Managerial Decision Making & Research Design

Topics: Decision making, Decision theory, Optimal decision Pages: 5 (1504 words) Published: January 28, 2011
Managerial Decision Making & Research Design
Unit 1 Individual Project 1
Mgt 600-1005A-06 Business Research for Decision Making
AIU Online
January 8, 2011

ABSTRACT
Formal research and business proposals are different in many ways but also share some commonalties. However, in some instances to arrive at an optimal decision these two work hand in hand with one another. Depending on what decision managers are faced with choosing the right path of “formal research” or “business proposal” or “both” needs to be determined.

Introduction
Whether you are conducting research or creating a business proposal the process of both is used by management of any organization when trying to solve a problem, answer questions, or solicit new business. Research and the business proposals are at times used hand in hand; however some managers use one or the other. There are many differences between the two. Sekaran and Bougie (2010), define research as “simply the process of finding solutions to a problem after a thorough study and analysis of the situational factors”. Business proposals have a somewhat different definition, according to Lara Hopkins (2010), “a business proposal is a written scheme from a seller to a prospective customer.” With the definition of both research and business proposals, you can see how they can work together or alone to solve a situation. In this paper I will discuss some of the differences and a commonalty between the two and what the capabilities are with one another. Formal Research vs. Business Proposal

Part 1
Formal Research
Following the steps in Sekaran (2003) research process you would begin by observing the situation, gathering data, and reviewing in order to clearly define the problem. Formal research needs a strong framework of being proscribed, goal intended, and efficient gathering of data. Following the steps thoroughly will yield an end result that will help the manager to make valuable decision. Formal research yields the crucial information and is essentially used to provide answers for managers to solve problematic areas. Some of the most important information that research yields to managers is alternative solutions for effective decision making (Sekaran & Bougie, 2010). Researches propose includes the generation of a hypothesis to confirm quantitative measures.

Along with a strong frame work when conducting a research you need to a have a focus. Having a focus will allow you to develop the solid questions needed about your topic to arrive at a solution. The questions that are developed should generate an answer that can be clarified and proven with the research conducted. Business Proposal

Business proposals are generally used for the solicitation of business. Business proposals are used for many reasons, one being the desire to obtain funding for the product or ideas being projected. Business proposals have an intended audience, weather it is for a potential investor or potential customer. Depending on your audience the proposal is written for them, it should be written for the main purpose of persuading the client. If the proposal is for a potential investor you would provide more details pertaining to the financial outcome of the proposed and provide a detailed rationalization of how your organization can provide an optimal decision for the problem presented. If the proposal is written for a potential customer you would provide reason why the customer should do business with you over the competitor. A creditable proposal with evidence that your company is the best choice for them will give your business the edge above competition. As with formal research there is data collection in a business proposal. The data collection is not as intense or lengthy. When gathering information for a business proposal you first need to know who your audience is. To have an effective proposal you need to know the wants and needs of you audience and...

References: Bazerman, M., & Moore, D. (2009). Judgment in managerial decision
Making(7th ed.). Hoboken, NJ: John Wiley & Sons, Inc.
Cherry, K. (2010). What is a hypothesis?. Retrieved from http://psychology.about.com/od/hindex/g/hypothesis.htm
Hopkins, L. (2010). Definition and elements of a business proposal. Ezine Articles, Retrieved from http://ezinearticles.com/?Definition-and-Elements-of-a-Business-Proposal&id=2822583
McIntyre, S. (2010, May 17). Create a work environment that promotes employee empowerment. Retrieved from http://www.suite101.com/content/create-a-work-environment-that-promotes-employee-empowerment-a238114
Prism Leadership, Consulting. (2010). Comparative table: differences between a business proposal and formal research.. Retrieved from http://www.prismleadership.com/600/compare.htm
Smith, M. (2001). Deane-draper stores: employee empowerment in a retail environment. Accounting Education, 10(2), 199-206. Retrieved January 07, 2011 from the Business Source Premier database.
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