Research in Decision Making
TOPIC 1 DISCUSSION
Why research is considered essential in the decision making function of management.
Research may be defined as a systematic inquiry whose objective is to provide the information that will allow managerial problems to be solved. It is also seen as an activity that is often carried out by most people, knowingly or unknowingly in the course of their daily lives. It is a systematic inquiry whose objective is to provide the information that will allow managerial problems to be solved. It is another word for gathering information. The more information we have the closer we get of making our own decision. Research is the result of advancing knowledge created in the past. There are people from all walks of life that contribute to gathered information. These are ordinary people and extraordinary people. These are everyday citizens we interact with. They all help with the flow of information that people use.
In any organization, Research is essential in collecting facts and statistics about a company 's customers, employees and competitors. On the basis of these numbers, companies are able to make better managerial decisions and knowledgeable decisions. The collected statistics are organized into reports and the management team uses them to take action. A good research mechanism is essential, irrespective of the size of the company and its client base and it is also imperative for staying competitive in the market
In the research process, initial research is required to gauge whether getting into a given type of business would be profitable and if demand for a proposed product is beneficial. Since research is a prerequisite at all stages and phases of business operations, an organization is able to obtain information about key business areas, analyze it, develop a strategy and distribute business information. Reports, provided to the top management, often include information on consumer and employee preferences and all the available routes for
Why research is considered essential in the decision making function of management.
Research may be defined as a systematic inquiry whose objective is to provide the information that will allow managerial problems to be solved. It is also seen as an activity that is often carried out by most people, knowingly or unknowingly in the course of their daily lives. It is a systematic inquiry whose objective is to provide the information that will allow managerial problems to be solved. It is another word for gathering information. The more information we have the closer we get of making our own decision. Research is the result of advancing knowledge created in the past. There are people from all walks of life that contribute to gathered information. These are ordinary people and extraordinary people. These are everyday citizens we interact with. They all help with the flow of information that people use.
In any organization, Research is essential in collecting facts and statistics about a company 's customers, employees and competitors. On the basis of these numbers, companies are able to make better managerial decisions and knowledgeable decisions. The collected statistics are organized into reports and the management team uses them to take action. A good research mechanism is essential, irrespective of the size of the company and its client base and it is also imperative for staying competitive in the market
In the research process, initial research is required to gauge whether getting into a given type of business would be profitable and if demand for a proposed product is beneficial. Since research is a prerequisite at all stages and phases of business operations, an organization is able to obtain information about key business areas, analyze it, develop a strategy and distribute business information. Reports, provided to the top management, often include information on consumer and employee preferences and all the available routes for