Judgment in Managerial Decision Making

Judgment in Managerial Decision Making
Mildred Rushing
MGT600-1401C-06 IP1
American Intercontinental University
Instructor Tom Wamalwa
January 19, 2014

Abstract
The term “formal research” traditionally refers to conducting an experiment under controlled conditions in order to discover, demonstrate or test a hypothesis. On the other hand, a “business proposal” is considered the systematic gathering of information with the intent of arriving at an optimal solution for a given problem or situation. Each one has its application and value in the business setting, yet there are also attributes that are unique to each one. This paper will discuss both formal research and business proposals and their similarities.

Business Proposals compared to Formal Research, research can be done for many different reasons, to test a theory, fix a problem or explore a subject. Business research can lead a manager or employee to make informed decisions on how to deal with a problem (Sekaran & Bougie, 2009). A common attitude fostered in many research assignments is that one "looks up stuff" and reports it. Facts are not enough. Research is a process that involves not only data gathering, but also analysis and interpretation. In fact, the analysis is constant, determining what data are to be collected, seeking to bring meaning to the data as they are collected, and attempting to understand the implications of the discovery. http://webhost.bridgew.edu/adirks/ald/courses/rsrch/rsrch_write.htm
December 1980, fresh out of beauty school, I went to worked in the neighborhood beauty salon for a year this is when the owner said to me you have been consistent and persistent with me in this salon since you have been here, you have been through the up and downs when business was good and when business was slow you were still here so now I want to sell you the business as a token of my appreciation and the fact that I am old and tired and it’s time to step down. Here is where the research begins The owner of the salon asking price from me was only $2,000 this consisted of the salon being established there for seventeen years, a good walk-in flow as well as his clientele, the salon equipment and seven employee’s to pay booth rent. Even thou I have been there for a year, a formal research is needed as well as a business proposal.
A business proposal and formal research are different, but they still share commonalities. A formal research proposal differs greatly from a business proposal. While the two types of proposals may appear similar, there are crucial differences in the overall goals, sections, purposes and uses. Knowing these distinct differences makes it easier for a writer to effectively complete and write formal research and business proposals. http://www.ehow.com/info_7829660_differences-formal-research-business-proposal.html A formal research proposal often focuses on finding specific information or data that can help the business make better decisions, whether it is for the budget, market or customers. A formal research proposal often has a theoretical approach. The overall goal of a research proposal is often to explore a new ideal to either prove a theory right or wrong http://www.ehow.com/info_7829660_differences-formal-research-business-proposal.html. New Ideals, can I handle six employee’s and an already establish business? Absolutely, the business has been there for seventeen years and has seven employees that pay $125 weekly to work there, with excellent walk-in growth due to the mall across the way and pre-establish history of the salon.
A formal research proposal is often completed to determine whether the business should even attempt to make some changes, such as implement a new product or make budget changes. Yes, new changes such as a new proprietor, a face change for the salon and name change of the salon. http://www.ehow.com/info_7829660_differences-formal-research-business-proposal.html

Business proposals often suggest new products or services, which means that the goal is often to make money for the business. Yes indeed, the first seven months past by and I got a manicurist for the business so this can be a one stop store. The business proposals often have a practical approach in how to do things to make money; also the business proposal is often used to determine the best way of entering the market once the product has been developed. Through this we advertise in the weekly paper and through word of mouth.
The business proposal is after the formal research proposal; while the research proposal determines the overall demand for the products or services, the business proposal discuss the best way of developing and marketing them. There will always be hair special and discounts in salons competing with other salons. There will always be a demand for hair services such as: hair weaves relaxer, colors and most of all haircuts. There will also be a demand for products to take care of these services offered in any salon.
A business proposal and formal research are both a form of research. A formal research deals with particular needs of a company and how much things may cost and the business proposal will have a budget to spend already from the researchhttp://www.ehow.com/info_7829660_differences-formal-research-business-proposal.html