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.
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.
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).
Some decisions prove to be vital and any miscalculation that may be involved may prove dire for the individual or the organization. In identifying the criterion to use while evaluating different decisions, many factors pertaining the structure should be considered. The pros and cons of every decision made should be evaluated to ensure that the option chosen has the most positive effect on the individual and the organization. Some of the activities that may require keen decision making include project development, finance and operations. With the knowledge attained it will be easier to cope with tough decisions that may come up in my career. Decision making models may be generated to give an in depth view to the problem and also provide critical analysis ability. It is also vital noting that for those in managerial positions, they face a bigger task in decision making. A good understanding of the business function and structure will provide an in depth knowhow to those that have studied the
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...
Thinking critically and making decisions are important parts of today’s business environment. It is important to understand how the decision making process works and the steps involved. The nine steps of the decision making process are: identifying the problem, defining criteria, setting goals and objectives, evaluating the effect of the problem, identifying the causes of the problem, framing alternatives, evaluating impacts of the alternatives, making the decision, implementing the decision, and measuring the impacts. (Decision, 2007.) By using various methods and tools to assist in making important business decisions an individual can ensure the decisions they make will be as successful as possible. In this paper it will be examined how the decision making process can be followed using various tools and techniques to make successful business decisions by using these same tools and techniques during a thinking critically business scenario. The paper will also discuss how different tools and techniques could have been used to make different, yet still successful decisions.
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.
Managerial decisions are an important component in achieving the objectives of the organization. The success or failure of a business depend upon the decisions made by managers (Jurina, 2011). Today’s increasing complexity in the world of business brought forth greater challenges for both the firm and its managers. The rapid rate of technological and digital advance as well as greater focus product innovation and processes that influence marketing and sales techniques have contributed to the increasing complexity in the business environment.
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.
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...
After establishing the research problem and what results are wanted, it will define how it will find the answers. Research is a form of collection and interpretation of information that will form the basis of finding answers to questions. The research uses theories and methods that h...
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.