cheat sheet final.docx - Week-1 research in business for...

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Week-1/ research in business for decision making What business research is and its importance from business decision support systems and business intelligence systems. Business research provides information to guide business decisions Business research plays an important role in an environment that emphasizes measurement. Return on investment (ROI) is the calculation of the financial return for all business expenditures and it is emphasized more now than ever before. / Finance uses business research to make decisions to support: Forecast future financial performance, Assess the risk of investment portfolios and projects, construct financial instruments such as derivatives, construct optimal portfolios of investments, allocate assets, create optimal capital budgeting plans / Human Resource Management: uses business research to make decisions to ensure that the organization has the mix of skill sets necessary to meet its needs, is hiring the highest-quality talent and providing an environment that retains it, Achieves its organizational diversity goals / Marketing Management uses business research to make decisions to support: Understanding its Consumer’s Behavior and Decision Making, Better use of advertising budgets, More effective pricing strategies, Improved forecasting of demand, Improved product line management, Increased customer satisfaction and loyalty / Business Research: 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. primary purpose of research is to reduce the level of risk of a business decision Trends affecting business research and the emerging hierarchy of business decision makers. Several factors increase the relevance for studying business research. 1.Information overload. While the Internet and its search engines present extensive amounts of information, its quality and credibility must be continuously evaluated 2. Technological connectivity Individuals, public sector organizations, and businesses are adapting to changes in work patterns (real-time and global 3. Shifting global centers of economic activity and competition. The rising economic power of Asia and demographic shifts within regions highlight the need for organizations to expand their knowledge of consumers 4. Increasingly critical scrutiny of big business. The availability of information has made it possible for all a firm’s stakeholders to demand inclusion in company decision making 5. More government intervention. As public-sector activities increase in order to provide some minimal or enhanced level of social services 6. Battle for analytical talent . Managers face progressively complex decisions, applying mathematical models to extract meaningful knowledge from volumes of data and using highly sophisticated software to run their organizations. 7.

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