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Business research process

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The Importance of Business Research in the Decision-Making Process
Good managers are able to accomplish a great deal in virtually any environment based on an intuitive sense of what is needed to accomplish organizational goals, but this seat-of-the-pants management style will only take a company so far. In truth, timely information about a companys performance as well as its competitors performance, the environment in which it competes, and current economic trends are just part of the vast array of information that business managers need to remain competitive today. Moreover, there is always the risk of relying on the wrong information or even the right information for the wrong purposes. Because humans are involved, there is also the fundamental issue of the highly subjective nature of the interpretation and application of research data as well. In this regard, Vernon (2002) emphasizes that, The literature on decision making is vast, since the subject is regarded as a critical management activity, though fraught with danger. All stress the importance of gathering information prior to decision making, being aware of factors that have a bearing upon the process itself, and identifying ways of dealing with the uncertainty that is at the nub of