Critical Thinking

 

 What is Critical Thinking? - Definitions 

"Critical thinking is the intellectually disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and/or evaluating information gathered from, or generated by, observation, experience, reflection, reasoning, or communication, as a guide to belief and action" (Scriven, 1996).

"Most formal definitions characterize critical thinking as the intentional application of rational, higher order thinking skills, such as analysis, synthesis, problem recognition and problem solving, inference, and evaluation" (Angelo, 1995, p. 6).

"Critical thinking is thinking that assesses itself" (Center for Critical Thinking, 1996b).

"Critical thinking is the ability to think about one's thinking in such a way as 1. To recognize its strengths and weaknesses and, as a result, 2. To recast the thinking in improved form" (Center for Critical Thinking, 1996c).

Beyer (1995) : "Critical thinking... means making reasoned judgments" 

Characteristics of Critical Thinking

Wade (1995) - Eight activities in  critical thinking. 

Asking questions,

defining a problem, 

examining evidence, 

analyzing assumptions and biases, 

avoiding emotional reasoning, 

avoiding oversimplification, 

considering other interpretations, and 

tolerating ambiguity. 

Another characteristic of critical thinking identified by some  is metacognition. Metacognition is thinking about one's own thinking. More specifically, "metacognition is being aware of one's thinking as one performs specific tasks and then using this awareness to control what one is doing" (Jones & Ratcliff, 1993, p. 10 ).

https://www.utc.edu/academic-affairs/walker-center-for-teaching-and-learning/online-resources/ct-ps

Business Research Methods - Introduction

Business Research Methods: An Introduction Business Research Methods

Learning Objectives

Upon completion of this chapter, you will be able to:
Understand the difference between basic and applied research
Define business research
Understand the roadmap to learn business research methods
Learn how business research methods can be used as a decisionmaking tool by the managers
Understand the business research process
Get a preliminary idea about the use of software for datapreparation and data analysis


Introduction
 Business researchers systematically collect, compile, analyze, and interpret data to provide quality information based on  which a decision maker will be able to take a decision in an optimum manner.
 Conducting research to deal with any problem is a scientific, systematic, and interlinked exercise, which requires sound experience and knowledge.

Difference Between Basic and Applied Research
 Basic research is generally not related to a specific problem and its findings cannot be immediately applied.
 Applied research directly addresses the problem at hand. Applied research is launched by the firm, agency, or individual facing a specific problem. Applied research is done normally to operationalize the discovery of the basic research in a specific firm or industry.

Defining Business Research
 Business research method is a systematic and scientific procedure of data collection, compilation, analysis,  interpretation, and implication pertaining to any business problem.
 Business research is defined as the systematic and objective process of gathering, recording, and analyzing data for aid in making business decisions (Zikmund, 2007).
 Cooper and Schindler (2009) define business research as a systematic enquiry that provides information to guide managerial decisions.

Roadmap to Learn Business Research Methods 

Business Research Methods: A Decision Making Tool in the Hands of Management
 Decision making is always a crucial part of any organizational functioning.
 In the field of business research, this valuable information is obtained using the following interrelated steps:
1. Problem or opportunity identification
2. Diagnosing the problem or opportunity
3. Executing business research to explore the solutions
4. Implement presented solutions
5. Evaluate the effectiveness of decision making

1. Problem or Opportunity Identification
 Any delay in problem identification and solution implementation;  and the opportunity identification and encashment may become harmful to the organization.

2. Diagnosing the Problem or Opportunity
 Organizations present these problems or opportunity scenarios to business researchers.
 Business researchers actually diagnose the problem or opportunity. State the problem in sentences and words that facilitate business research.
 Diagnosing involves exploring the situation to have a better insight about the situation.

3. Executing Business Research to Explore the Solution
 After the identification and diagnosis of the problem, business researchers systematically conduct research to present a solution.

4. Implement Presented Solution
 Business researchers conduct research in consultation with the  decision makers of the concerned organization. The findings are presented to the decision maker and he or she analyzes these findings in the light of his or her decision range.

5. Evaluate the Effectiveness of Decision Making
 After taking a decision, its effectiveness is examined. This is sometimes referred to as evaluation research.

Use of Software in Data Preparation and Analysis
 Nowadays, standard software is available to  deal with data preparation and analysis and the analysis will be ineffective and inefficient if done without  the use of existing statistical software.
 Three widely used software programs:  MS Excel (2007), Minitab®, and SPSS (17).

Use of Software in Data Preparation and Analysis
 Excel 2007.xlsx
 SPPS 17.sav
 Minitab 15.MPJ 

Qualitative Research - Use in Business Research

Applications of Qualitative Research in Business


Job Analysis
Advertising Concept Development
Productivity Enhancement
New Product Development
Benefits Management Retail Design
Process Understanding
Union Representation
Market Segmentation
Sales Analysis

Ch 7 in Cooper Schlinder 11th Edition
http://highered.mheducation.com/sites/0073373702/student_view0/chapter7/index.html
Download PPT Slides and read them

Business Research Methods - Introduction

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