Learning Objectives
To Understand . . .
What business research is and how it differs from business decision support systems and business intelligence systems.
Trends affecting business research and the emerging hierarchy of business decision makers.
The distinction between good business research and research that falls short of professional quality.
The nature of the research process.
Business research provides information to guide business decisions
Research Identifies changes in business environment and would help in responding to change
Enterprises have long recognized the need
to better sense and respond to business change.
Definition
A process of determining, acquiring,analyzing, synthesizing, and disseminating relevant business data, information, and insights to decision makers in ways that mobilize the organization to take appropriate business actions that, in turn, maximize business performance
Research Reduces Risk
The primary purpose of research is to reduce the level of risk of a business decision.
Information Sources
Decision Support Systems
Numerous elements of data organized for retrieval and use in business decision making
Stored and retrieved via
Intranets
Extranets
Business Intelligence Systems
Ongoing information collection
Focused on events, trends in micro and macro-environments
Research done and information collected has to pass these tests?
Can information be applied to a critical decision?
Will the information improve managerial decision making?
Are sufficient resources available?
Key Terms
Applied research
Business intelligence system (BIS)
Business research
Control
Decision support system
Descriptive studies
Explanatory Studies
Management dilemma
Predictive studies
Pure research
Reporting studies
Return on Investment (ROI)
Scientific method
Strategy
Tactics
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