Business Research for Decision Making
Project Type: Unit 1 Individual Project
Though formal research and business proposals are similar in the fact that their main goal is to provide an answer to a question or a solution to a problem, they are very different in terms of how and why the information is obtained as well as the way the information is delivered. Formal research is performed to determine a specific problem as well as determining its prevention. Business proposals are tools that can be used to introduce and idea or process to solve or improve upon a particular issue or circumstance.
Unit 1 Individual Project
Though formal research and business proposals share some common traits, there are also unique differences between each. In order to better understand these similarities and differences it is important to gain an understanding of each. Formal research can be defined as a process used to determine a solution for a defined problem once a thorough study and analysis of the defining situational factors has been performed (Sekaran & Bougie, 2009). Business proposals on the other hand can be considered more as a sales tool. This is because business proposals are a process in which the author educates an audience on a particular idea or point of view in a rational way to reduce any misunderstanding or unnecessary complications due to a lack of understanding. This tool exists solely as a method to provide details to the audience as to what is being proposed as well as how and why it will work. That being said, it can be determined that formal research is a method of determining solutions to specific problems or situations and business proposals are tools that are used to inform an audience of an idea or proposition as well as to persuade the same audience of the effects of this idea or proposition.
Commonalities and Capabilities of Formal Research and Business Proposals
Formal research and business proposals alike are not necessarily restricted to one specific approach or method of completion. For example, formal research can be defined as basic research or applied research. Basic research can be considered as defining all available knowledge while attempting to understand how and why various problems occur within the organization and how these problems can be fixed. Applied research is a more specific form of research that is applied to determine how a why a specific scenario is occurring and how to prevent similar results in the future (Sekaran & Bougie, 2009).
Business proposals, like formal research can also be broken into different styles, types or methods, two examples of this are solicited and internal proposals. Solicited proposals provide the advantage of being desired and / or expected however one major disadvantage of a solicited proposal is the fact that there usually will multiple forms of competition. Solicited proposals will often concentrate effort to the funder that your organization has the capability to not only solve the problem but that the approach to be used can be defined as a model for others. It is also imperative to demonstrate how efficient and effective this process will be. Internal proposals are exactly as described, they remain within the proposers organization. Internal proposals follow the same persuasive techniques as to those external however the budget for internal proposals is often more scrutinized as it means more expenses for one’s own company (Daniel, 2001).
One major similarity between business proposals and formal research is the wealth of information available while preparing or performing such research. Both business proposals and formal research are in a form attempting to solve a problem. With the advancement of technology and the internet, online sources are being used more and more while performing research or preparing a business proposal. In fact, an astonishing 93% of students...