Business Decision Making : Murano Restaurant

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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