Business Decision Making in Murano restaurant - Report

Added on - 14 Jan 2020

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BUSINES DECISIONMAKING
TABLE OF CONTENTSTASK 1............................................................................................................................................31.1 Plan for collection of data.....................................................................................................31.2 Sampling method.................................................................................................................41.3 Questionnaire for data collection..........................................................................................5TASK 2............................................................................................................................................72.1 Create information for decision making by summarizing data using representative values.72.2 Analyze the results to draw valid conclusions in a business context....................................82.3 Analyze data using measures of dispersion to inform a given business scenario.................92.4 Explain how quartiles, percentiles and the correlation coefficient are used to draw usefulconclusions in a business context..............................................................................................10TASK 3..........................................................................................................................................113.1 Graphical diagram...............................................................................................................113.2 Trend analysis chart............................................................................................................123.3 Presentation covered in slide...............................................................................................133.4 Formal business report........................................................................................................13TASK 4..........................................................................................................................................144.1 Use appropriate information tools for decision making.....................................................144.2 Prepare a project plan for an activity and determine the critical path.................................154.3 Project evaluation methods.................................................................................................17CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................21INDEX OF TABLESTable 1: Which type of restaurant you prefer for taking lunch or dinner?......................................7Table 2: Most important criteria when choosing a restaurant..........................................................8
INTRODUCTIONMurano restaurent is one of small size restaurant in the UK. It wants to open its businessin the London. Before starting a business it is necessary to understand thew market. Hence, deepresearch on market is done in this report.Business environment is very complex and it is verydifficult to take business decisions. Now days, it has been observed that most of the businessfirms are using facts and figures in order to make sound business decisions. In this regard theyuse statistical tools like mean, median, mode and standard deviation etc. In order to understandpractical application of these tools calculations are done and their results are interpreted in orderto measure the firm’s performance from different sides. In the report, primary data is alsocollected by distributing questionnaire and their results are also interpreted. At the end of thereport, project evaluation technique is applied on the cash flows and viability of project ischecked.TASK 11.1 Plan for collection of dataIn order to collect data forMurano restaurantquestionnaire will be distributed among therespondents. Through questionnaire data will be collected from the different respondents that areresiding in different parts of London Apart from this there are many other data collectionmethods and some of them are as follows.Interview and surveysIt has been seen that in most of the researches, primary data is collected by takinginterviews. It can be taken in many ways and there are benefits and limitations of each method ofinterview. It can be classified into two categories namely face to face interview and telephoneinterview.Face to face interviewIn this interview, interviewer and interviewee meet face to face and second entityresponds to the questions of interviewer. Benefits and limitations of face to face interview are asfollows:BenefitsCan change questions for the interviewee if he feels uncomfortable in answering aparticular question.
Cheapest way of data collection (Clarke and Fujimura, 2014).LimitationIt is very difficult to take interview of top managers because before interview, approvalfrom them is required. Due to busy schedules, they sometimes deny from givinginterview.Telephone interviewIn this, interviewer through telephone takes interview of interviewee. Benefits andlimitations of this mode of interview are given as below:MeritsIn case of this interview, there is no need to employ large number of workforce for datacollection.It is the cheapest method of data collection.DemeritsConversation for interview can be carried out for limited time period on telephone.Interviewee may be busy in some activities and he may deny from giving interview.Monitoring and observationIn this method of data collection, moderator only monitors the activities of an individual.By monitoring the activities of an individual or group of people, data is collected by themoderator.ExperimentIn this method, scientist conducts an experiment on person or any chemical and collectsdata about changes that are taking place in subject or chemical.Browsing on internetBy browsing on internet, researcher collects the secondary data for research. Today, thisis a common way that is adopted by each and every researcher for collecting secondary data fromvarious publications.1.2 Sampling methodUniverse is a big part of population from which sample units are taken for the research.Information or data is usually collected from the small part of population. It is very easy andcheaper to collect entire required data from sample rather then huge population that resides inspecific geographic area.There are many sampling methods and some of them are as follows:-
a)Random sample- It is a technique in which every person who is the part of population hasan equal chance of being selected in the sample from which data will be collected by theresearcher(Kuada, 2012). Generally, when interviewer use telephone for data collectionin order to take opinion of people use this sampling method.b)Systematic sample- In this method every person who is part of population is taken assample unit at regular intervals from a list.c)Convenience sample- In this interviewer according to his convenience take sample unitsform population. For example an interviewer can take 120 people as respondents fromsupermarket and asks questions related to their preferences(Wåhlberg, 2012).d)Stratified sample- In this method a population is divided in to separate groups of strataand from these parts sample units are taken for the research. This sampling method is bestfor research because in order to understand consumer behavior of the people it isnecessary to collect data from different people.e)Cluster sample- In this technique population is divided into small groups. These smallgroups are known as clusters and sample units are taken from these groups.1.3 Questionnaire for data collectionA questionnaire can be defined as a set of questions that are related to the given topic.While drafting questionnaire some things must be kept in mind and these are given below.-Questions should not be biased.-Questions must not heart people emotions.-Questions should be conciser and easy to understand.For preparing a questionnaire below given types of questions can be asked in order to collectdata in systematic way:1. Questions related to demographic characteristics can be asked to respondents like their nameand income level.2. Closed-ended questions can be asked to respondents in which there will be options like yes orno. It become easy for researcher to do analysis using closed ended questions.3. Open-ended questions can be asked to respondents specially when they are intellectual peopleand can provide valuable information for researcher.1.GenderMaleFemale
2.Marital StatusSingleMarried without kidsMarried with kids3.NationalityBritishEuropeanAmericanOther (please specify)4. Age category20-2526-3031-3536-40Above 405. Average monthly incomeBelow 20,00020,000-30,00030,000-40,000Above 40,0006. Which type of restaurant you prefer for taking lunch or dinner?TraditionalHomeyModernCombination ofTraditional and ModernNo specific choice7.How many times you visit Restaurant in a month?Once a monthTwice a monthThricea monthOther (please specify)
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