In the world of business, decision-making plays a vital role in accomplishing set goals, be it personal or professional. Making decisions can either be impulsive or methodical. The difference between these two lies in the basis for decision-making. The former relies on trust, emotions, and experience, whereas the latter relies on facts and evidence. That's why choosing the appropriate method for making decisions is paramount to achieving the set goals, while an incorrect decision could lead to business failure.

Business research entails acquiring information and knowledge about specific problems that arise within an organization and finding a resolution. The process of business research involves inquiry, investigation, examination, and experimentation. There are two main categories of business research: Basic Research and Applied Research. Basic research seeks to collect information and knowledge concerning facts, findings, and problems. It has a broader objective, while applied research is specific and aims to resolve specific problems. Both are usually conducted scientifically to achieve the best possible results.

Data sourcing is essential for research and decision-making. Two types of data sourcing exist: Primary research and secondary research. Primary research involves collecting data directly from individuals through questionnaires, observation, or experiments. On the other hand, secondary research involves collecting data from existing sources like company websites, government publications, or the internet. Secondary research lays a foundation for conducting primary research, and one must carefully consider key criteria like timeliness, accuracy, relevance, and cost before utilizing data.

Scientific research aims to solve problems by following a logical, organized, and rigorous process. It examines problems, collects information, and analyzes the data to find valid conclusions. Eight key characteristics define scientific research: purposiveness, rigor, testability, replicability, precision, confidence, objectivity, generalizability, and parsimony.

The hypothetico-deductive method is a critical method of obtaining the necessary knowledge to solve specific problems. It comprises of seven essential steps: observation, preliminary information gathering, theory formulation, hypothesizing, data collection, data analysis, and interpretation of data.

Lastly, solving problems involves identifying the problem, analyzing the problem through research, and asking different research questions depending on the problem type.

In summary, decision-making is crucial in business and our daily lives. Business research, data sourcing, scientific research, and the hypothetico-deductive method all play a significant role in making wise decisions that benefit an organization.

Research design serves as a guide to collecting, measuring, and interpreting data, which ultimately helps to answer research questions (Sekran & Bougie, 2019, p. 103). To assess a research design, five key elements must be carefully chosen and incorporated for optimal results. These elements include:

- Research Strategies: There are several research strategies at researchers' disposal to satisfy their research objectives and questions. Some common strategies include experiments, survey research, case studies, grounded theory, and action research.

- Degree of Interference with the Study: The degree of interference in a study has a direct impact on the research design and indicates whether the study was conducted in a natural or artificial environment and whether it was causal or correlational. Researchers can choose to interfere with the study to a minimal, moderate, or substantial degree.

- Contrived and Non-Contrived Study Settings: Research conducted in a lab or an artificial environment is considered a contrived setting. Conversely, research conducted in a natural environment is referred to as a non-contrived setting.

- Unit of Analysis: Choosing the appropriate unit of analysis is critical in analyzing collected data and drawing valid conclusions. Units of analysis may include individuals, groups, divisions, industries, countries, or any other measuring unit depending on the scope of the data being analyzed.

- Time Horizon: The time horizon refers to the duration of data collection. Cross-sectional studies gather data at a specific point in time, such as once a day, month, or year. In contrast, longitudinal studies gather data at multiple points in time to analyze research questions.

References

Langton, N. (2013). Organizational behaviour: Concepts, controversies, applications (6th ed.). Pearson.

Kozier, B., Erb, G., Berman, A., Snyder, S. J., Buck, M., Yiu, L., & Stamler, L. L. (2014). Fundamentals of Canadian nursing: Concepts, process, and practice. Pearson Canada.