Business Decision Making in Murano Restaurant - Assignment
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Added on 2020-01-16
Business Decision Making in Murano Restaurant - Assignment
Added on 2020-01-16
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BUSINESS DECISION MAKING1
Table of ContentsINTRODUCTION ...............................................................................................................................4TASK 1.................................................................................................................................................41.1Collection of Primary and Secondary Data................................................................................4Primary Data ..............................................................................................................................4Secondary Data ..........................................................................................................................41.2 Survey Methodology and Sampling frame ...............................................................................5Survey Methodology...................................................................................................................5Sampling Frame..........................................................................................................................51.3 Designing a Questionnaire.........................................................................................................52.1 Extracting valid conclusions......................................................................................................62.2 Summarisation of Information for decision making..................................................................92.3 Analysis of data using Measures of Dispersion.........................................................................92.4 Evaluation of Quartiles, Percentiles and coefficient correlation.............................................10TASK 2...............................................................................................................................................113.1Preparation of Graphs and spreadsheets...................................................................................113.2 Trend Lines in Graph to forecast Profit and Sales...................................................................123.3 Business Presentation..............................................................................................................123.3 Formal Business Report...........................................................................................................12TASK 3...............................................................................................................................................134.1 Application of Information Processing Tools..........................................................................13Decision support System ..........................................................................................................13Management Information system..............................................................................................13Transaction Processing system..................................................................................................134.2 Evaluation of Project Duration................................................................................................13Gantt Chat ................................................................................................................................14Critical Path ..............................................................................................................................144.3 Financial Tools for Decision Making......................................................................................15Net Present Value (NPV)..........................................................................................................15Internal Rate Of Retrun (IRR) .................................................................................................16CONCLUSION .................................................................................................................................16REFERENCES...................................................................................................................................17Index of TablesTheme 1: Frequency of visiting the restaurants...................................................................................6Theme 2: Spending Pattern of Individuals per meal............................................................................7Theme 3: Opinion of individuals regarding prices charged by Murano...............................................8Table 4: Sales and Profits figures for Murano Restaurant....................................................................9Table 5: Calculation of Mean, Median and Standards error.................................................................9Table 6: Calculation of various measures of dispersion.......................................................................9Table 7: Calculation of Quartile.........................................................................................................10Table 8: Calculation of Percentile......................................................................................................10Table 9: Calculation of Coefficient correlation..................................................................................10Table 10: Time duration for various activities....................................................................................132
Table 11: Calculation of Net Present Value........................................................................................15Table 12: Calculation of Internal Rate of Return...............................................................................16Illustration IndexIllustration 1: Bar graph depicting the customer choice of eating outside...........................................7Illustration 2: Graph depicting spending Patterns................................................................................8Illustration 3: Opinion about prices charged by Murano......................................................................8Illustration 4: Graph showing Revenues and Profits for the Murano over 9 years............................11Illustration 5: Trend Line Analysis of Revenues and Profits..............................................................12Illustration 6: Evaluation of Project Duration....................................................................................14Illustration 7: Calculation of Critical Path .........................................................................................143
INTRODUCTION Successful Business decision is the outcome of quality of information it is based on.Information plays a vital role in business strategic planning and its implementation. In the currentreport existing Restaurant chain of London, Murano is aspiring to open second restaurant in Londonwhich in indeed is a business friendly city and a centre of attraction for world therefore opportunityfor a restaurant is high. Further primary and secondary data are collected to understand the customerpreferences and choice in respect to food industry. Measures of Central tendency and dispersion areapplied to analyse the relationship between sales and profits forecasted. Various graphs andspreadsheets are presented for ease of understanding the trends over the period of time. Moreoverthe project is tested under the financial microscope using investment appraisal techniques. Later inthis report, information processing tools applicable in the restaurant business are briefed. TASK 11.1Collection of Primary and Secondary DataData collection is referred s gathering the relevant information from the sources to analyseand evaluate in a manner to create a meaningful piece of information. The data collection process isbroadly divided into two categories based on their sources which are explained below:Primary DataPrimary data refers to data which is collected directly by the researcher from the respondent.It is also known as first hand data. There are various methods to collect the data from primarysources through survey, interviews, questionnaire(McLaren, 2016). This is original and unique datawhich is collected for the particular purpose. However it takes substantial amount of time as it iscollected from the individuals. In the current scenario of Murano, to know the feedback ofcustomers and their preferences, Questionnaire is selected as a method of data collection.Questionnaire is set of questions with multiple choice answers which are distributed to theindividuals and their answers are evaluated and summarised to draw valid conclusions aboutconsumer taste and preferences. Questionnaire should be framed with clear and short questions sothat extra efforts are not required to be put in by respondents.Secondary Data Secondary data refers to collection of data which is already collected in past. This is alsoknown as second hand data as it is not exclusively collected for the current situation. However thesedata can be secured from government publications, magazines or newspapers. The data4
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