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WHY STUDY RESEARCHProvides you with the
knowledge and skills youneed to solve the problemsand meet the challenges of
a fast-paced decision-making environment.
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Definition
We define business researchas a systematic inquiry whoseobjective is to provideinformation to solve managerial
problems .
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Factors in Scientific DecisionMaking
The managers increased need for moreand better information.
The availability of improved techniquesand tools to meet this need.
The resulting information overload if discipline is not employed in the process.
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New Roles of Business
Historically -economic role
Response to the social and political mandates of national public policy
Explosive technology growth
Continuing innovations in globalcommunications.
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Other Issues
Other knowledge demands have arisen from Problems with mergers
Trade policies Protected markets Technology transfers
Macroeconomic savings-investment
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Need For Better Information
More variables to consider in everydecision.
More knowledge exists in every field of management.
Global and domestic competition is morevigorous
The quality of theories and models toexplain tactical and strategic results isimproving.
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Need for Information Workers, shareholders, customers and the general
public are demanding to be included in companydecision making; they are better informed and moresensitive to their own self-interest than ever before.
Organisations are increasingly practicing datamining, learning to extract meaningful knowledgefrom volumes of data contained within internaldatabases.
Computer advances have allowed businesses tocreate the architecture for data warehousing,electronic storehouses where vast arrays of collected, integrated data are ready for mining
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Need for Information The power and ease of use of todays computers
have given us the capability to analyze data todeal with todays complex managerial problems.
Techniques of quantitative analysis takeadvantage of increasingly powerful computingcapabilities.
The number and power of the tools used toconduct research have increased,
commensurate with the growing complexity of business decisions. Communication and measurement techniques
within research have been enhanced.
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Essence of Research
Try answering these questions:
(1) What is the decision-making dilemma facingthe manager?
(2) What must the researcher accomplish?
Defining the dilemma is paramount and difficult.
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Types of Study
The different types of study can beclassified as
Reporting Descriptive
Explanatory Predictive.
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A descriptive study tries to discover answers to the questions who, what,when, where, and, sometimes, how.
Involves the collection of data and thecreating of a distribution of the number of times the researcher observes a singleevent or characteristic (known as aresearch variable).
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Organisations and DescriptiveStudies
Organisations might have enough
data base but not mine them for
decision - making
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Explanatory Study
An explanatory study goes beyond descriptionand attempts to explain the reasons for thephenomenon that the descriptive study onlyobserved.
Research that studies the relationship betweentwo or more variables is also referred to as a corelational study
Uses theories or at least hypotheses to accountfor the forces that caused a certain phenomenonto occur
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Predictive Studies
Predict when and in what situations the eventwill occur.
In business research, prediction is found instudies conducted to evaluate specificcourses of action or to forecast current
and future values. Able to control a phenomenon once we can
explain and predict it.
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Pure Research and AppliedResearch
Applied research has a practical problem-solving emphasis
Rectifying an inventory system that isresulting in lost sales
An opportunity to increase stockholder wealth through acquiring another firm.
Pure Research does not offer immediatesolutions
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Definition of Scientific ResearchScientific research isa systematic, controlled, empirical, and
critical investigation of natural phenomena
guided by theory and hypotheses about the
presumed relations among such
phenomena
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What is Good Research?
Good research generatesdependable data, that can beused reliably for managerialdecision making.
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Characteristics of Good Research
Purpose clearly defined
Research process detailed
Research design thoroughly planned
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Characteristics of Good Research
High ethical standards applied
Limitations frankly revealed
Findings presented unambiguously
Conclusions justified
Researchers experience reflected
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Advantages of Research Skills
Manager as research-based decisionmaker- intuitive judgement is less reliable
Subordinate employee as researcher- can
be a career boosting activity.
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Manager as research services buyer or evaluator- evaluate research proposalssane orgn of time and money.
Manager as evaluator of secondary datasources.
Research specialist-financial analysis,
marketing research, operations research,public relations and human resourcesmanagement.
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Scientific Research
Direct observation of phenomena. Clearly defined variables, methods and
procedures. Empirically testable hypotheses. The ability to rule out rival hypotheses.
Statistical rather than linguistic justificationof conclusions. The self-correcting process.
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Deduction
Deduction is a form of inference that purports tobe conclusive
the conclusion must necessarily follow from the
reasons given. For a deduction to be correct, it must be bothtrue and valid:
Premises (reasons) given for the conclusion
must agree with the real world (true). The conclusion must necessarily follow from the
premises (valid).
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Induction
To induce is to draw a conclusion fromone or more particular facts or pieces of evidence.
The conclusion explains the facts, and thefacts support the conclusion