Business Research Methodology & Quantitative Statistics
Business Research Methodology & Quantitative Statistics
The nature of business breed conflicts, obstacles and problems to discover, study and overcome. Every business has problems. They may be small or big problems in small businesses or global corporations, but they are still problems and all require attention. These businesses must address problems by identifying, analyzing and ultimately establishing their own research-based decisions and pursue actions for solutions to the problems. Business supervisors, managers and virtually all realms of leadership are constantly studying and analyzing such business issues. Organizational leadership is intimately involved in different forms of Business Research while they are addressing issues in their decision making processes towards their own business environment for the good of the company.
The purpose of this paper is to apply a critical evaluation of the California InterContinental University (CalU) GRC 605, Mini Project for week one in the Business Research Methodology & Quantitative Statistics course (CalU, 2012). This paper will address the importance of business managers embracing the concept that research initiatives are vital to achieve and maintain a competitive business advantage. Discussion in this paper includes general and specific definitions of good and bad forms or research. Finally, this paper will explain the Research Process and provide relevant examples.
Explain the Importance of Research
The saying goes that those who ignore history are doomed to repeat it. The business leadership may be highly educated and accomplished in their specific industry. However, failure to keep up with business research in the industry they are operating in may result in missed opportunities to increase or even maintain optimum company revenue. Knowledge of business research resources allows business managers to be aware of successes and failures in their industry and can prevent making the same mistakes and enhance the propensity for success. Trends, processes, failures, successes and best practices in their business arena are all salient business insights research may provide. Savvy business managers have a healthy understanding of the virtues of business research and the Research Methods.
Training in business research and research methods helps managers become cognizant of the complex nature of business situations. Bougie and Sekaran (2009) suggest the value of research training also enables manager to see through and reject overly simplistic answers to complex issues. Successful business managers study the pros and cons of all potential courses of action before making decisions. They will pursue targeted reviews of other Like-Industry Research findings, which assist these business Decision Makers (DM) in determining if research other than their own Primary findings may be of value as a form of positive or negative implementation for an internal evaluation process and business strategy. Accomplished DMs recognize the importance of Knowledge of Research tools and Methodology in the decision making process. Therefore, successful business DMs pursue the knowledge of research to better control, predict and understand events in their environments to make informed management decisions (Bougie & Sekaran, 2009).
Define “Good” Research
Bougie & Sekaran (2009) emphasize the business industry recognized Good Research methods as those, which focus DMs on the multitude of variables in a business problem. Good research follows a focal point on the multi-causality and multi-finality of a given business event to assist in avoiding uninformed, simplistic thoughts of one variable causing another. Successful DMs acknowledge professional research project results originating from their own organizations primary research resources will aide them in the essential action plans with known propensities of success in their decisions. Good research is a bottom-line essential decision-making tool for DMs use (Gorelick, 1993).
Good business research involves the use of scientific inquiry into a specific problem, which demands a sound solution for the DMs consideration. Good research requires a logical, step-by-step methodology that is both purposeful and rigorous to ensure a valid end-product. The scientific investigation process and DMs conclusions are essential aspects of an effective problem-solving course of action. Codes of conduct or business research ethics are paramount to the validation of good business research. Data collection, analysis, reporting and dissemination are all salient aspects of good research products, which must be conducted under business research ethical standards recognized in journals and professional publications devoted to the issue of business research ethics. Ethical issues must be addressed with industry standards and superintendence by industry watchdogs for the conduct of business research (Bougie & Sekaran, 2009).
Explain the Research Process with Examples
Bougie & Sekaran (2009) advance the Hypothetico-deductive research business research model. This Scientific Research method provides a systematic approach for basic and managerial problem solving through a seven-step process. The first step identifies a broad problem area such as a business’s drop in sales, which prompt the DM to initiate the business research project. The second step addresses a general objective of the business research with a well-defined problem statement. This step includes gathering preliminary information through interviews on topics intimately associated with the business environment or conducting a literature review to determine the extent to which the business problem has been exploited. The third step develops a hypothesis by fleshing out, identifying and testing probable variables that are causing the problem, and with gathered information, a prediction is made. A hypothesis follows the frame of an IF/THEN proposal.
The primary trait of a hypothesis is that something can be tested and that those tests can be replicated (Zimmerman, 2012). An example of a hypothesis to the problem statement of declining sales may include overpricing as the reason why the business sales are dropping. Determining measures for testing the hypothesis is the fourth step in the business research process. Variables must be measurable or the hypothesis is not testable. The fifth, sixth and seventh steps in the business research method includes; data collection, data analysis and data interpretation. These include selecting the best method for gathering the data, analysis the gathered data to test the hypothesis and finally study the results of the business research project to determine if the hypothesis was correct or refinement of theories and testing is prudent. DMs can then take the results and determine management business decision courses of action (Bougie & Sekaran, 2009).
Business research is an essential tool that equips organizational leadership with the knowledge that guides informed decisions, grounded in the scientific process to address the business problems. Being educated in the research method process is a hallmark of a modern, successful, professional business manager. Knowing and believing that business problems have problem-solving processes, allow these business managers to proactively identify business problems and address them with strategies to overcome dilemmas before they reach a critical point. Today’s DMs turn to professional business research journals to study problems other industry competitors faced. That along with employing successful business practices, or best methods other industry organizations have used, may work to avoid problems in their own situation.
A major factor for the business manager’s consideration is deciphering both good business research project reports and those not validated through the scientific method. In such, leaders may make calculated business decisions with full knowledge of all the risks and advantages involved. Their research knowledge provides sound insight of foreseeable probabilities resulting from the decision – eyes wide open. Further, a well-read, well-trained business manager is savvy to internal and external vested interests that may attempt to exert or advocate their decision preferences, which may be flawed or prejudiced. Practical experience and formal, scientific education and training in the business research field provide the business manager with the best possible combination for calculated, informed senior business decision making (Bougie & Sekaran, 2009).
Bougie, R., Sekaran, U. (2009). Research and markets: Research Methods for Business – A skill Building Approach. (5th Ed). John Wiley & sons Ltd Publishing. California InterContinental University. (2010, Jun 16). Study Guide, GRC 605, Research and Markets: Research Methods for Business – A Skill Building Approach, 5th ed. Gorelick, D. (1993). Good Research has
Obvious – and Not So Obvious Benefits. Marking News, 27(19), 16-16. Retrieved 14 January 2013 from http://search.proquest.com/docview/216424702?accountid=35996 Zimmerman, Kim Ann. “What is a Scientific Hypothesis? | Definition of Hypothesis | LiveScience .” Science News – Science Articles and Current Events | LiveScience . Live Sciences, 10 July 2012. Web. 17 Jan. 2013. <http://www.livescience.com/21490-what-is-a-scientific-hypothesis-definition-of-hypothesis.html>.
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 1 November 2016
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