Define business research, statistics, and decision models. Why are they important to business?

Expert Solution

Business research can be defined as the process of searching the relevant information so that a better understanding of the business activities can be obtained, new ideas can be produced and evaluated, new opportunities can be searched and the performance of various processes and elements can be determined. Once this information and data are gathered, these can be managed effectively with the help of statistics.

Statistics can be defined as the summary of a method that is commonly implemented in order the have a comparison, predict, analyzing and evaluating the data so that some sort of meaning can be deduced. After collecting the different types of data and arranging them in an orderly manner, these can be described with the help of decision models.

A decision model can be defined as a logical or mathematical representation of different types of events, situations, and issues which can be generated with the help of observation or theory. These models are quite helpful in deriving the decision, finding out the logical decisions and estimating the probable outcomes.

Business research, statistics and decisions models are quite significant for the overall success of any business organization as it facilitates relevant and important information. Good business decisions can be supported by these and thus the organization can have a competitive advantage.

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