Research Methods and Data Analysis
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Questions and Answers

What do longitudinal studies primarily measure?

  • Standard data collection techniques
  • Changes over time (correct)
  • A snapshot of variables under observation
  • Data collected only once from a population

Which type of data is most likely used for control purposes in operating management?

  • Data on economic environment trends
  • Tracking operating expense ratios for buildings (correct)
  • Typical tenant mix in commercial properties
  • Standard amenity packages in competitive buildings

Why is there a need for real estate market research?

  • Data for rational decision making is often scarce (correct)
  • Firms have horizontal marginal revenue curves
  • All information is quickly reflected in market prices
  • Real estate markets are extremely efficient

Which statement is true regarding data gathering by communication?

<p>It offers a more versatile approach to data collection (B)</p> Signup and view all the answers

What is an example of primary data?

<p>Telephone interviews (A)</p> Signup and view all the answers

Which of the following describes a limitation of longitudinal studies?

<p>They can be cost-prohibitive to maintain (C)</p> Signup and view all the answers

What aspect of data gathering by communication makes it advantageous?

<p>It allows for personalized interaction (D)</p> Signup and view all the answers

Which type of research data is primarily used for planning in operating management?

<p>Trends in local economic conditions (A)</p> Signup and view all the answers

What is a primary purpose of inferential statistics?

<p>To reduce data to essentials (A)</p> Signup and view all the answers

Which function does market information NOT serve?

<p>Eliminate the need for market research (D)</p> Signup and view all the answers

When is research and data collection most cost-effective?

<p>When the value of data exceeds its cost (D)</p> Signup and view all the answers

How is the point of maximum net benefit from market research determined?

<p>By charting costs on the x-axis and benefits on the y-axis (A)</p> Signup and view all the answers

Which aspect of the research process is least influenced by available data?

<p>The definition of the research problem (C)</p> Signup and view all the answers

What outcome does inferential statistics aim for?

<p>They help in drawing conclusions from sampled data (D)</p> Signup and view all the answers

Which of the following best describes the role of market information?

<p>It serves various informational needs in decision-making (C)</p> Signup and view all the answers

Flashcards

Longitudinal studies

Research involving repeated data collection from the same sample over time to observe trends or changes.

Operating management uses research data for control purposes.

Operating management uses research data for planning, problem-solving, and control purposes. Tracking operating expense ratios for buildings in a portfolio falls under control purposes because it helps manage resource allocation and identify areas for improvement.

Why is real estate market research necessary?

Real estate markets are not perfectly efficient, meaning information isn't always readily available. Market research is crucial to gather necessary data for informed decisions.

Data gathering by communication is versatile.

Data gathering by communication is the most versatile method because it allows collecting information on diverse topics through interviews, surveys, or focus groups.

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Primary data example: Telephone interviews.

Primary data is original information collected directly for a specific research purpose. Telephone interviews fall under this category because the data is collected directly from the respondents.

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What is primary data?

Primary data refers to information collected directly by the researcher for a specific research project. Interviews, surveys, and experiments are examples of primary data collection methods.

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What is inferential statistics?

Inferential statistics helps make informed conclusions about a larger population based on a sample of data. For example, if you survey a small group of people, inferential statistics can help you determine the likelihood that the results would apply to the entire population.

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Why is market research important?

Market research helps businesses make better decisions about things like pricing, product development, and advertising. It's used to understand customer needs & preferences. Research data allows you to refine your strategies and make data-driven choices.

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What determines the cost-effectiveness of research?

The most cost-effective research is done when the additional benefits of collecting more data match the cost of doing so. Essentially, you get the 'best bang for your buck' by balancing costs and gains.

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Is there a specific point of maximum benefit from market research?

The point of maximum benefit from market research is hard to pinpoint precisely. It's not a simple calculation – real-world situations are complex, and determining the exact point of maximum benefit can be subjective.

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Which aspect of research is least affected by available data?

The definition of a research problem is the least influenced by the type of data available. It's your starting point – what are you trying to understand or investigate? The available data influences how you design the research but doesn't change the problem itself.

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Study Notes

Longitudinal Studies

  • Longitudinal studies track changes over time, unlike one-time snapshots.

Operating Management

  • Tracking operating expense ratios within a portfolio is used for control purposes in operating management.

Real Estate Market Research

  • Real estate market research is needed because readily available data for rational decision-making isn't always present.

Data Gathering by Communication

  • Communication-based data gathering is more versatile than observation-based methods.

Primary Data

  • Telephone interviews are examples of primary data collection.

Inferential Statistics

  • Inferential statistics use data to draw conclusions.

Market Information Functions

  • Market information assists with cash flow projections, purchase/divestiture/refinancing decisions, and operational decisions.

Research and Data Collection Cost Effectiveness

  • The ideal point for research and data collection is when the cost of gathering more data equals the increase in value received.

Maximum Net Benefit from Market Research

  • The maximum net benefit from market research isn't objectively measurable.

Research Process and Available Data

  • The definition of the research problem is impacted the least by the availability of data when compared to research design, data collection, and analysis.

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Description

This quiz covers essential concepts in research methods and data analysis, including longitudinal studies, primary data collection, and inferential statistics. Participants will explore the importance of market information and cost-effectiveness in research. Test your knowledge on how these techniques influence decision-making across various fields.

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