MODULE TWO UNIT TWO - RESEARCH QUESTIONS & KEY PERFORMANCE INDICATORS

Question 1

EXPLORING RESEARCH QUESTIONS

Answer 1

Formulating a research questions takes thought, & they are often not as easy to define as expected. Businesses may be aware that a problem exists, or that there is room for improvement, but pinpointing it can be challenging.

Question 2

IDENTIFYING THE PROBLEM

Answer 2

• Phase 1 of the research process involves translating a management or operational problem into a research problem, & formulating a question that directly addresses the problem at hand. In order to addresses the problem, the research first has to be able to pinpoint & describe the origin and nature of the problem, and then rephase the problem from an analytical perspective.
• It is during the problem identification stage that the objectives of the study should be clearly defined. Limiting the number of objectives is preferable, as this helps the researcher to maintain focus & develop a clear path towards reaching the objectives.
• A well formulated problem statement is necessary for sucessful research, as the statement involves a translation of the decison-maker’s business problem into a research problem.

Question 3

LITERATURE REVIEW

Answer 3

• The importance of a literature review is stressed in academic research more so than business research.
• The review of literature is a task that continues throughout the duration of the thesis. It begins with a searcg for a suitable topic. Since a thesis aims to be a contribution to knowledge, a careful check should be made that the proposed study has not previously carried out.
• Regardles of the type of research being undertaken, it is desirable to search professional or industry sources for informtion related to the research topic before undertaking a research study.
• Conducting a literature review can highlight situations similar to the current business situation, & thereby help to direct the research process towards a particular solution.

Question 4

EXPLORATORY RESEARCH

Answer 4

• IS the preliminary examination into the specfic topic being studied, in an attemp to develop a clearer understanding of the research parametres & to ifnorm the research design.
• Exploratory research can take place during the intial stages of research if the research outcomes are weakly defined or the research outcomes lack focus.
• Exploratory research process includes literature reviews, & the evaluation of existing studies that relate to the business context.
• Exploratory research may also require secondary data analysis and pilot studies.

Question 5

FORMULATING RESEARCH QUESTIONS

Answer 5

Deciding ona specfic research question is a fundamental part of the business research process, & sets the stage for the rest of the research process. Three types of questions: Descriptive research questions, Relational business questions, Causla research questions.

Question 6

DESCRIPTIVE QUESTIONS

Answer 6

When a research question primarily relates to the desire to gain insight into what is happening or what exists, it is a descriptive question. This type of research looks at identifying & describing the characteristics of something. Descriptive research questions could also seek to find out if there is a difference between two or more variables.

Question 7

RELATIONAL QUESTIONS

Answer 7

Look at whether there is a relationship between two or more variables. Relational studies are also refered to as correlationa studies, as they are an attempt to find out if two or more variables correlate. A correlational relationship simply says that two things occur in a synchronised manner. There are genrally two types of correlational relationship:
1. Positive relationship A: As one variable increases, the other variable increases.
2. Negative relationship B: As one variable increases, the other variable decreases.

Question 8

CASUAL QUESTIONS

Answer 8

• Is asked when the researcher wants to examine a cause-and-effect relationship between two ro more variables. An investigation into an issue or topic that looks at the effect that one thing will ahve on another can be understood as a casual research project.
• Researchers must take care not to assuame a causal relationship exists when there is a correlation between two variables. A correlation does not automatically mean that the chnage in one variable is the vcause of the change in the other variable. Cuasation indicates that one event is the direct result of the occurance of the other event.

Question 9

IDENTIFYING VARIABLES

Answer 9

All research questions involve investigating variables of some kind, & data analysis involves quantifying a variable, or looking for differences & relationships among variables. A variable referes to some spefic characteristic of a subject that assumes one or more different values.

A variable is an entity that can take on different values, or anything that can vary.

Question 10

INDEPENDENT VARIABLES

Answer 10

Is the variable that is manipulated, or changed by the researcher. It is not the variable that is being affected, but instead it is the variables that the researcher chnages ir order to measure the effect it has on the other variables.

Question 11

DEPENDENT VARIABLES

Answer 11

The variable that is being observed or measured is know as the dependent variable.

Question 12

CONTROL VARIABLES

Answer 12

• A contorl variable can be defined as a variable that is held constant in order to assess or clarify the relationship between two other variables. Therefore, the circumstances must be the same throughout the stuy=dy, with only independent variables chnaging.
• Identifying variables involves the following: Determining which variables affect the solution to the problem. Determining the degree to which each variable can be controlled. Determining if & when a functional relationship exists between the variables.

Question 13

LANGUAGE OF RESEARCH QUESTIONS

Answer 13

• The Five Ws & One H (5W1H), also called the Six Ws, are the basic questions that a researcher should ask in order to gain information about the fundamental aspects of a problem.
• The Five Ws are: WHO, HWERE, WHEN, WHY
• The One H: HOW.
• When developing a research question, it is useful to look at the problem from different angles, & determine what informtion is most likley help you to solve the problem or improve business functions.
• Examples of these questions include: What has happened or is happening? Who is involved? Where does or did the event take place?

Question 14

RESEARCH QUESTIONS BEST PRACTICE

Answer 14

A good research questions provides guidance and direction throughout the rest of the research process. The following attributes make a good research questions: Clarity, Focused, Simple vs Complex, Within limitations, I dentifiable outcome.

Question 15

RESEARCH QUESTIONS BEST PRACTICE: CLARITY

Answer 15

It should be cleary staed what will be studied, which variables will be compared, & the precise parametres of the study.

Question 16

RESEARCH QUESTIONS BEST PRACTICE: FOCUSED

Answer 16

Research questions must be spefic enough to be thoroughly covered within the parametres of your research study. A research question should not be so brad that the research methodology becomes convoluted & complicated.

Question 17

RESEARCH QUESTION BEST PRACTICE: SIMPLE VS COMPLEX

Answer 17

Research questions should not be to simple in that they have a simple yes or no answer, as worthy research should require reseach & analysis. Similarly, research questions should not become too complex, in asking too many questions at once, or including irrelevant or extraneous informtion.

Question 18

RESEARCH QUESTION BEST PRACTICE: WITHIN LIMITATIONS

Answer 18

Good research questions are relisitically attainable, even when they are addressing complex & difficult problems. Therefore, it is important to consider the avilable time frame and the requires resources, and the feasibility of the methodology meeting the research goals.

Question 19

RESEARCH QUESTIONS BEST PRACTICE: IDENTIFIABLE OUTCOMES

Answer 19

The possible outcomes of the research must be clear to those reading the questions. In other words, the research questions muct give an indication of how the researcher will use the answer if an answer is found.

Question 20

KEY PERFORMANCE INDICATORS (KPI’s)

Answer 20

• Are values used to measure performance. KPIs help managers & employees gauge the effectiveness of various functions & processess imporatnt to achieving organisational goals.
• KIPs serve as indicators of how a business is functioning in relation to the organisational objectives, & are a way for a bsuiness to evaluate their successin reaching targets.
• When KPIs are put in place, businessess are able to set realistic goals, develop stragegies to meet these goals, & track their progress.

Question 21

KPIs - LEADING AND LAGGING INDICATORS

Answer 21

Leading performance indicators offer guidance to a compnay for expected future results or goals, whereas lagging indicators simply tell a compnay how they have performed. Therefore, lagging indicators will indicate the results of past business activties & aim to predict future perfomance.

Question 22

THE PROPER USE OF KPIs

Answer 22

• Many different measures & metrics that can be used to track a business’s performance, but it is importnat to recognise that choosing the most appropriate measure is fundamental to sucessfully tracking the performance of certain business functions.
• Given the challenges of implementing & using KPI’s, businesses need to continuously revisit & refine the measure used to track performance.
• Following guidelines can help a business develop: KPI’s need to be measurebale and quantifiable. A business must clearly state what will be measured, and over what period of time. There are often seevral ways to track progress, & determining what metric is most conclusive & informative is a necassary step in developing a KPI. When setting leading KPIs, a company must set clear and spefic goals.

Question 23

DATA ANALYSIS & KPIs

Answer 23

• All business areas have soefic performance metrics that should be constantly monitired. Ath the heart of every KPI is the intention of using data to inform business decision-making, which is why data analysis & KPIs go hand-in-hand.
• Setting KPIs is much like developing a research question. However, unlike business research studies, KPIs are often long-term dynamic structures that evolve as a company grows & changes. KPIs play a big role in a company’s ability to identify rishs, challenges, & opportunties, & through process, further research needs may be recognised.