Research Design and Statistics Concepts Worksheet
Concept Application of Concept in Scenario Reference to Concept in Reading
Business Research, which is motivated by three factors to produce a scientific approach to a decision making:
1. The manager’s need for more and better information.
2. The availability of improved techniques and tools to meet this need.
3. The resulting information overload if discipline is not employed in the process. (Cooper and Schindler, 2003).
USA World Bank’s executives need to increase their knowledge about the potential customer’s acceptation of the new product; executives and key managers must make sure that the chosen new product, will fulfill customer’s needs and maximize their profit. The systematic and organized business research will provide the information to take informed managerial decisions.
“Business research as a systematic inquiry whose objective is
to provide information to solve managerial problems.” (Cooper and Schindler, 2003).
Managerial decisions should be taken with dependable data to reduce decision-making risks.
Bea Hansen showed disagreement with the sources of data and analysis tools used to classify the information. Best Market Research used a large sample size of 140,000 customer’s online surveys; USA World Bank did not provide the specific population in which the research is needed. Mary attempted to implement a marketing campaign for a new product; board member’s lack of understanding of statistical data and misleading research will potentially generate customer’s turnover and decrease in profit, due wrong informed decisions.
“ Good research generates dependable data, being derived by practices that are conducted
professionally and that can be used reliably for managerial decision making.” (Cooper and Schindler, 2003).
Types of research:
The USA World Bank used primary research type, gathering the...