Gamma Talks

Research and decision making: Managing your research well

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Origins

Research, as a word might not strike much, it’s something which is generally considered trivial and something that is a part of your daily routine but not necessarily thought about often. The word “research” is defined as the act of creating new knowledge, and/or using pre-existing knowledge/information to give rise to new concepts, ideas, information or insights. It is derived from the middle french word recherche, which means “to go about seeking”, which itself is derived from a compound word “recerchier” which means to search. The earliest recorded use of the latter was in 1577. 

Methodologies

Being a rather complex concept, with a lot of intertwined history, one might have a plethora of choices of methodologies while acquiring research.

  1. Qualitative Research –

Qualitative research is an exploratory approach which puts emphasis on gaining a deep understanding of a phenomenon or concept. It makes use of non-numerical inputs such as interviews, observations, and open-ended surveys to explore the complexities of human behaviour, attitudes, and experiences. This method is ideal for discovering nuanced insights that quantitative methods might disregard in a conventional manner. 

Qualitative Research is very often associated with flexibility and malleability. Such methodology of research proves to be useful in fields of psychology and sociology.

  1. Quantitative Research –

Quantitative research is research concerned with analysis of numerical and statistical data. Structured surveys, experiments, statistics, analysis, etc. are used to identify recurring patterns as well as configurations.

This methodology is the catalyst of fields such as economics, mathematics, engineering, and medicine.

Impact of research on decision-making

Research impacts overall decision making in human beings greatly. To cite an example, before buying an expensive automobile, one always prefers to look at the reviews of the prospect before deciding. Research is critical in decision-making because it gives decision-makers the knowledge and insights they might need to make sound and informed decisions. While researching before decision making in itself is a crucial element, researching the correct areas that pertain to your interests is more imperative. 

Research also provides decision makers with the following advantages –

  • Informed decision most likely to provide high-quality outputs
  • Information based on evidence
  • Risk mitigating abilities
  • Future reassurance
  • Policy formation
  • Foreseeability of future trends/patterns.

Conclusion 

Research, in conclusion, stands as the bedrock of informed decision-making, offering invaluable insights and reducing uncertainties and risks that often accompany imperative choices. By grounding decisions in evidence and analysis rather than conjecture and instinct, research empowers individuals and organisations to navigate adversities with clarity. Whether in business strategy, policy formulation, or personal choices, the profound impact of rigorous research resonates in its ability to optimise outcomes, manage risks effectively, and foster innovation. A commitment to thorough research not only enhances decision-making processes but also cultivates a culture of foresight and adaptability, essential for sustainable success in a change-stricken world.