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Research studies evolve through a series of
steps, each
representing the answer
to a key question.
1. Why should
we do research? This establishes the research purpose as seen by the
GFP
team that
will
be
using
the
results.
This
step
requires
understanding
the
decision to be made and the problems or opportunities to be diagnosed.
2.
What
research
should
be
done?
Here
the
GFP
team purpose
is
translated
into
objectives that tell
the
managers exactly
what questions
need to be answered by
the research study or project.
3. Is it worth doing research? The decision has to make here about whether the value
of
the
information
that
will
likely
to
be
obtained
is
going
to
be
greater
than
the
cost of collecting it.
4. How should the research to be designed to achieve the research objectives?
Design
issues
include
the choice of
research approach, reliance on secondary data
versus conducting a survey or experiment – and the specifics of how to collect the
data.
5. What will we do with the research? Once the data have been collected, how will it
be analyzed, interpreted and used to make recommendations for actions?
2.5.
Forecasting
A
forecast
is
a
prediction
of
what
will occur in the future. Managers of
businesses firms attempt to predict how much of the product will be demanded in the
future. In
fact,
managers are constantly trying
to predict the
future,
making decisions
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