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Research in Business

McGraw-Hill/Irwin Business Research Methods, 10e

Copyright 2008 by The McGraw-Hill Companies, Inc. All Rights Reserved.

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Four Sources of Information

Intuition

Authority

Decision Making

Experience

Research

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The secret of success is to know something nobody else knows. Aristotle Onasis

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Learning Objectives
Understand . . . What business research is and how it differs from business decision support systems and business intelligence systems. Trends affecting business research and the emerging hierarchy of business decision makers. The distinction between good business research and research that falls short of professional quality. The nature of the research process.

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Business Research Defined

A process of determining, acquiring, analyzing, synthesizing, and disseminating relevant business data, information, and insights to decision makers in ways that mobilize the organization to take appropriate business actions that, in turn, maximize business performance

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Why Study Business Research? Business research provides information to guide business decisions

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Research Should Reduce Risk

The primary purpose of research is to reduce the level of risk of a decision

Whats Changing in Business that Influences Research

New New Research Research Perspectives Perspectives Computing Computing Power & Power & Speed Speed Battle for Battle for Analytical Analytical Talent Talent Government Government Intervention Intervention Information Overload Technological Technological Connectivity Connectivity Shifting Shifting Global Global Economics Economics Critical Scrutiny of Business

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Factors Factors

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Why research is important? Collect more information before making a decision Conduct high quality research Understand research designs Evaluate and correct current management dilemma Make research a career

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Information Sources
Decision Support Systems Numerous elements of data organized for retrieval and use in business decision making Stored and retrieved via
Intranets Extranets

Business Intelligence Systems Ongoing information collection Focused on events, trends in micro and macro-environments

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Sources of Business Intelligence

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Hierarchy of Business Decision Makers

All research based Develop own method Access to the whole company

Visionaries Visionaries

Some research based Tested methods

Standardized Decision Makers

Limited access

Experience based Decision supported by secondary data

Intuitive Decision Makers

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Two Categories of Research

Applied Research Evaluate opportunities Improve a current situation Basic Research Solving theoretical problems No direct impact to actions, performance or policy decisions
Applied

Basic (Pure)

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Four Types of Studies

Reporting

Descriptive

Explanatory

Predictive

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Characteristics of Good Research

Clearly defined purpose Clearly defined purpose Detailed research process Detailed research process Thoroughly planned design Thoroughly planned design High ethical standards High ethical standards Limitations addressed Limitations addressed Adequate analysis Adequate analysis Unambiguous presentation Unambiguous presentation Conclusions justified Conclusions justified Credentials Credentials

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Characteristics of Good Research

1. Clearly Defined Purpose Must contain problem, decision to be made, scope, limitations and definition of key terms Ch 4 and 5 2. Detailed research process Each step must be detailed with the sources of data clearly explained Ch 4, Appendix A

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continued
3. Thoroughly planned design Sampling and observations must be accurate and carefully designed Ch 3,4,5, 6 - 14 4. High Ethical standards Must make sure respondents do not experience physical or emotional pressure Ch 2, 20

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continued
5.Limitations addressed There is no perfect research Ch 6, 14, 15, 20 6.Adequate analysis Validity and reliability is checked Ch 15 -20

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continued
7. Unambiguous presentation Style of presentation, language and terms must be simple and concise Ch 15 - 20 8. Conclusions justified Conclusions must be based on evidence and not experience Ch 15 - 20

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continued
9. Credentials Experience and credentials of the researcher plays a role Ch 20

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Characteristics of Bad Research

Fishing Trip Plagiarizing others work Falsifying data Presenting information which is not true Misleading respondents

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Limitations in doing research

Time constraint Availability of data Type of decision to be made Cost and Benefit Payback Improve quality Use of resources

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What is Important in this Chapter? Definition Why research is important? Benefits of research knowledge Characteristics of good and bad research When research is not feasible?