Business Decision Making Tools - Assignment
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Added on 2020-06-04
Business Decision Making Tools - Assignment
Added on 2020-06-04
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Business Decision Making
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Create a plan for collecting primary and secondary data.................................................11.2 Present the survey methodology and sampling frame used..............................................21.3 Design a questionnaire for business problem...................................................................32.1 Create information by using representative values..........................................................42.2 Analyse the results to draw valid conclusion...................................................................52.3 Analyse data by using measure of dispersion so that appropriate decision get encourage62.4 Use of correlation coefficient in decision making process...............................................7TASK 2............................................................................................................................................83.1 Produce graphs and charts on the basis of derived information.......................................83.2 Create trend line in assist future forecasting..................................................................103.3 Prepare a business presentation for senior management................................................113.4 Produce a formal business report...................................................................................11TASK 3..........................................................................................................................................114.1 Use of suitable information processing tool...................................................................114.2 Prepare a project management plan with critical path system.......................................124.3 Use of financial tools for decision making.....................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONDecisions and right judgement facilitate an organisation to grow and develop in aneffective and appropriate manner. Thus, it is essential to take beneficial decisions in business sothat proficiency of an association could be maximise (Barlett, 2016). This project is based onMurano Restaurant decision making process for another outlet in London for which they need toconsider various aspects properly. In this aspect, firstly, management need to use variety ofsources of data so that appropriate conclusion and opinion of target respondents could be gain.Along with this, there will be various kinds of data evaluation of techniques for businesspurpose. Although, there is a need to define outcome in an agreed format which will also assist abusiness to take appropriate judgement. Moreover, software generated information will aid inmaking impressive and profitable judgement. TASK 11.1 Create a plan for collecting primary and secondary dataData consider as essential tool in business on the basis of which appropriate andappreciable outcome could be gain. Although, for collecting and gathering primary andsecondary source of data, management need to prepare such sections properly as well as create aplan for one which will get utilise in their operations and working. Murano Restaurant wants totake a long term judgement for betterment of a company for which they need to inspect aboutprimary and secondary source of information:Primary data: These all are such kind of information which are raw in nature and neverget utilise ever before (Beach and Lipshitz, 2017). Primary source of informationgenerated through personal interactions, questionnaire survey etc. This will assist MuranoRestaurant to gain responses of customers by applying questionnaire survey in abeneficial frame. Secondary data: Another source of data which based on existing information issecondary source. This enable to inspect the already analyse information again and againso that more related hypothesis will lead to create. Out of two of the, questionnaire survey is essential one which facilitate an option to do thingscorrectly ad properly. Thus, appropriate plan is must to gather the information through primaryframework which standardises as follow:1
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