occurring and presenting value of a series whose influence on data series is
high in nature. Many people stated the performance of a company is average in nature which
describe that each and every task get accomplish in an appropriate frame. Although, it is
essential to understand various pros and cons properly for gaining best suited results.
2.3 Calculation of measure of dispersion
R1 R2 R3 R4 Variances
Standard
Deviation
55 25 450
21.2132034
356
60 20 800
28.2842712
475
20 37 23
82.3333333
333
9.07377172
59
39 41 2
1.41421356
24
37 43 18
4.24264068
71
62 10 8
937.333333
3333
30.6159000
085
42 38 8
2.82842712
47
38 42 8
2.82842712
47
10 10 10 50 0 0
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Variances: It is describing as a fact or quality being differ, divergent and inconsistent. There are
various variations arise in a project which made vast impact on series and frequency distribution
table. This tabulation is for Murano whom want to expand their number of operations and for
this they need to evaluate each and every consent in a suitable frame. The variances between
offerings of restaurant with positive and negative aspects is 450 which stated that many people
are satisfy with product and services of a company.
Standard Deviation: It represent the values distance from mean value of a group. Standard
Deviation stated difference between two or more variables so that better and appropriate decision
get take. Murano calculated their frequency for which standard deviation of a company become 0
when every individual provide their views because 10 respondents stated that product and
service quality is average.
2.4 Determination of quartile and correlation coefficient
R1 R2 R3 R4
Correlation
coefficient
55 25 1
Relation
between 1
and 2
60 20
20 37 23
39 41 1
Relation
between 4
and 5
37 43
62 10 8
42 38 -1
Relation
between 7
and 8
38 42
10 10 10 50
Correlation coefficient describe about relationship between two or more variables so that
appropriate decision and combination get estimated in an appropriate manner. There are various
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frequencies are interrelated with each other which made positive and negative relationship with
each other. If data is more than 1 or less than 1 then it will have impacted upon activities most.
The relationship between offerings and visit is positive in nature which stated that appropriate
working and decision could be made.
TASK 2
3.1 Creation of graphs and charts
1 2
0
10
20
30
40
50
60 55
25
Theme: It get presented from graph that offerings of Murano are attractive in range with full
quality essentials. This stated that many respondents provide positive aspects so that better and
appropriate decision making get promoted. It is one of an essential thing for attracting customers
is to provide best quality products and services.
0.8 1 1.2 1.4 1.6 1.8 2 2.2
0
10
20
30
40
50
60
70 60
20
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Theme: Another things is related with number of visit which stated that more than average
people regularly visit at restaurant with a clear motive to spend some time with their families or
dear ones. Thus, it will support in gain growth and development for make things effective and
appropriate which enable them in gain best suited outcome.
1 2 3
0
5
10
15
20
25
30
35
40
Row 3
Theme: Many people of restaurant belongs to middle income level through which chances of
gaining better and appropriate outcome are high in nature. Many people stated that price level in
new restaurant need to be average in nature through which they become able to create an
appropriate customer base.
3.2 Evaluation of trend lines for future forecasting
Trend lines are helpful measure for a company which enable them in forecasting future
properly. Below are several trend lines which are presented with an aim to determine future sales
and aspects of customers in an appropriate frame.
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1 2 3
0
10
20
30
40
50
60
70
62
10 8
Theme: This trend line stated about location of a company which get determine by taking users
aspects in consideration. It is important for business to choose such location which made positive
attribute on an organisation so that better and effective judgement lead to take place. Most of the
people stated that location should be near to sea which enable them in maximise their profit
margin as well as sales.
1 2 3 4
0
10
20
30
40
50
60
10 10 10
50
Theme: This theme is for the ratings which provided by the client or customers of a company.
This stated that most people are belong to same ideas and thoughts which is average but more
than average people provide the qualities and services to be best in nature.
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3.3 Presentation for project
3.4 Presentation of report for management
The Management
Murano Restaurant
Dated: 13th January 2017
Subject: Recommendation for new restaurant chain
Murano is one of a favourite restaurant chain for most number of customers. It is really
essential for business to determine various individual perspective properly so that better and
effective decision making get promoted. This get done by conducting a survey on various
respondents of a company so that better future growth will attain. One of a major thing is price
of products and services which is between €15 to €25 which stated that consumer group for
restaurant is middle price level group. Along with this, many people complaints about location
of Murano which stated that management are delivering good quality products but their location
is not appropriate in nature. Thus, for this, they need to change their location which nears to Sea
side so that vast range of users need to go there. Moreover, staff need more training which
consider as major concern of a business. Although, management need to provide appropriate
training to their staff personnel. Restaurant should have to be based on theme which lead to
maximise profitability and prosperity of restaurant.
Thank You
TASK 3
4.1 Use of information processing tool
 MIS (MANAGEMENT INFORMATION SYSTEM): It is a computerized database
which stores data and gives information to management so that they can take the
decisions. It helps them in operations work (Ford and Richardson, 2013). They can
make short reports regarding sales, production etc. Members can also evaluate their
performance by comparing actual data with standard data with current year as compared
to previous data. So they can take corrective actions to improve them. Manager can take
decisions also.
 Decision support system: It is an application which helps in evaluating the business data
and then present it to the users of the company. It is beneficial to the company.
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Company can check the revenues and expenses of the company (Frey, Schulz-Hardt and
Stahlberg, 2013). Firm can evaluate the consequences of their decisions. They can make
reports and can take routine and future decisions. Management also helps them to
compare standard performance with actual performance, can check revenues and
expenses of present year with that of past year which helps them to take corrective
actions. So it is a very useful, relevant, feasible software which give many benefits to
the company.
4.2 Project plan for preparing Gantt Chart and Critical path
It is a planning tool which sets beginning and ending dates of each tasks and different
activities. So Murano can apply this technique as it gives different benefits-
 Check progress – Company can compare progress of activities. Thus they can take
corrective actions if they are any deviations.
 Clarity – Manager can easily check the progress of tasks so hence they can identify the
elements which needs improvement.
 Time management – They can so their activity in proper time. So it increases the
efficiency of employees.
 Coordination – Through proper use of the resources and activities, events there is proper
coordination between managers, resources and team members. It increases the energy
level of them
 Motivation – It increases the confidence, zeal and enthusiasm. As starting and ending
dates are fixed.
 Achieve objectives – Organization can easily achieve the objectives efficiently as they
can check their progress timely. So they can complete their activities in time.
Critical path method: It is a method which includes important and non-important activities to
increase efficiency and effectiveness of a firm. It also reduces the time in completing the
activities. Murano restaurant can apply this and can take different benefits -
 Reduces time – It helps in reducing time of activities. So thus it increases productivity of
employees and management.
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 Increases motivation – It increases the motivation level of employees and thus they can
easily achieve their objectives.
 Evaluate performance – They can easily evaluate their performance. Managers can take
corrective actions to improve them.
Name of activity Time period Predecessors
Scope in market 3 days
Location for the
restaurant 5 days 1
Investment 5 days 1
Return on investment 4 days 3
Target market 8 days 1, 2
Advertisement 10 days 5
Lay out for decision 3 days 6
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4.3 Financial tools for determining future
There are various financial tools are evaluated for business which have to understand by
management in an appropriate manner so that better and effective decision could be promoted. It
is a duty of financial manager to reflect current situation of an organisation to management
properly so that appropriate working gets promoted (Gabrielsson and Gabrielsson, 2013). Senior
management of Murano leads to evaluate the return for their project as well as net present value
as well. Net present value: For invested project, management need to determine the present value
of cash inflow in contrast with present value of cash outflow so that proficiency of every
project get evaluated. Murano management have to state all essential in their financial
documents so that effective judgement get promoted.
 Internal rate of return: This factor involves all important data which constitutes through
internal aspects of business and not focus on external related aspects. It is use by any
organisation when they start a new project so that its attractiveness gets evaluated. IRR of
current project is 12% return investment with 50000 initial investments.
Project
Discounting
factor Discounted cash inflow
Year Cash Flow 12% Present Value
1 50000 0.893 44645
2 64000 0.797 51020.8
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3 58000 0.712 41284.4
4 70000 0.636 44485
Total present value of
five years 181435.2
Initial investment of
year 190000
Net present value
(Total discounted
cash inflow – initial
investment) -8564.8
Internal rate of return 9.94%
This project calculation stated that initial investment for a project is 12000 but its NPV is
negative in nature with -8564.8 which stated that it is not appropriate in nature and impacted on
business performance as well. Along with this rate of return for a project is also 12% but with
computation it clearly gets stated that return is fixed at 9.94%.
CONCLUSION
It gets concluded from the project that business decision making is not an easy thing and
it will take more and more time consumption for a valid conclusion. There are diverse range of
aspects are included in a project which are related with collection of primary and secondary data.
Along with this, there are various survey methodologies are also included in a project out of
which questionnaire suggested as one of a best one. It supports in evaluating various
respondent’s opinion properly with calculation of measure of central tendency with measure of
dispersion. With aid of various charts and graphs presentation suitable judgement carried down.
By using suitable information processing tool all data get determine properly and transfer to
suitable management. Moreover, by apply relevant financial tools management get determine
internal rate of return with net present value as well.
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REFERENCES
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decisionmaking affect firm performance?.
Craft, J. L., 2013. A review of the empirical ethical decision-making literature: 2004–2011.
Journal of Business Ethics. 117(2). pp.221-259.
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Fassin, Y. and Buelens, M., 2011. The hypocrisy-sincerity continuum in corporate
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Fernando, M. and Chowdhury, R. M., 2010. The relationship between spiritual well-being and
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