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Lecture 2

MGT 2700 Lecture Notes - Lecture 2: Business Process


Department
Management
Course Code
MGT 2700
Professor
Lynda Janz
Lecture
2

Page:
of 1
MGT 2700
Research Methodology
University of Lethbridge
Prof. Linda Janz
Fall 2016
Class 2, Chapter 1
What is business research?
A systematic process of collecting, analyzing, and interpreting information (data) in
order to increase our understanding of a business phenomena.
Business research activities include:
Identifying problems or opportunities
Diagnosing and assessing those problems/opportunities
Selecting and implementing a course of action; monitoring performance
Evaluating the course of action; understanding the business process.
8 Characteristics of business research:
1. Originates with a question or problem.
2. Requires clear articulation of a goal.
3. Requires a specific plan of action.
4. Usually divides the principal problem into more manageable sub-problems.
5. Is guided by the specific research problem, question or hypothesis.
6. Accepts certain critical assumptions.
7. Requires the collection and interpretation of data.
8. Is by nature, cyclical.
Why research business?
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
Time constraints
Availability of data
Nature of decision to be made
Value of the research information in relation to costs.
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