Managerial Decision Making

Managerial Decision Making

Introduction

This paper consists of two parts. Part 1 will outline the comparisons and contrasts between theoretical and practical differences between “formal research and business proposals detailing the similarities, capabilities and differences between these two. Part 2 will outline a literary review of the hypothesis stated “Is collaborative technology in virtual business teams a facilitator of corporate globalization?” Discussion will address the most relevant findings of whether this “testable statement” supports or refutes this hypothesis.

Part 1 Formal Research

Formal research is a theoretical approach to problem solving by utilizing controlled experiments in an effort to prove a hypothesis. Generally known as an academic or scientific approach to problem solving, Sekaran & Bougie (2009) defines formal research as an academic perspective to problem solving by offering an integrated overview of a situation while providing a theoretical foundation for business decision maker to utilize in their problem solving process (Sekaran & Bougie, pg 18-20).

Business Proposal

A business proposal is a more practical and experience driven approach to finding an answer to an issue specific to a company’s work environment. It is a systematical, organized means of investigating a defined issue or problem utilizing symptoms of the issue and environment in the decision making process. A business research approach to problem solving allows for a problem to be unambiguously identified and defined. (Sekaran & Bougie, pg 2, 45, 46).

Research Commonalities

A successful researcher would be wise to utilize both formal and business research when solving a problem as both respective methods share similar a process. Each process involves an overview, defining a problem, data gathering and analyses, a purpose for the study and ultimately a conclusion; all be it, formal research is a more theoretical conclusion while a business proposal will offer a task specific conclusion (Dr, Ron Rojas, Prism Leadership Consulting* Tampa, FL 2007), (Bazerman & Moore 2009).

Research Contrasts

“The disconnect between the science and practice of management is by no means a new topic in the business press” (Buckley et al,. 1998, p. 32). Formal research has become a more methodological and data driven approach and is often seen as inapplicable and irrelevant in a daily business environment by many professionals while a business proposal will utilize “real world” experience and issue specific symptoms to come to a clear and definitive conclusion.

Research