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Questions and Answers
What does business research involve?
What does business research involve?
- Making haphazard decisions and avoiding scientific investigation
- Conducting surveys and intuitive data gathering
- Defining business opportunities and problems, generating alternative courses of action, and monitoring performance (correct)
- Ignoring employee performance and organizational issues
What does the term 'research' imply?
What does the term 'research' imply?
- Superficial data collection
- Random guessing and estimation
- Patient study and scientific investigation (correct)
- Quick analysis and intuitive decision-making
What does business research help management with?
What does business research help management with?
- Increasing the risk of wrong decisions
- Eliminating the need for alternative courses of action
- Problem-solving and decision-making activities (correct)
- Avoiding the need for information in decision-making
What is the role of business research in decreasing risk?
What is the role of business research in decreasing risk?
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What is business research considered as for management?
What is business research considered as for management?
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Study Notes
Business Research Overview
- Business research involves a systematic and organized way of finding answers to questions and solving problems related to business activity.
Research Definition
- The term 'research' implies a careful and detailed study of a subject, especially in order to discover new information.
Role of Business Research in Management
- Business research helps management with decision-making by providing accurate and timely information about the organization, customers, competitors, and the environment.
- It assists management in identifying opportunities, solving problems, and improving overall business performance.
Risk Management through Business Research
- Business research plays a crucial role in decreasing risk by providing insightful data and analysis, which helps managers anticipate and mitigate potential risks and uncertainties.
Significance of Business Research for Management
- Business research is considered a essential tool for management as it provides a foundation for informed decision-making, strategic planning, and effective problem-solving.
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