Introduction to Business research

The systematic and objective process of gathering, recording and analyzing data for aid in making business

decisions.•Basic research: intends to- expand the boundaries of knowledge/verify the acceptability of a given theory.•Applied research: to answer questions about specific problems/make decisions about particular course of action.

Scientific method: techniques used to analyze empirical evidence to confirm or disapprove prior conceptions

Value of business research

The DM process associated with the development and implementation of a strategy involves 4 stages:

• Identifying problems/opportunities• Diagnosing and assessing problems/opportunities• Selecting and implementing a course of action• Evaluating the course of action

When is business research needed?

(Time, availability of data, nature of decision, benefits vs costs)

Business research in 21st century?(Global res, Internet)

Information Systems and Knowledge management

• Data-recorded measures of certain phenomenon• Information- A body of facts that are in a format

suitable for DM• Knowledge- A blend of information, experience and

insights that provides a framework that can be thoughtfully applied when assessing new information or evaluating relevant situations

• Knowledge management- The process of creating an inclusive, comprehensive, easily accessible organizational memory, called as organization’s intellectual capital

Information Systems and Knowledge management cont..

• Global information Systems: An organized collection of computer hardware and software, data and personnel designed to capture, store, update, manipulate, analyze and immediately display information about worldwide business activity. It integrates data from all business functions.

• Decision support Systems (Components of larger GIS): A computer based system that helps decision makers confront problems through interaction with databases and analytical software(generally to facilitate CRM)

DECISION MAKING

Decision making is the process of resolving a problem or choosing among alternative opportunities. Every DM situation can be classified on a continuum ranging from complete certainty to absolute ambiguity.

• Certainty • Uncertainty• Ambiguity

The Research Process

• Types of Business Research• Exploratory Studies: conducted to clarify and

define the nature of a problem• Descriptive Research: designed to describe

characteristics of a population/ phenomenon• Causal Research: conducted to identify cause

and effect relationships among variables (causal order, concomitant variation, alternative causal factors)