October 18, 2021

Values of Management Research in Business Decision Making

Researcher drives every aspect of major decision making. The prime managerial value of business research is that it reduces uncertaintly by providing information that improves the decision making process. Research provides supports in the following dimensions of decision making:

  1. Indentify Problems
    Business research  helps to determine the nature of situations or identify the exitence of problems in the organizations. Business research is used as a scanning activity to provide information about what is occurring within an organization or in its environment. It scans the environment and helps to identify potential problems that may take place in the organization and helps them to understand such situation like change in socio-economic situation and impact of it in organization.
  2. Diagnosing and assessing problems and opportunities
    After identifying the problems or potential opportunities, researcher should diagnose situations so as to clarify the situations so as to clarify the situation. The manager should gain insight about the underlying factors causing the situation. If there is problem, they need to explore, clarify and refine the nature of the opportunity.

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