Managers in the Business World
College of Graduate Studies
MGTM 614: Business Research Methods
ASSIGNMENT I
“UNSUNG HERO”
By
SB20896 RISHNI PREMARAJAN
SB20902 TIAH WEN LI
U N I V E R S I T I T E N A G A N A S I O N A L
Question 1: Why do you think that it would be more advantages for managers to know about research?
The business world has become increasingly competitive with the emergence of the ever advancing Internet that has brought about globalisation. Thus businesses may it be domestic or global are increasingly practicing data mining and data warehousing in the race for survival.
A key factor in data mining and data warehousing is through research. Research provides the knowledge and the skills needed for fast paced decision making environment. Research is needed to acquire more information before selecting a course of action especially for a new business plan and also to evaluate and resolve a current management dilemma.
Hence, managers reap many advantages when he or she knows about the research conducted in the organization. Firstly, research facilitates good decision making because through research the pros and cons of the product, service or business model exposed to the organization in the business perceptive. With this information, managers are able to calculated risks with probabilities attached. Managers are able to understand the complexity of the variables that will be impacting the organization financial stability and reputation.
More importantly, on a short term or day-to-day basis, research helps the managers to plan, organize, lead, market and control the research output. Planning is setting goals and deciding on courses of action, developing rules and procedures, developing plans (both for the organization and for those who work in it), and forecasting (that is, predicting or projecting what the future holds for the firm). Organizing entails identifying jobs to be done, hiring people to do them, establishing departments, delegating or
MGTM 614: Business Research Methods
ASSIGNMENT I
“UNSUNG HERO”
By
SB20896 RISHNI PREMARAJAN
SB20902 TIAH WEN LI
U N I V E R S I T I T E N A G A N A S I O N A L
Question 1: Why do you think that it would be more advantages for managers to know about research?
The business world has become increasingly competitive with the emergence of the ever advancing Internet that has brought about globalisation. Thus businesses may it be domestic or global are increasingly practicing data mining and data warehousing in the race for survival.
A key factor in data mining and data warehousing is through research. Research provides the knowledge and the skills needed for fast paced decision making environment. Research is needed to acquire more information before selecting a course of action especially for a new business plan and also to evaluate and resolve a current management dilemma.
Hence, managers reap many advantages when he or she knows about the research conducted in the organization. Firstly, research facilitates good decision making because through research the pros and cons of the product, service or business model exposed to the organization in the business perceptive. With this information, managers are able to calculated risks with probabilities attached. Managers are able to understand the complexity of the variables that will be impacting the organization financial stability and reputation.
More importantly, on a short term or day-to-day basis, research helps the managers to plan, organize, lead, market and control the research output. Planning is setting goals and deciding on courses of action, developing rules and procedures, developing plans (both for the organization and for those who work in it), and forecasting (that is, predicting or projecting what the future holds for the firm). Organizing entails identifying jobs to be done, hiring people to do them, establishing departments, delegating or