Decision Making of Business : Report
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Added on 2020-07-23
Decision Making of Business : Report
Added on 2020-07-23
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Business Decision Making
INTRODUCTIONDecision making is ongoing process of any organisation. In order to run a business,management and owners need to take various decisions regarding various matters of theorganisation. These decisions help in increasing the performance as well as increasing theprofitability of the organisation. And also helps in fetching solutions to many problems. Thepresent report is based on a similar decision making of a business. For this report the businessproblems that has been considered is Opening a new branch of Murano restaurant in London.The report involves procedures and methods of collection of data that will provide usefulinformation in the context of business problem. Sampling and survey method that a researchercan use in further processing of data collected. The report also provides a sample questionnairethat researcher can use in obtaining necessary information and data. Further, in this report,measures of dispersion on the sales and profit amount of Murano has been applied, analysed andinterpreted. A project plan is also provided along with the formal report to the Board of directorsof Murano.TASK 11.1 Collection of primary and secondary dataData collection refers to process of preparing and collecting data for research subject. Itinvolves gathering of data that has been systematically organised, observed and recorded in asystematic form, from various different sources. In the process of decision making in anyorganisation, data are the basic inputs which are then processed to get the outputs. The mainpurpose of data collection is to obtain information, maintaining records, and making of decisionsregarding important issues (Beach and Lipshitz, 2017). For the purpose of planning the openingof second restaurant in London,Primary and secondary data can be collected by Murano.Primary data collection methodPrimary data is the specific information which is collected for assessing crucialinformation specially for the purpose of research question. These can be collected by:1
Conducting personal surveys that includes organising interviews, telephoniccommunication, etc.By conducting experiments.By mechanical observation and simulation (Bennun and et.al., 2017).By human observation and referring case studies.Methods of collecting secondary dataSecondary data is the data that has been used already for any purpose. These are the datathat are gathered and collected by someone else for some another purpose. This is cost effectiveand requires less consumption of time. These can be collected by:Internal sources that includes cost information, feedbacks from customers, sales records,distributor's feedback and report, etc.External sources that includes collection of data from internet, journals, books,newspapers, library, etc.1.2 Sampling frame and survey methodology used in data collectionThe researcher for the purpose of collecting relevant data can chose to collect primarydata by sending questionnaire to the customers by email and asking for response. Through thismethod researcher will get the exact data regarding the needs and expectation of customers. Andfrom the response's researcher can also interpret the success of the new branch in London.Sampling methods are of two types that are probability sampling and non-probability sampling(Calabrese and et.al., 2017). The Probability sampling method: This method revolves around the facts and figures, that eachand every individual present on this earth has equal chance of being selected. Following are themethods of probability sampling:Basic SamplingStratified2
ClusterSystematicMultistageThe Non-probability Sampling method: This technique does not contain any units of thepopulation does not have a known probability of being selected (Chen, 2017). Instead, thesample units under this method is selected as per the convenience of researcher. Following arethe methods of Non-probability sampling:VolunteerConvenience or haphazardResearcher has an option of choosing any of the sampling method mentioned above forthe purpose of obtaining a sample from responses that he got from the questionnaire. The bestmethod of sampling for researcher would be Simple random sampling. It is assumed that theresearcher has sent questionnaire to 200 customers, out of which he got responses of 180customers. From these 180 responses, researcher has taken a sample of 50 responses usingsimple random sampling method.1.3 Questionnaire for opening second restaurant in LondonQuestion 1. Gender1Male322Female18Total responses50Interpretation: In the above mentioned question It has been asked to the 50 respondedover which 32 were male and 18 were female.Question 2. How Often do you visit a Restaurant?1Once in a week103
2Twice in a month183Thrice in six months or more74Very often15Total response50Interpretation: It has been asked to such individuals how often they visited anyrestaurant the majority of response have gathered over twice a month.Question 3. What is your favourite time of visiting restaurant?1Dinner222Lunch83Breakfast144Brunch6Total response50Interpretation: It has been analysed here that the favourite time of visiting a restaurantwill be Dinner time.Question 4. What is your food preference?1Chinese122Continental163Italian144Indian8Total response50Interpretation: the majority of responses is for preferring the continental food.Therefore, it must be considered by the professionals before making the operational decisions.Question 5. Your favourite company to go with?4
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