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Research and Analysis for Management MGMT 6272 Fall 2013 Dr. Dennis E. Clayson. The class can be found online at www.business.uni.edu/clayson/MBA. The first part of this module will be more philosophical than others. The second half will be more practical than other modules.
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Research and Analysis for Management MGMT 6272 Fall 2013 Dr. Dennis E. Clayson
The class can be found online at www.business.uni.edu/clayson/MBA
The first part of this module will be more philosophical than others. The second half will be more practical than other modules.
To make good decisions a manager must have information
To use information to make decisions, a manager must know what information is!
To use information to make decisions, a manager must know what information is And how information is created And Used !
Mangers typically make four mistakes….
Mistake 3: Not seeking Information!
Much of the information that is utilized for management decisions comes from numbers…. OR is calculated from numbers, OR is explained by numbers….
This, however, creates a fundamental problem! Most people are: Inumerate… i.e. They are illiterate with numbers.
Actual Examples We had to have the garage door repaired. The Sears repairman told us that one of our problems was that we did not have a 'large' enough motor on the opener. I thought for a minute, and said that we had the largest one Sears made at that time, a 1/2 horsepower. He shook his head and said, 'Lady, you need a 1/4 horsepower.' I responded that 1/2 was larger than 1/4. He said, 'NO, it's not..' Four is larger than two.' My daughter and I went through the McDonald's take-out window and I gave the clerk a $5 bill. Our total was $4.25, so I also handed her a quarter. She said, 'you gave me too much money.' I said, 'Yes I know, but this way you can just give me a dollar bill back. She sighed and went to get the manager, who asked me to repeat my request. I did so, and he handed me back the quarter, and said 'We're sorry but we could not do that kind of thing.' The clerk then proceeded to give me back $1 and 75 cents in change.
They are not quite sure what to do with numbers when they get them……
Introduction Section 2
Topic: What is knowing?
Everything we KNOW about the outside world comes from our own brains. There is no exception to this!
Everything we KNOW has to come from a perception formed by our own mind.
Descartes wrote: “Our inquires should be directed not to what others have thought, not to what we ourselves conjecture, but to what we can clearly and perspicuously behold and with certainty deduce; for knowledge is not won in any other way.” Rene Descartes (1596 – 1650)
Vico states: “The criterion and rule of the true is to have made it.” The principle states that truth is verified through creation or invention and not through observation. Giambattista Vico (1668 – 1744)
The difference: • Knowing something…. or 2. Knowing how to do something….
Knowing something: implies that we know facts. There are three bones in the inner ear. The equatorial radius of the earth is 6,378.14 meters. The value of pi is 3.14159….
2. Knowing how to do something: Suppose a student “knew that” the value of pi was 3.14159…, does the student know what the circumference of a circle is which has a radius of 4.0 meters? Not necessarily.
Vico made the argument that the student’s knowledge was incomplete until he or she could use that knowledge to create something.
In business, it could be argued that both types of knowledge are valuable. Emphasis on one without the other leads to problems when people get lazy. “Knowing something” tends to rely on ideology. “Knowing how to do something” tends to put more trust in tradition.
“Knowing something” would encourage a company or government officer to insist that there be “equal pay for equal work.” This is ideology. It could guide or correct very little, because there are many things which determine salary including other ideologies.
“Knowing how to do something,” on the other hand, may predispose a company to pay workers in a traditional fashion that has worked well in the past, but which should be replaced by a better system.
Knowledge creates knowledge because proper knowing creates more knowing!
Topic: Logic and Research
Logic and Research Opinion = Belief or Guess Are all opinions equal?
No! In that every opinion has to be based on something.
Some persons’ opinion about the stock market are more valuable than others!!
Logic and Research Opinion = Belief or Guess Hypothesis = Opinion that can be tested
Hypo = Under Thesis = Idea or thought Hypothesis = Underlying idea
Logic and Research Opinion Hypothesis = Statistic = Method of calculating probability
Logic and Research Opinion Hypothesis = Statistic = Method of calculating probability Characteristic of a sample
A statistic is a characteristic of a group. It tells you nothing about an individual except for a probability.
In the U.S. Asian Americans have an average IQ higher than African Americans
What do statistics tell us about this person?
She is 40 years old. She has a MD degree. She works in Vancouver. Can you now make a good guess about her income and position?
She is 40 years old. She has a MD degree. She works in Vancouver. Can you make a good guess about whether she is married?
Statistic: Education majors have the lowest standardized scores (ACT, Iowa Basic, etc.) of any majors on campus.
