Why Study Research 1

8/14/2019 Why Study Research 1

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WHY STUDY RESEARCHWHY STUDY RESEARCHProvides you with theProvides you with the

knowledge and skills youknowledge and skills you

need to solve theneed to solve theproblems and meet theproblems and meet the

challenges of a fast-challenges of a fast-paced decision-makingpaced decision-makingenvironmentenvironment..


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DefinitionDefinition

We define business researchWe define business research

as a systematic inquiry whoseas a systematic inquiry whose

objective is to provideobjective is to provide

information to solve managerialinformation to solve managerial

problemsproblems..


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Predicament in the casesPredicament in the cases

1. In CHILDCO senior VP must decide as to1. In CHILDCO senior VP must decide as to

whether an acquisition of a toy maker shouldwhether an acquisition of a toy maker should

be made. If yes, which one of the sixbe made. If yes, which one of the six

NUCMED physicians must decide as toNUCMED physicians must decide as to

whether to join the proposed managed healthwhether to join the proposed managed health

care plan of their primary insurers.care plan of their primary insurers.


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Predicament in the casesPredicament in the cases

Colorsplash whether or not to implementColorsplash whether or not to implementthe new inventory management systemthe new inventory management system

At York President to propose to the BoDAt York President to propose to the BoDwhether to fund the developmentwhether to fund the developmentretirement communityretirement community

In real life management dilemmas areIn real life management dilemmas arenot so CLEARLY DEFINEDnot so CLEARLY DEFINED


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Factors in Scientific DecisionFactors in Scientific Decision

MakingMakingThe managers increased need forThe managers increased need for

more and better information.more and better information.

The availability of improved techniquesThe availability of improved techniquesand tools to meet this need.and tools to meet this need.

The resulting information overload ifThe resulting information overload ifdiscipline is not employed in thediscipline is not employed in theprocess.process.


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New Roles of BusinessNew Roles of Business

Historically -economic roleHistorically -economic role

Response to the social and politicalResponse to the social and political

mandates of national public policymandates of national public policy

Explosive technology growthExplosive technology growth

Continuing innovations in globalContinuing innovations in global

communications.communications.


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Other IssuesOther Issues

Other knowledge demands have arisenOther knowledge demands have arisen

fromfrom

Problems with mergersProblems with mergers

Trade policiesTrade policies

Protected marketsProtected markets

Technology transfersTechnology transfersMacroeconomic savings-investmentMacroeconomic savings-investment


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Need For Better InformationNeed For Better Information

There are more variables to consider inThere are more variables to consider in

every decision.every decision.

More knowledge exists in every field ofMore knowledge exists in every field of

management.management.


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Need For Better InformationNeed For Better Information

Global and domestic competition is moreGlobal and domestic competition is more

vigorous, with many business down sizing tovigorous, with many business down sizing to

refocus on primary competencies, reducerefocus on primary competencies, reduce

costs, and make competitive gains.costs, and make competitive gains.

The quality of theories and models to explainThe quality of theories and models to explain

tactical and strategic results is improving.tactical and strategic results is improving.


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Need for InformationNeed for Information

Workers, shareholders, customers and theWorkers, shareholders, customers and the

general public are demanding to begeneral public are demanding to be

included in company decision making;included in company decision making;

they are better informed and morethey are better informed and more

sensitive to their own self-interest thansensitive to their own self-interest than

ever before.ever before.


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Organisations are increasingly practicingOrganisations are increasingly practicing

data mining, learning to extract meaningfuldata mining, learning to extract meaningful

knowledge from volumes of data containedknowledge from volumes of data contained

within internal databases.within internal databases.


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Computer advances have allowedComputer advances have allowed

businesses to create the architecture forbusinesses to create the architecture for

data warehousing, electronic storehousesdata warehousing, electronic storehouseswhere vast arrays of collected, integratedwhere vast arrays of collected, integrated

data are ready for miningdata are ready for mining


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The power and ease of use of todaysThe power and ease of use of todays

computers have given us the capabilitycomputers have given us the capability

to analyze data to deal with todaysto analyze data to deal with todays

complex managerial problems.complex managerial problems.

Techniques of quantitative analysisTechniques of quantitative analysis

take advantage of increasinglytake advantage of increasingly

powerful computing capabilities.powerful computing capabilities.


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The number and power of the tools usedThe number and power of the tools usedto conduct research have increased,to conduct research have increased,commensurate with the growingcommensurate with the growing

complexity of business decisions.complexity of business decisions.

Communication and measurementCommunication and measurementtechniques within research have beentechniques within research have been

enhanced.enhanced.


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Essence of ResearchEssence of Research

Try answering these questions:Try answering these questions:

(1)(1) What is the decision-making dilemmaWhat is the decision-making dilemma

facing the manager?facing the manager?

(2) What must the researcher accomplish?(2) What must the researcher accomplish?

Defining the dilemma is paramount andDefining the dilemma is paramount and

difficult.difficult.


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Types of StudyTypes of Study

The different types of study can beThe different types of study can be

classified asclassified as

ReportingReporting

DescriptiveDescriptive

ExplanatoryExplanatoryPredictive.Predictive.


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Reporting studyReporting study

Only to provide an account or summation of someOnly to provide an account or summation of some

data or to generate statisticsdata or to generate statistics

Task can be simple or difficult subject to dataTask can be simple or difficult subject to dataavailabilityavailability

Requires skill in identifying info sourcesRequires skill in identifying info sources

Requires little skills in analyzingRequires little skills in analyzing


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CHILDCOCHILDCO

What info should be evaluated in order toWhat info should be evaluated in order tovalue a company.value a company.

Knowledge can be acquired in coursesKnowledge can be acquired in courseslike Financial Management, Marketing,like Financial Management, Marketing,AccountingAccounting

Info sources- business articles, annualInfo sources- business articles, annualreportsreports


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Do Reporting Studies qualify asDo Reporting Studies qualify as

research?research?Purists claim they do not. But carefully gathered dataPurists claim they do not. But carefully gathered data

has great value.has great value.

Research design need not be complicated to be calledResearch design need not be complicated to be called

as researchas research


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Do Reporting Studies qualify asDo Reporting Studies qualify as

research?research?

As entry level managers you will asked toAs entry level managers you will asked to

perform reporting studiesperform reporting studies

Excellent for new employees to becomeExcellent for new employees to become

familiar with employer and industryfamiliar with employer and industry


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Descriptive studyDescriptive study

Discovers answers to questions- who,Discovers answers to questions- who,what, when where and maybe howwhat, when where and maybe how

Creating a profile of a group of problems,Creating a profile of a group of problems,people or events.people or events.

Involves collection of data and alsoInvolves collection of data and alsoexamining relationship between theexamining relationship between theresearch variables.research variables.


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NUCMEDNUCMED

Present data to reveal who is associatedPresent data to reveal who is associatedwith the insurerwith the insurer

Who uses managed healthcare programsWho uses managed healthcare programs

General trends in imaging technologyGeneral trends in imaging technology

Technology use patterns etc;Technology use patterns etc;


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Characteristics of descriptiveCharacteristics of descriptive

studiesstudies

May or may not have the potential to makeMay or may not have the potential to make

powerful inferencespowerful inferences

Organisation that have extensive dataOrganisation that have extensive data

bases of customers, suppliers, employeesbases of customers, suppliers, employeescan conduct descriptive studiescan conduct descriptive studies


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Characteristics of descriptiveCharacteristics of descriptive

studiesstudies

Many firms do not mine their data forMany firms do not mine their data for

decision-makingdecision-making

Is versatile and very popular acrossIs versatile and very popular across

disciplinesdisciplines


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Explanatory studyExplanatory study

Goes beyond descriptions and tries toGoes beyond descriptions and tries to

explain reasons for the phenomenonexplain reasons for the phenomenon

Co relational study if it involvesCo relational study if it involves

relationships between variablesrelationships between variables

Uses theories to explain occurrence of aUses theories to explain occurrence of a

phenomenon.phenomenon.


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ColorsplashColorsplash

If the problem was paint stockouts was theIf the problem was paint stockouts was theresult of inventory management, owner asksresult of inventory management, owner asksfor warehousing and shipping details- will befor warehousing and shipping details- will bea descriptive studya descriptive study

Explanatory if problems in processes couldExplanatory if problems in processes couldbe linked to sales losses due to inability tobe linked to sales losses due to inability tomake timely deliveriesmake timely deliveries

Tests hyp by modeling last years businessTests hyp by modeling last years businessusing relationship between processes andusing relationship between processes andresultsresults


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PredictivePredictive

Uses explanation after event has occurred to makeUses explanation after event has occurred to make

predictions for the future.predictions for the future.

Rooted in theoryRooted in theory

Involves inference makingInvolves inference making

Prediction of proposed retirement facility forPrediction of proposed retirement facility for

alumnialumni


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Reporting StudyReporting Study

A reporting study may be made onlyA reporting study may be made onlyto provide an account or summationto provide an account or summationof some data or to generate someof some data or to generate some

statistics.statistics.

A reporting study calls for knowledgeA reporting study calls for knowledgeand skill with information sources andand skill with information sources andgatekeepers of information sources.gatekeepers of information sources.


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Descriptive StudyDescriptive Study

A descriptive study tries to discoverA descriptive study tries to discoveranswers to the questions who, what,answers to the questions who, what,when, where, and, sometimes, how.when, where, and, sometimes, how.

Involves the collection of data and theInvolves the collection of data and thecreating of a distribution of the number ofcreating of a distribution of the number of

times the researcher observes a singletimes the researcher observes a singleevent or characteristic (known as aevent or characteristic (known as aresearch variable).research variable).


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Organisations and DescriptiveOrganisations and Descriptive

StudiesStudies

Organisations might have enoughOrganisations might have enough

data base but not mine them fordata base but not mine them for

decision - makingdecision - making


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Explanatory StudyExplanatory Study

An explanatory study goes beyondAn explanatory study goes beyond

description and attempts to explain thedescription and attempts to explain the

reasons for the phenomenon that thereasons for the phenomenon that the

descriptive study only observed.descriptive study only observed.


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Co relational studyCo relational study

Research that studies the relationshipResearch that studies the relationship

between two or more variables is alsobetween two or more variables is also

referred to as a co relational studyreferred to as a co relational study

Uses theories or at least hypotheses toUses theories or at least hypotheses to

account for the forces that caused aaccount for the forces that caused acertain phenomenon to occurcertain phenomenon to occur


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Predictive StudiesPredictive Studies

Predict when and in what situations thePredict when and in what situations theevent will occur.event will occur.

Prediction is found in studies conducted toPrediction is found in studies conducted toevaluate specific courses of action or toevaluate specific courses of action or toforecast current and future values.forecast current and future values.

Able to control a phenomenon once weAble to control a phenomenon once wecan explain and predict it.can explain and predict it.


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Pure Research and AppliedPure Research and Applied

ResearchResearch Applied research has a practical problem-Applied research has a practical problem-

solving emphasissolving emphasis

Rectifying an inventory system that isRectifying an inventory system that isresulting in lost salesresulting in lost sales

An opportunity to increase stockholderAn opportunity to increase stockholderwealth through acquiring another firm.wealth through acquiring another firm.

Pure Research does not offer immediatePure Research does not offer immediatesolutionssolutions


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Definition of Scientific ResearchDefinition of Scientific Research

Scientific research isScientific research is

a systematic, controlled, empirical, anda systematic, controlled, empirical, and

critical investigation of natural phenomenacritical investigation of natural phenomena

guided by theory and hypotheses about theguided by theory and hypotheses about the

presumed relations among suchpresumed relations among such

phenomenaphenomena


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What is Good Research?What is Good Research?

Good research generatesGood research generates

dependable data, that can bedependable data, that can be

used reliably for managerialused reliably for managerial

decision making.decision making.


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Characteristics of Good ResearchCharacteristics of Good Research

Purpose clearly definedPurpose clearly defined

Research process detailedResearch process detailed

Research design thoroughly plannedResearch design thoroughly planned


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Characteristics of Good ResearchCharacteristics of Good Research

High ethical standards appliedHigh ethical standards applied

Limitations frankly revealedLimitations frankly revealed

Findings presented unambiguouslyFindings presented unambiguously Conclusions justifiedConclusions justified

Researchers experience reflectedResearchers experience reflected


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Advantages of Research SkillsAdvantages of Research Skills

Manager as research-based decisionManager as research-based decision

maker- intuitive judgement is less reliablemaker- intuitive judgement is less reliable

Subordinate employee as researcher- canSubordinate employee as researcher- can

be a career boosting activity.be a career boosting activity.


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Advantages of Research SkillsAdvantages of Research Skills

Manager as research services buyer orManager as research services buyer or

evaluator- evaluate research proposalsevaluator- evaluate research proposals

Manager as evaluator of secondary dataManager as evaluator of secondary data

sources.sources.

Research specialist-financial analysis,Research specialist-financial analysis,

marketing research, operations research,marketing research, operations research,

public relations and human resourcespublic relations and human resources

management.management.


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STYLES OF THINKINGSTYLES OF THINKING

Research is based on reasoningResearch is based on reasoning

Drawing supportable generalizations fromDrawing supportable generalizations from

limited data is the product of extending thelimited data is the product of extending theinference process to statistical testinginference process to statistical testing

Researchers must, therefore, identifyResearchers must, therefore, identifythose sources of high quality and highthose sources of high quality and highvalue that will produce the best resultsvalue that will produce the best results

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Why Study Research 1