This website uses cookies to ensure you have the best experience. Learn more

Business Research For Decision Making Essay

1584 words - 6 pages

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 conducted repeatedly, research results can be reproduced (Joppe, 2000). There are three types of reliability in quantitative research. The first assesses the degree to which repeated researches yield the same results; the second is based on the stability of measurements over time while the third is based on the similarity of measurements within a given period of time. On the other hand, Joppe (2000) suggested that a valid research is one that truly measures what it was intended to measure. In other words, a valid research is one that provides true results.
Quantitative research involves the use of experimental and quantitative measures to test general hypotheses (Hoepfl, 1997). Golafshani (2003) suggested that quantitative research is based on the measurement and the analysis of the causal relationship between variables. Through quantitative research, the researcher is familiarized with the concept to be studied and generates the hypothesis to be tested. As such, the mathematical process takes the norm for analyzing the numeric data and the information gathered takes a numeric form that can be quantified and summarized. Moreover, according to Charles (1995), the final result of the quantitative research is usually...

Find Another Essay On Business Research for Decision Making

Financial Accounting: Tools for Business Decision Making Financial and Managerial Accounting: The Basis for Business Decisions

857 words - 3 pages Running head: TEXTBOOK ASSIGNMENT 1 TEXTBOOK ASSIGNMENT PAGE \* Arabic \* MERGEFORMAT 6 Textbook AssignmentnameACC/400: Accounting for Decision MakingMay 2010instructorTextbook AssignmentChapter 8 of Financial Accounting: Tools for Business Decision Making by Kimmel, Weygandt, and Kieso (2007) is Reporting and Analyzing Receivables. Receivables are "amounts due from individuals and companies that are expected to be collected in cash" (Kimmel

Decision-Making Tools for Mangers Essay

1281 words - 5 pages Decision Making PAGE \* MERGEFORMAT 1 Running Head: DECISION MAKING TOOLS Decision Making ToolsLearning Team AUniversity of PhoenixWhen comparing the decision making tools from all of our team member's organizations, we found that our organizations use many different techniques. Some of the techniques that we discussed are: cost-benefit analysis, PMI analysis, grid analysis, SWOT analysis, and force field analysis. These decision making tools

knowledge management for decision making

1746 words - 7 pages , as huge amounts of information runs through the various divisions of an organization, which can be integrated and used for making more profitable, strategic and constructive business decisions. Thus, the need for knowledge management arose, wherein, chunks of codified knowledge has to be appropriately managed for ease of retrieval and use. The influential paper, "Managing Codified Knowledge" by Zack (1999) is reviewed here. The definition of

Accounting information for decision making

3996 words - 16 pages in International Financial Analysisng', European Business Review Vol. 15 No. 3, pp. 170-180, viewed 5 January 2007.Parker, RH (1971), 'Some International Aspects of Accounting', Journal of Business Finance Vol. 3 No.4, pp.29-36, viewed 5 January 2007.Peasnell, K. (1993), 'Accounting in Developing Countries: a Search for Appropriate Technologies', Research in Third World Accounting, Vol. 2, pp. 1-16. viewed 5 January 2007.PricewaterhouseCoopers

Decision Making Skills in Business Environment

1578 words - 7 pages comes to the highly competitive and ever changing business world. In view of that, a variety of models have been developed by the scholars from all around the world in an attempt to conceptualise the decision making process and maximise its potential output. In this paper, we will look at the role of the Carnegie and the Incremental decision models in explaining the decision making process in the business environment and how they differ from each

Business Performance Management: Decision Making Process

1348 words - 5 pages Describe how the system of the case study could support each of the decision-making phases of intelligence, design, and choice for the decision-makers. Explain the phase. Explain how the KBS supports or could support the phase for this case. Simon’s decision making process consists of 3 phases which are Intelligence, Design and Choice. These phases can be used to simplify the assumptions, validate the models which are being used in the


2081 words - 8 pages MANAGEMENT ACCOUNTING AND BUSINESS DECISION MAKING - ASSIGNMENT 2NAME: AlexGROUP NUMBER: BLEVEL: IntermediateHAND IN DATE: 13/01/2006Task 1Objectives: 1. To be able to demonstrate the ability to critically analyse given data using ratio analysis techniques.Profitability1. Return on ordinary shareholders' funds= ROSFROSF= Net profit after taxation and preference dividendOrdinary share capital plus reserves2004= 1,123* 100 = 3.91%28,7242005= 1,655

Information Relevancy for Online Consumer Decision-making

1581 words - 6 pages Introduction The emergency of Internet has largely changed the travelers’ decision-making process (Buhalis, 2007) and websites have become such an integral component of today's businesses that website effectiveness are of strategic importance to companies at large and hospitality and tourism businesses in specific. It has been a customary practice for hospitality and tourism companies to conduct business transactions to market themselves

Using Cost of Production for Decision Making

2169 words - 9 pages losses? 06 Should I grow a new crop? 08 Conclusion 08 2 Case Study USING COST OF PRODUCTION FOR DECISION MAKING Introduction This case study shows how calculating cost of production can be used to help vegetable growers make decisions. Knowing your cost of production can help when making business decisions as it provides a quick way of relating your cost of producing a product with the price you are going to accept for the product. The cost of

Decision-Making Techniques for Managers: Kaleidoscope Brainstorming

1089 words - 4 pages and illustrate the effectiveness of this particular technique. The procedure used for this analysis will give a description of kaleidoscope brainstorming, including its process and application. Furthermore, this paper will investigate when and when not to use kaleidoscope brainstorming as a decision-making tool.DescriptionBrainstorming is a powerful technique for problem solving, learning and development, planning and team building. Compared to

Business Intelligence Systems in the Decision Making Process

2456 words - 10 pages The most common purpose for (BI) systems is to aid in the decision making process. BI systems collect data, store the gathered information in data warehouses, analyze the data and then present the data in easy to understand applications for the decision making process. The following studies research the role that BI systems play in the decision making process. The Role of BI in Decision Making Overview. Isik, Jones, and Sidorova (2013

Similar Essays

Business Decision Making Essay

1335 words - 5 pages Introduction 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

Business Decision Making Essay

2471 words - 10 pages Contents21 Introduction 21.1 Data collection 21.2 Sampling method & Sample Selection 31.3 Question Schedule 42 Collected Data: 62.1 Analyzing Data: 82.2 Summarizing Data 103 Producing information 103.1 Findings 113.2 Conclusion: 124 Making decisions 124.1 Information processing tools 124.2 Project plan 134.3 Financial tools for decision making 145 References: IntroductionThe importance of online banking service quality is increasing day by

Research And Decision Making – Coffee Time

2113 words - 8 pages CoffeeTime succeed in its new business venture in India? Only time will tell. However, one thing is sure: in the new global economy, capitalism will always reward those who dare to change.ReferencesCooper, D., & Schindler, P. (2003). Business research methods (8th ed.). New York: The McGraw-Hill Companies.Lind, D., Marchal, W., & Wathen, S. (2006). Basic statistics for business & economics (5th ed). New York: The McGraw-Hill CompaniesUniversity of Phoenix. (2008). Managing research design [Computer Software]. Retrieved October 21, 20008, from University of Phoenix, Week Two, MBA510 - Managerial Decision Making.

Ethics In Business Decision Making Essay

993 words - 4 pages utility (Ferrell, Fraedrich, & Ferrell, 2011). Act deontology requires the use of fairness, equality and impartiality when making decisions. In either case, both Act Utilitarians and Act Deontologists view rules are guidelines for decision making but draw from prior experiences more heavily. Current research suggests that Rule and Act Deontological principals play a larger role in a person’s decision than Teleological philosophies (Frankena, 1963