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Business Decision-Making Table of Contents

   

Added on  2020-07-22

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BUSINESS DECISION-MAKING
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................31.1 Creating a plan for the collection of primary and secondary data.....................................................31.2 Presenting survey methodology and sampling frame........................................................................51.3 Designing a questionnaire for the business problem.........................................................................52.1 Determining the representative value by analysing the summary of data........................................72.2 Ascertaining outcomes from Murano’s...........................................................................................122.3/2.4 Determining the measures of dispersion/ Percentile, quartile and correlation coefficient onthe basis of Murano’s operations..........................................................................................................143.1 Graphical presentation of the gathered information.......................................................................153.2 Trend analysis..................................................................................................................................173.3 Business presentation for Murano..................................................................................................193.4 presenting a formal business report................................................................................................28TASK 3........................................................................................................................................................294.1 Using appropriate information processing tool...............................................................................294.2 Preparing a project plan and determining critical path...................................................................304.3 Using financial tool for decision making..........................................................................................31REFERENCES..............................................................................................................................................33
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INTRODUCTION London is one the dynamic city across the globe that is combined with different culture,commerce and trade activities. Murano is a London based restaurant that was established in 2008by Gordon Ramsay and Angela Hartnett. Currently, it had built a great customer experience byserving delicious quality of taste in various cuisines to the people. There is an evidence of greatopportunity seen by the restaurant in London, due to which, it is planning for opening one morerestaurant in London. In order to assure a viable move, business is looking for undertaking anextensive market research to examine market factors and assess customer preferences includingprice location, taste and other factors. The data will be critically investigated with the applicationof relevant statistical techniques like descriptive measures, correlation, quartile & percentile andothers. Presenting data graphically is often seen in the original world which provides a clearinsight to all towards historical results and future predictions that will also compiled in theinvestigation. Finally, project evaluation and tools of project management including critical pathanalysis and gantt chart will be developed for the expansion project. TASK 11.1 Creating a plan for the collection of primary and secondary dataAs said, Murano had planned to expand through opening one more restaurant in UK.There are two popular ways to extract required data set that is primary and secondary sources.Former gather original data that is not gathered before by anyone. However, later uses alreadycollected information like books, newspapers, internet source and others. In order to gain deeperunderstanding of the market research, researcher employs primary investigations to explore allthe things which remains uncovered under the secondary research (Lombard, 2010). As in thecontext of Murano, restaurant wants to know the perception and demand of customers, therefore,primary source is found more appropriate. Various ways of data collection under primary sourceis explained below: Surveys: It is the most often used method and has practical significance because surveycollects information directly from the customers by asking them a set of questions (Smith, 2015).It can be conduct either telephonic or face-to –face survey that merits and drawbacks are listedbelow:Telephonic survey
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In this method, as name suggests, surveyor asks a set of pre designed questions from therespondents on telephone. Merits: No need to hire many workersHigh response rate Useful for wider geographical area Cost effective way of data collectionLimitations:Language barrier Distraction can affects understanding Not useful for complex questions Face-to-face survey:Face-to-Face survey is also a widely used method that can be conductedby the researcher at market, office and other places focusing the target respondents (Parrish andet.al.,2012). Merits:Helps to gain deeper understanding through body language and visual aidsQuestionnaire helps in meaningful discussions and deduce response validity Limitations Costly and time-consuming Biased responses Online survey: In the today’s time, online surveys are carried out by many researchers which includesdemographic details along with the target-specific questions. Online surveys, mobile surveys,kiosk surveys are the popular ways (Hewson and Stewart, 2016). MeritsCost effectiveLess time consuming Easy to administerCovers a wide geographical areaLimitations:Non-response
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Lack of encouragement among respondents to provide honest responses Observation: In this method, surveyor closely observes and monitors individual activities which requireexceptional skills. In the context of Murano’s expansion, an online market survey is likely to be moreappropriate so as to know customers taste, preferences and attitude towards eating out fromdifferent geographical places of London (Groves and et.al.,2011). Moreover, it is less time-consuming and helps to find out target people’s eating out habits, likes and dislikes so that menuand cuisine that is going to be offer can be decided to serve majority of British citizens. 1.2 Presenting survey methodology and sampling frameUniverse is too large and London is the market where a high proportion of the populationprefers taking dinner out at restaurant and have a luxurious lifestyle. Thus, it is not possible tosurvey all, therefore, it is decided to draw a sample from the population. There are varioussampling methods presented below: Probabilistic sampling: Under this method, a group of unit that is taken out from thepopulation have equal chance of selection to drive a representative sample, also referred asrandom sampling (Crossman, 2017). Non-probabilistic sampling: Unlike above, in this method, all the units have variedprobability of being selection in the sample, also called non-random sampling (Fowler, 2013).For instance, systematic sampling, stratified sampling, cluster sampling, convenience samplingsare the popular ways of non-probabilistic sampling. Murano restaurant will use random sampling, in which, out of the online gatheredcustomer responses, it will randomly take out 100 customer survey responses for extractinguseful information about their preferences, taste and eating out attitude or behaviour.Survey methodology: Survey is going to be held online to gather responses from thecustomers to know their desired cuisine, perception towards prices and other influencing factorswhich affects their decisions to choose a particular restaurant for taking meal out(Csikszentmihalyi and Larson, 2014). As customer will answer the questions which prove itsvalidity, authenticity as well as credibility of information. 1.3 Designing a questionnaire for the business problem QUESTIONNAIREDemographic details Sex:
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Male FemaleAge (In years) Below 20 years20 – 25 years26 – 30 years31 – 35 years36 – 40 years Above 40 years Nationality: _________________Annual income: ______________Q: 1. How often do you usually take dinner out?Daily Weekly Monthly Once in quarterOtherQ: 2 How would you like to rate the taste of the meal offered at Murano restaurant? Excellent Good Average Below average Terrible Q: 3.When you decides to take meal out, which comes in your mind to decide a particularrestaurant?Restaurant concept Food quality Service quality Price Convenience Dinning environment Other (Please specify)Q: 4. Please rate value for the money on your visiting to Murano restaurant?Excellent Good Average Below average Poor Q: 5.Which style do you want to look if Murano plans to open a new restaurant at exciting placein London?Traditional ModernHomey Mixed Traditional and ModernNever mindQ: 6. At what time, do you generally prefer to go dinner out?
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Breakfast Lunch Dinner Any time Q: 7.Which type of dining room would you like to see in the restaurant? Private rooms Casual chic Relaxed environment Formal dining Any other (Specify)Q: 9.Which type of cuisine you prefer to have?AmericanMexicanFrenchItalianEuropeanChineseOther (Specify)Q: 10. How would you like to see in the restaurant to food to be served? Simple Flavourful CraftedQ: 11. How much you normally spend on dinner?Less than GBP 100GBP 100 – GBP 150GBP 150 – GBP 200GBP 200 – GBP 250Above GBP 2502.1 Determining the representative value by analysing the summary of dataIn consideration with the above listed questionnaires which have been asked out to 50respondents. They presented their honest reviews over such question and which will be helpfulfor Murano Restaurant in designing the framework. However, the analysis of such askedquestion which are as follows:. How often do you usually take dinner out?AnswersRespondentsPercentageDaily36%Weekly1224%Monthly1734%Once in quarter816%Other1020%Total50100%
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Respondents· Daily · Weekly · Monthly · Once in quarterOtherInterpretation: on the basis of above listed questions it has been asked to the consumersthat how often they visit a restaurant for dinner. Thus, on which the maximum of response comesfor monthly and weekly. Therefore, it can be analysed here that people like to eat out but they aremuch conscious regarding their health. Therefore, it can be suggested to the professionals thatthey must consider the quality and costs of the food.How would you like to rate thetaste of the meal offered atMurano restaurantAnswersRespondentsPercentageExcellent 1530% Good 1224% Average 816%Below average 1020% Terrible 510%Total50100%
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