Business Research for Decision Making
The work of decision making involves choosing between issues that require attention, setting goals, designing suitable courses of action and choosing among several alternatives through the evaluation of each one of the alternatives. Of great importance in decision making is the choosing between the several alternatives. The effectiveness of this work of decision making is of great importance for the well being of every business activity and determines the success of every business (Kay Miranda). In the business setup, decisions that can be made could include product improvement, choice of an investment plan, business expansion and areas of improvement. For business leaders and thus the entire business to be effective, determination of problems and the ability to get reasonable solution is crucial. These leaders should also predict new business trends and thus develop products and services as needed. The reliability and validity of the research, and thus the quality of the business decisions is heavily dependent on the human skills as well as the machines that are used in carrying out business research work.
The success of any business activity, and thus the entire business is highly dependent on the reliability and the validity of the research being undertaken. Decision making is a crucial process in the success of every business. Since decision making is dependent on the results obtained from a business research activity, reliability and validity of the quantitative and qualitative research conducted during a business research is very crucial and should thus be always ensured before decision based on the results can be arrived.
A research instrument is considered to be reliable if when co...
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... dictates also the reliability of the results. Moreover, the skills and competence of the researcher and the research designer also dictate the reliability and validity of the results.
References
Kay Miranda. Steps in Business Research for Decision Making. Retrieved from:
http://www.ehow.com/way_5380556_steps-business-research-decision-making.html
Joppe, M., (2000). The Research Process. Retrieved from:
http://www.ryerson.ca/~mjoppe/rp.htm
Hoepfl, M. C., (1997). Choosing qualitative research: A primer for technology education
researchers. Journal of Technology Education, 9(1), 47-63. Retrieved from:
http://scholar.lib.vt.edu/ejournals/JTE/v9n1/pdf/hoepfl.pdf
Golafshani, N., (2003). Understanding reliability and validity in qualitative research.
The Qualitative Report, 8(4), 597-606. Retrieved from: http://www.nova.edu/ssss/QR/QR8-4/golafshani.pdf
The company conducted a serious market research and can use the results to make the best decision.
Sapient is a business consulting and technology Services Company based in Cambridge, Massachusetts, that was founded in 1991 to specialize in client/server application development. Sapient was one of a group of companies (along with firms such as Cambridge Technology Partners and i-Cube) that sought to differentiate themselves from traditional consultants by offering strong technical skills and application development to enable companies to get business value out of technology within fixed-fee/fixed-time contracts and by focusing solely on client's success to achieve long term goals and objectives. In the mid-1990's, Sapient recognized the potential of Internet and started to offer Internet solutions to its clients. Sapient was one of the few e-business integrators from the dot-com era that recognized offshore opportunities early on. It invested in global delivery capabilities in India starting in 2001.The Company has been through significant changes over the past five years, including significant shifts in its client base, offshore staff mix, and target contract size, but the focus on its purpose, core values, Internet enablement and related technologies is unchanged.
Marketing research has become a very important part of small businesses and large corporations gaining information about their customers and how they feel about their products and services. According to Philip Kotler, "Marketing research is systematic problem analysis, model building and fact-finding for the purpose of improved decision-king and control in the marketing of goods and services (Kotler & Keller, 2012)”. The initial step in the marketing process is to identify the problem the company is having and then decide the way the marketing team would like to conduct the research. The marketing team will devise a plan on how to gather the information and set a budget for the research project. In the planning of how they will conduct the
Leaders facing decision making with there is a small amount of pertinent criteria are wise to use bounded rationality decision making. In a situation such as this, the outcome is not a driving force and leaders are not willing or able to invest a great deal of time with regard to this method of decision making.
Evaluating and understanding research findings is a very important skill for professionals to acquire. It is necessary to thoroughly collect data, findings, and results of the experiments to produce accurate detailed accounts of the studies.
Decision making is a task which needs utmost balance on the part of the leader. One sided decisions when team input is necessary or resources going into a lot of group decision making process when the decision itself is not so crucial can turn out to be big result influencing part of the outcomes of a leadership experience. Leadership demands a lot of adaptability where the style of leadership to be followed, a complete leader driven or group driven is to chosen based on the type of decision to be taken and the situation in which the decision is to be taken.
A researcher needs to familiarize himself/herself with the limitations present in any research, design, and method. This will help the researcher ensure positive possibilities in reliability and validity. It is also important to add the importance of recognizing and becoming aware of philosophical assumptions to help reduce bias throughout the research.
In dealing with most complex problems in today’s work environment, there may be more than one good answer to a problem. The question then becomes one of picking the best answer; this is called decision-making. Weighing the consequences of th...
Making business decisions involves choosing between alternative courses of action. Many factors affect business decisions, yet analysis typically focuses on finding the alternative that offers the highest return on investment or the greatest reduction in costs. Some decisions are based on little more than an intuitive understanding of the situation because available information is too limited to allow a more systematic analysis. In other cases, intangible factors such as convenience, prestige, and environmental considerations are more important than strictly quantitative factors. In all situations, managers can reach a sounder decision if they identify the consequences of alternative choices in financial terms. This unit
We believe it is clear that both qualitative and quantitative research have many benefits and many costs. In some situations the qualitative approach will be more appropriate; in other situations the quantitative approach will be more appropriate.
Making decisions is an important part of our everyday life. Decisions define actions and lead to the achievement of goals. However, these depend on the effectiveness of the decision-making process. An effective decision is free from biases, uncertainties, and is deeply dependent on information and critical thinking. Poor decisions lead to the inability to achieve set objectives and could lead to losses, if finance is a factor. Therefore, it is important to contemplate about quality and ways to achieve it in decision-making, which is the focus of this paper. The purpose is to look into the needs of decision-making, including what one should do and what one should not do.
To achieve the research objectives the process of research must be carried out by certain principles and to use appropriate methods. It is very important that the methods used to obtain the desired results, and this starts to clearly define the objectives and what we need to know, and also by choosing the methods and tools to help us and to ease the process. (Kumar, 2008)
Quantitative research involves the collection and converting of data into numerical form to enable statistical calculations be made and conclusions drawn. It provides a measure of how people think, feel or behave and uses the statistical analysis to determine the results. However, this measurement results in numbers, or data, being collected, which is then analyzed by using quantitative research methods (Byrne, 2007).
Effective decision making involves the ability to identify consistently and select the best choice among multiple options. This is true both personally and professionally. For the decision making process one may use a decision making model. A decision making mo...
Decision making is one of the most important aspects in life and work because of its strong link to success and effectiveness. Actually, successful people achieve their goals in life and work through effective and efficient decision making. The decision making process is usually guided by an individual’s beliefs, values, and attitudes as well concepts. While a person can use various concepts in making decisions, they should be very careful to select a concept that is effective and contributes to huge success. Nonetheless, these concepts exist to help an individual become a better decision maker in the world around him/her.