Decision making, Types of Research And Research Process

Evneet kaur M-com(e-commerce) Sem 1

Decision making
Decision making is the process of resolving a problem or choosing among alternative opportunities. Decision makers must recognize the nature of problem/opportunity , identify how much information is available and recognize what information is needed.

To facilitate decision , the scale shows three categories:

Certainty

Uncertainty

Ambiguity

Certainty - meaning
complete certainty means that the decision maker has all the information that he or she needs.if a manager is completely certain about both the problem/opportunity and future outcomes , then research may not be needed at all.

Uncertainty - meaning
Uncertainty means that managers grasp the general nature of the objectives they wish to achieve , but the information about alternative is incomplete.

Ambiguity meaning
Ambiguity means that the nature of the problem to be solved is unclear. The objectives are vague and the alternatives are difficult to define. This is by far the most difficult decision situation.

Business research- meaning

Business research is defined as the systematic and objective process of gathering , recording and analysing data for aid in making business decision.

TYPES OF RESEARCH
TYPES TYPES OF OF RESEARCH RESEARCH

EXPLORATORY EXPLORATORY RESEARCH RESEARCH

DESCRIPTIVE DESCRIPTIVE RESEARCH RESEARCH

CAUSAL CAUSAL RESEARCH RESEARCH

Exploratory research
Exploratory research is the initial research conducted to clarify and define the nature of a problem. It is not conducted to provide conclusive evidence but to clarify problems.

Example
In an organization considering a program to help employees with child care needs ,exploratory research with a small number of employees who have children might determine that many of them have spouses who also work and that these employees have positive reactions to possibility of an child care program.

Descriptive research

This research is conducted when there is some understanding of the nature of the problem ;such research is used to provide a more specific description of the problem.

Example
A university career placement service may want to determine if its facilities are adequate. A descriptive study might be initiated to determine how many interviews each student wants to schedule ,whether students are able to schedule appointments with certain desirable organizations.

Causal research
Research conducted to identify cause and effect relationship among variables when the research problem has already been narrowly defined.

Example

A typical causal study has management change one variable (eg- training) and then observe the effect on another variable (eg- productivity).

PHASES OF RESEARCH PROCESS

DEFINING THE PROBLEM

PLANNING A RESEARCH DESIGN

FORMULATING CONCLUSIONS AND PREPARING A REPORT

PLANNING A SAMPLE

PROCESSING & ANALYSING THE DATA

GATHERING THE DATA

PROBLEM DISCOVERY AND DEFINATION

PROBLEM DISCOVERY

SELECTION OF EXPLORATORY RESEARCH TECHNIQUE

Secondary Pilot Experience data Study survey

Case study

Problem discovery & definition The researcher process begins with problem discovery and identifying the problem which is the first step toward its solution. It is said that A problem well defined is half solved

Exploratory research Research conducted during the initial stage of research process. After such exploration the researchers should know exactly what data to collect during the formal project and how the project will be conducted. Secondary data analysis secondary data is data that have been previously collected for some project other than the one at hand.It can be collected within the company, in the library , internet etc. Pilot study Pilot study means any small scale exploratory research technique that uses sampling but does not apply Rigrous standards

PLANNING THE RESEARCH DESIGN

SELECTION OF BASIC RESEARCH METHOD

Secondary Data study

Experiment

Observation

Survey

laboratory

Field

Interview

questionnaire

Planning the research design a research design is a master plan specifying the methods and procedures for collecting and analyzing the needed information.
Surveys A Survey is a research technique in which information is gathered from a sample of people using a questionnaire or interviews. Experiments Business experiments hold the greatest importance for establishing cause and effect relationships. The use of experimentation allows investigation of changes in one variable such as productivity while manipulating one or two other variables. Secondary data studies Like Exploratory research , descriptive and causal studies use previously collected data . For example- To develop a mathematical model in order to predict sales on the basis of co-relation with related variables. Observation technique In many situations the objective of a research project is merely to record what can be observed. For example- The amount of time it takes an employee to perform a task may be observed in a time and motion study.

PLANNING A SAMPLE

SELECTION OF SAMPLE DESIGN

Probability sampling

Non probability sampling

Sampling It involves any procedure that uses a small number of items or a portion of a population to make a conclusion regarding the whole population.

Probability sample A probability sample is defined as a sample in which every member of population has a known , non zero probability of selection. Non- probability sample-- if sample units are selected on the basis of personal judgment , the sample method is non probability sample.

DATA GATHERING
GATHERING OF DATA

Collection of data

Editing and coding of data

Gathering of data the next step is to gather/collect data from respondents.

Editing and Coding of data-- Editing of data Editing involves checking the data collection forms for omissions, legibility and consistency in classification. Coding of data codes are the rules for interpreting , categorizing and recording the data.

DATA PROCESSING AND ANALYSIS

PROCESSING OF DATA

ANALYSIS OF DATA ( Detailed study)

Processing and analyzing data

Analysis The word analysis means detailed study. Analysis is the application of reasoning to understand and interpret the data that have been collected.

DRAWING CONCLUSIONS AND PREPARING REPORT

DRAWING CONCLUSINS AND PREPARING REPORT

INTERPRETATIONS OF FINDINGS

PREPARING A REPORT

Drawing conclusions and preparing a report Drawing conclusions the purpose of research is to make a business decision. The final stage in the research process is to interpret the information and draw conclusion relevant to managerial decisions. Preparing a report The last step is to make report on findings of research process and then apply those findings in taking business decisions.

Case Study
You work for a corporation that is considering the acquisition of a toy manufacturer. The senior vice president for development asks you to head a task force to investigate six companies that are potential candidates. You assemble a team composed of representatives from the relevant functional areas. Pertinent data are collected from public sources because of the sensitive nature of the project. You examine all the following company annual reports, articles in business, journal, trade magazines , newspapers, firm analysis assessments and company advertisements.

Case study (cont.)

The team members than develop summary profiles of the candidate firms based on the characteristics gleaned from the sources. The final report highlights the opportunities and problem that acquisition of the target firm would bring to all areas of the business. Now try to answer these questions. What is the decision making dilemma facing the manager? What must the researcher accomplish? source Cooper.R. Donaland Business Research Methodology

References
Cooper. R . Donaland. , Schindler.S.Pamela. Business research methodology. Tata McGraw- hill edition. New Delhi.
Zikamund. William. G. business research methods. Cengage learning India private limited. New Delhi.