In: Economics
The scientific method is an empirical method of acquiring knowledge that has characterized the development of science since at least the 17th century. It involves careful observation, applying rigorous skepticism about what is observed, given that cognitive assumptions can distort how one interprets the observation. It involves formulating hypotheses, via induction, based on such observations; experimental and measurement-based testing of deductions drawn from the hypotheses; and refinement (or elimination) of the hypotheses based on the experimental findings. These are principles of the scientific method, as distinguished from a definitive series of steps applicable to all scientific enterprises.
It involves Problem solving: Step-by-step approach consisting of
(1) identifying and defining a problem
(2) accumulating relevant data
(3) formulating a tentative hypothesis
(4) conducting experiments to test the hypothesis
(5) interpreting the results objectively
(6) repeating the steps until an acceptable solution is
found.
The goal of scientific method is to gather data that will validate
or invalidate a cause and effect relationship. Scientific method is
often carried out in a linear manner, but the approach can also be
cyclical, because once a conclusion has been reached, it often
raises more questions. One of the most common mistakes when using
the scientific method is allowing there to be bias toward the
hypothesis. Forming a hypothesis is an important step, but the goal
of the scientific method is not necessarily to prove the hypothesis
correct; the purpose is to learn from the experiment. This means
that the person asking the question should be careful not to
discount data that goes against the hypothesis.