Research on Decision Making in Business

Added on - 22 Jul 2020

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BUSINESS DECISIONMAKING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1..........................................................................................................................................11.1 Plan for collection of primary and secondary data................................................................11.2 Survey methodologies and sampling frame used..................................................................21.3 Questionnaire design for given problem...............................................................................2TASK 2...........................................................................................................................................42.1 Summarisation of information..............................................................................................42.2 Results analysis.....................................................................................................................52.3 Analysis of measure of dispersion with standard deviation..................................................62.4 Use of quartile, percentile and correlation coefficient for data calculation..........................6TASK 3...........................................................................................................................................73.1 Graph production through using spreadsheet........................................................................73.2 Formulation of trend lines in order to determine the results................................................93.3 Business presentation for dissemination of information.....................................................113.4 Formal business report........................................................................................................11TASK 4.........................................................................................................................................114.1 Appropriate information processing tool............................................................................114.2 Project plan for an activity..................................................................................................12.......................................................................................................................................................134.3 Financial tools use in decision making...............................................................................14CONCLUSION.............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONBusiness decision are very important for any organisation working in dynamicenvironment. These decisions shows where a firm is standing in terms of its rivals. To survive intoday's dynamic market with presence of numerous competitors is not easy for any businessorganisation. Thus, a manager has to given utmost care to each and every decisions that are takenby him. Also right time is one of the essence. That's why it is said to take appropriate decisions atright time. Research department has to play key role in gathering essential data that aretransformed into useful information. The information will help business to frame strategies offirm. Also conclusions and results drawn from these informations will be helpful for stakeholderstoo for assessing position of brand in market. Murano is one of the most popular restaurant inLondon. They are known for their brand image. The business is successful because of itsappropriate decisions taken by manager of organisation.TASK 11.1 Plan for collection of primary and secondary dataLondon is one of the most exciting place in the world. The number of tourists who visitLondon are increasing day by-day. The business opportunities there are enormous. Obviouslyevery organisation like to get benefit from such business opportunities. Murano is a popularrestaurant known for its customer service. They are liking to expand their business. Thus, datacollection is must.Primary data-The primary data can be collected through loyal customers and data canbe gathered. The ways to collect those data can be questionnaires, survey etc.Secondary data-The second data can also be used by understanding differentphilosophies required to carry out expansion effectively. The journals, publications, online etc.To understand marketing conditions are most important. Interview can be one of the besttechnique of data collection from customers. A restaurant can also adopt questionnaires methodsby getting feedback in the form of greeting thank you to them. They can also use their websitesand e-commerce links in order to get reviews from customers. It is said that customers are kingof market and satisfying them is the utmost concern for them. The records that re readily can alsobe of great importance. The rivals data and information helps the firm to effectively manage theirenhancement of business. Both qualitative and quantitative techniques should be used.1
Observations, images can also generate great information. The decision making should beappropriate so that it will serve organisation in future course of time.1.2 Survey methodologies and sampling frame usedSurvey methodologies is the kind of tool used for gathering essential information. A firmlike to targets different segments and collection should be done in a way that best possible getuseful information to business organisation. Wants and needs, product preferences and newmethods to improve customer service can be important and considered at the time of datagatherings. A sample should be chosen in such a way that best represent characteristics of totalpopulation. There are two kinds i.e. probability and non-probability sampling. Probabilitysampling consist of simple random sampling, stratified sampling, cluster sampling andsystematic sampling. Non-probability sampling can be snowball sampling, quota sampling andjudgement sampling (Goodwin and Wright, 2014). The survey methodologies can be interviews,questionnaires and focus groups. The qualitative and quantitative assessment needs to be done.Social media-It is one of the best tool of data collection. The social media presence isincreasing day by day. Thus, presence in social media can help out to know customerswillingness. They can suggest what products will satisfy them most. It also give variousviewpoints and opinions.Interviews-Interviews can be done face-to-face or telephonic. Murano can interviewedtheir internal as well as external customers to better gather the data. They can also get feedbackfrom customers while greeting them and asking questions about the delivery of services.1.3 Questionnaire design for given problemMurano can use questionnaires to collect data about customers service and improve thesame. The sample questionnaire can be -Murano service delivery EvaluationQUESTIONNAIREName:Age:Gender:Q1. Which product do you like most of restaurant?a) Egg noodles2
b) Dried eggc) Chickend) MeetQ2. Which is the most competitive rivalry for restaurant?a)Blackfriars Restaurantb)Balti PalaceQ3. Which price group you belong to ?a) More than 25 dollarb) More than 50 Dollarc) More than 100 dollarQ4. How is the customer service in restaurant?a) Goodb) Averagec) poorQ5. Which location can be most preferable?a) Seasideb) RooftopQ6. Does the services provided by staff are up to marka)Yesb)NoQ7. Does the environment of restaurant is good enougha)Yesb)NoQ8. Does the quality of food is appropriatea)Bestb)averagec)PoorQ9. Which thing attract the most to customersa) Environmentb) ServiceQ10. Further recommendation, if any?3
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