Sunday, November 18, 2012

Business Research

Why should managers know about research?

By doing research a manager is able to find alternatives and find a better solution for the current problems.





What is Business Research?

  1. Analysing relevant factors – Time, cost, resources 
  2. Where is the problem? 
  3. Start gathering information (Primary and secondary stakeholders) 
  4. Analyse the data (information patterns) and extracting the right patterns. 
  • Qualitative – NVIVO  
  • Quantitative – Charts, Graphs, Core-relations (Excel, SPSS, Mini-tab, R) 
  5. Determine the factors that associate with the problem
  6. Solve it by taking the necessary corrective measures. 
  • Google Scholar – Key words searching, Fingerprint matching, template matching)

Business Tools for Researching

  • Organize – Excel (Plan, an argument, or summarizing a paragraph)

  • Systematic – Recursive (Latest Definition) 
  • Data based 
  • Critical 
  • Objective – Why are you doing it? 
  • Scientific Inquiry 
  • Investigation 


Introduction to Research

Steps for Research


The above figure shows the steps for researching. Through study and research an individual could find solutions for the problems. This process is called “Research Methods.” It’s a process and this process can have activities in a sequence. The best example is where Managers engage in studying and analysing issues. Studying patterns can be called “Applied Research.” Creating methods can be known as “Pure Research.”

Good Decision Making

Some decisions could be made by;
  • Predicting a close decision to the actual decision. 
  • Correct statistics (information) leads to good information.
  • States of nature beyond our control (external factors)
  • Invest on technology to avoid the threats of external factors 

Problems that must be take in to consideration when making a good decision; 


  1. Do we know the problem that we’re trying to solve? – Route Cause Analysis 
  2. What is the base of the problem? 
  3. Which part the problem occurs? 
  4. Do they correctly recognize the relevant factors? (Factors to be added - Time, Resources & Cost) 
  5. Problem Statement

  • Theoretical significant – Develop new methods to solve problems 
  • Practical significant – Can it be practically applied? 
6. Do they know what type of information that it needs?

  • Primary Data – Different sources (Research papers), available in public domains  
  • Secondary Data – Directly finding information (Interviews)  
  • Source – Proper references 

7. Do we know how to make use of this information?

  • Appropriate conclusions 

8. How to implement the results of this process?


How to be a Successful Manager?

 

  1. Clearly defined problem 
  2. Research methodology 

  •  Pure Research vs. Applied Research




  • Quantitative Research vs. Qualitative Research


  • Qualitative Data – Interviews, questionnaires
  • Quantitative Data – Numbers, statistics

Main research methodologies are;



  1. Deductive Research – Based on previous research 
  2. Exploratory Research – Producing grounded theories

Friday, November 9, 2012

Time Management


Time is totally inelastic, perishable and cannot be replaced"(Peter Drucker, The Effective Manager)

Due to lack of correct time management many individuals face the consequences of not being able to manage the workload in their day to day work routine. As we all know for the correct method to occur, the capacity should be properly managed and as this is done the capacity of time can be managed without any difficulty.




Time management can also be identified as one of the gifts that humans have, called common-sense. When common-sense is used in the appropriate manner, this skill would enable an individual to manage tasks well and order in a effective and productive manner.


What can you gain from time management?
  • Determine the least important and the most important. 
  • Managing and utilizing time in an effective manner. 
  • More free time. 
  • Able to control distractions and increase the smooth flow of work. 
  • Reduce work stress due to unnecessary pressures of not being able to complete the dead line at the appropriate time. 
  • Able to enjoy the work you do. 
  • Able to relax and enjoy quality time. 

According to Mind Tools(2007), in the Pareto Principle, or the 80/20 rule it states that typically 80% of unfocused effort generates only 20% of results, and that the remaining 80% of results are achieved with only 20% of the effort. Therefore it can be gathered that to get a high result an individual should focus more on the effort.


What can crisis management lead to?


  • High level of stress 
  • Tiredness 
  • Disrupted private life 
  • Failure to projects 


Mind tools

  • Evaluating the working hours 
  • Focusing on priorities 
  • Planning usage of time 
  • Avoid distractions 
  • Creating free time 


Tools to Aid Time Management

  • SWOT Analysis 
  • Activity log 
  • Phone skills 
  • Reading skills 
  • Writing skills 
  • TO DO Lists 
  • PERT 
  • Delegation 
  • Time assessment 
  • Prioritization 


Management Strategies


  • Keep track of due dates
  • Keeping track of long term reminders
  • Keep a clean desk
  • Keep current work in one area
  • Purge unwanted files and documents
  • Backup online files and purge unwanted junk


Time Management Activities


  • Mark the average hours per day or hours per week spent doing the activities on the left. While filling this out, think about where most of your time is wasted. The time remaining total will automatically update to show the amount of time that could be used for studying per week. (Adopted from http://pennstatelearning.psu.edu/resources/study-tips/time-mgt/exercise).




  • Prioritize your daily activities. This can be a powerful method of identifying your main goals in life and prioritizing your activities accordingly.



1st Priority ~ Urgent & Important:  
Mainly this priority can be identified as "Important Goals". These activities will be mainly activities which have been not foreseen or neglected to the last minute.

2nd Priority ~ Not Urgent & Important:
Aids in achieving professional and personal goals. Helps deal with work stress due to these activities not being urgent. These priorities can be identified as "Critical Activities" 


3rd Priority ~ Urgent & Not Important:
These activities may stop an individual from achieving his/ her goals. Prevents completion of work. Reschedule tasks and concentrate on the more important priorities. This priority can be identified as "Distractions"

4th Priority ~ Not Urgent & Not Important
These can be only known as distracting activities. Should be avoided and ignored completely. These activities can be identified as "Interruptions". 

  • Which person are you? The main focus would be to shift from being a Doer, Slob and a Perfectionist to being a Time Manager.

Perfectionist:
  • Spends a lot of time prioritizing 
  • Don't focus on tasks

Slobs:
  • Always in disarray 
  • Fail to prioritize 
  • Fail to focus on tasks

Doers: 
  • Focus on current tasks 
  • Fail to accomplish 
  • Important tasks 
  • Fail to prioritize 

Time Managers:
  • Prioritize tasks 
  • Knows the important tasks to accomplish 
  • Focus on tasks at hand

What Is Applied Research Methods & Professional Development??

This chapter in your life will enhance the understanding of certain problems that commonly occur to individuals and seek the most appropriate methods of solving them. This would also resolve the professional issues in legal obligations, professional code of conduct, professional issues of computing, career plans and communication skills.




What skills will you gain?

  • Ability to understand problems
  • Ability to understand solutions
  • Ability to design
  • Ability to implement