MGT 2700 Lecture Notes - Lecture 2: Business Process

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A systematic process of collecting, analyzing, and interpreting information (data) in order to increase our understanding of a business phenomena. Selecting and implementing a course of action; monitoring performance. Evaluating the course of action; understanding the business process. 8 characteristics of business research: originates with a question or problem, requires clear articulation of a goal, requires a specific plan of action, usually divides the principal problem into more manageable sub-problems. 5: accepts certain critical assumptions, requires the collection and interpretation of data. Is guided by the specific research problem, question or hypothesis. It is because of its contribution to knowledge that research is so valued at various levels of social life. When is business research needed: when confronting a key decision, centers on.

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