Final review Flashcards
What are the steps of the DM process?
RDIESI Recognise a decision situation Define the decision problem ID alternative courses of action Evaluate the courses of action Select a course of action Implement, monitor & modify
What are the stages of the MR Process?
ESDDDCPAP Establish the need Specify objectives and information needs Determine design Develop data collection procedure Design the sample Collect the data Process the data Analyse the data Present the results
What are the essential elements of a decision problem?
- Management has an objective to accomplish
- If alternatives exist and uncertainty for course of action exists which may enable the firm to achieve its objectives, then this is a decision problem
- The different alternatives of courses of action must be determined, evaluated and so on
What are problems, opportunities, and symptoms in the MR context?
PROBLEMS are factors (independent variables) that impede an organization’s performance from meeting its objectives. They require corrective action.
OPPORTUNITIES are situations where performance could be improved by undertaking new activities- and these can often arise from problems.
SYMPTOMS are conditions (dependent variables) that indicate the presence of problems or opportunities manifested and measured by performance indicators.
What are the characteristics research objectives should possess?
- Should be in writing
- Precisely stated in order to communicate exactly why the study is being conducted
- Agreed upon by both the researcher and the decision maker
- Should be obtainable (realistic)
Which type of research is Descriptive research? Causal Research?
CONCLUSIVE RESEARCH
What are the nature and role of research design in MR?
A research design is the basic plan that guides the data collection and analysis phases of the research project.
The design specifies the type of information to be collected, sources of data and data collection procedure.
The research design selected is generally a function of the objectives of the research project- determined by the information needs of the decision-maker
How is exploratory type design of research best characterized?
Exploratory Research Design is best characterized by flexibility and lack of structure- since exploratory research is appropriate in the initial stages of the DM process.
What is descriptive research?
Descriptive research is a mode of research whose purpose is to characterize marketing phenomena, identify associations among selected variables and/or make predictions regarding the occurrence of marketing phenomena.
How does the design in descriptive research differ from that in exploratory research?
The design in descriptive research differs from that in exploratory research in the need for more structure. This follows from the nature of the decision situation with which descriptive research is associated- clear statement of the problem, specific research objectives and detailed information needs.
- How would you describe causal research design?
Casual research design requires a planned and structured design. This looks at cause and effect (as opposed to relationships between variables).
Casual or independent variables are manipulated in a relatively controlled experimental environment.
How does cross-sectional and latitudinal design differ from the longitudinal design?
Latitudinal and cross-sectional design differs from the longitudinal design in that it involves taking a sample of population elements at one point in time- it is generally associated with descriptive research. A longitudinal design involves measuring a fixed sample over different points in time.
What are the advantages longitudinal design offers relative to cross-sectional design?
- Analytical in nature
- Yields more data
- Data more accurate
- Yields comparable data at lower cost
What is the primary distinction between qualitative and quantitative research?
Qualitative research involves a smaller number of individuals within a longer time span.
Quantitative research involves a larger number of respondents within a relatively brief span.
What are the qualitative models in MR?
- Secondary Data sources
- Observation and tracking methods
- Focus groups
- Measurement and scaling
- Survey and questionnaire design
- Other methods?
