McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. RESEARCH IN BUSINESS Chapter 1

1-2 In God we tust, everyone else brings data

1-3 Learning Objectives 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.

1-4 Why Study Business Research? Business research provides information to guide business decisions

1-5 Research Should Help Business Respond to Change “ Enterprises have long recognized the need to better sense and respond to business change. What’s different today is that ubiquitous access to information and real-time communications have fostered an ‘always on’ business culture where decision making has become a ‘just-in-time process.’” Business Performance Management Forum

1-6 Business Research A process of determining, acquiring, analyzing, synthesizing, and disseminating relevant business information.

1-7 What’s Changing in Business that Influences Research Critical Scrutiny of Business Computing Power & Speed Computing Power & Speed Battle for Analytical Talent Factors Information Overload Shifting Global Economics Government Intervention Technological Connectivity New Research Perspectives

1-8 Decision Support Systems Numerous elements of data organized for retrieval and use in business decision making Stored and retrieved via  Intranets  Extranets Information Sources Business Intelligence Systems Ongoing information collection Focused on events, trends in micro and macro-environments

1-9 Can It Pass These Tests? Can information be applied to a critical decision? Is cost-benefit ratio favorable? Are sufficient resources available?  Time  Money Research May Not Be Necessary

1-10 The Research Process

1-11 Characteristics of Good Research Clearly defined purpose Detailed research process Thoroughly planned design High ethical standards Limitations addressed Unambiguous presentation Conclusions justified Credentials Adequate analysis

1-12 Categories of Research AppliedBasic (Pure)

1-13 Key Terms Management dilemma Pure research Return on Investment (ROI) Scientific method Applied research Business intelligence system (BIS) Business research Control Decision support system