Business Decision Making - Murano
Added on 2020-06-05
17 Pages4251 Words68 Views
BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Primary and secondary data collection plan..........................................................................11.2 Survey methodology and sampling frame.............................................................................21.3 Questionnaires for data collection.........................................................................................32.2 Calculations for mean mode and median..............................................................................52.3 Calculation of standard deviation.........................................................................................62.4 calculation of Quartile, Percentile and correlation coefficient.............................................6TASK 2............................................................................................................................................73.1 Business plan with the help of graphs and spreadsheet........................................................73.2 trend line in graphs................................................................................................................83.3 Business presentation............................................................................................................93.4 Formal business report..........................................................................................................9TASK 3............................................................................................................................................94.1 Information processing tool..................................................................................................94.2 Financial tool for decision making:.....................................................................................104.3 critical path..........................................................................................................................13CONCLUSION..............................................................................................................................14REFERENCE.................................................................................................................................15
INTRODUCTIONSmooth functioning and successful running of a business requires timely good decisionswith the help of professional heads. A determination is based on the innovative ideas, knowledgeup-gradation and an effective reasoning that can be beneficial to lead the organisation.Judgement must be made promptly and it should be very effective. Murano is the UK's leadingrestaurant group and it has planned to open one more restaurant, the directors has selected aprofessional team that can lead the surveys at various locations and come with the details orinformation about the consumer preferences. After analysing and examine the data collected bythe employees the firm would organise meetings of top level manager, conducting seminars,symposium and workshops. This will be fruitful in making a great business solution.TASK 11.1 Primary and secondary data collection planThe collection of adequate data is helpful in having all the knowledge regarding theconsumer preferences, choices, tastes etc. Murano group has planned to start a secondaryrestaurant so it is essential for them to collect the optimum information from the market andanalyse the data to create a fruitful decisional plan as to satisfy the buyers desired demands. Theprofessional of the organisation should follow the various methods for fetching costumer needs:Primary Data Collection: The data collected from the primary sources by conductingsurveys, doing observations, implementing experiments, direct communication, interviews ofindividuals and from questionnaires (Daas and Arends-Tóth, 2009). Murano has to firstly collectthe primary data from various locations like doing personal interactions with the citizens to knowtheir preferences related to the locations, services a restaurant should facilitate, tastes and thequality required in every meal. The primary data can be collected by these several techniques:Daily observation must be done which related to the study about consumer behaviour,demand in the market and new trends that are to be adopted by the organisation as tocompete with the competitors.A professional team should be decided by the directors of the firm which can organisepersonnel interview which helps in providing in depth information from variousindividuals.Telephonic interaction with various individuals which very quick and reasonable incollecting the informations.1
Questionnaires to be prepared and asked to various respondents which is the best methodto collect the informations from the sources.Secondary Data Collection: The secondary source of data collection are mainlyobtained by the social factors (Gill, and et.al. 2008). The informations can be generated with thehelp of government departments like the tax records, statistics, socials security etc. Internetsurfing can also be very fruitful for making the self-observatory research. Reports of the severalorganisations which has all the records of their statistical data and profit gain by them. The datagathering can be done by the following techniques:Governmental sources like the records of taxations, statistical information of the data etc.Trade journals, books, magazines, articles, blogs from various writers or critics helps theorganisation to know the new changes and preferences of the consumers.Business reports of the various entities including their annual financial statements thatshows their growth and places of where they are not performing as expectations.1.2 Survey methodology and sampling frameSurvey methodology To go through the quality, price and infrastructure of the restaurant or any other place onehas to go through the survey made by anybody. I give the total report about the condition andfood till the management system. It will include the certain thing in it to be considered for betterworking (Loeffler, 2009). The first and the very important thing is the quality and taste of thefood serve at the Murano. In any restaurant, the food is the key element to be keep in mind. Thefood being served to the people is fresh or not or the taste of the food is satisfied according to theprice they paying. The services granting to the people should be of fair means. The services likedby the people will enforce them to come for the next time too and even refer to the other. Thevery next thing for the Murano is to keep the surrounding and the infrastructure clean andamazingly appealing which suits the people and make them feel the presence around. Ininfrastructure, the total structure comes from the table to the doors, even the wash rooms and allthe things decorated on the table.Sampling frameThe sampling is done for the comparison of the data from the earlier data what amount orpercentage of difference, growth, etc. is there in the Murano. To keep going with effectiveworking quality or is there is any down mark in the graph and try to figure it out how to change it2
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