Question

1. why it is important to prioritize your research needs early in the process of conducting business research?

2. list 3 types of reports commonly used to monitor and control operations in the business.

Answer 1

Business research is done for many aspects like launching a new product, adding features to existing product, pricing policy, etc. Each categories of research has its own needs. It is important to understand how the research will impact the decision to be taken for the associated problem. There are certain aspects in the research which have a potential impact on the decision to be taken based on the research. For example, the needs associated to research for the development of a new product in a boosting economy situation may be more important than the research on the price of the product. Since there is huge cost associated with the research, it is important to prioritize the research needs based on its impact on the decision, customer needs, market situation, economic situation, etc.

There are several reports used to control the operation of a business. These are:

Overhead distribution report: It is used to control and allocate the overhead (indirect expense) incurred during the operation.

Production budget: It is used to determine the level of production to be achieved.

Variance analysis report-standard costing- It is used to control the cost of production by comparing the actual results with the budgeted results.

Please give likes for the work. Thanks & Regards.