processes-observation and generalisation. If, in a number of cases, it is observed that educated girls havegot expensive habits, one may, conclude that all educated girls have got expensive habits.
Distinction between Deduction and Induction
1.In deduction, we deduce generalisation from universal to particular, but in induction we arrive atuniversal generalisations from particular facts. Therefore, sometimes induction is thought to be opposite toinduction.2.The propositions from, which deductions are made are assumed. But in induction this is not thecase. Induction is concerned with discovering facts and relations between them. Observed facts provide the basis of induction, but they are not relevant for deduction.3.Deduction is not concerned with the material truth of the premises; but induction is concerned withthe establishment of the material truth of universal propositions.4.In deduction, the conclusion only seeks to unfold what is in the premises. It does not go beyond premises. The conclusion in deduction, in other words, is never more general than the premises. But ininduction the conclusion goes beyond the premises, what is in the data. Therefore, in induction, theconclusion is more general than the premises.5.Deductive method gives us conclusions which are certain; but the conclusions of the inductionmethod are only probable and not always certain. This is so because the conclusion in deductive reasoningfollows from the premises logically, or it is implied in the premises. But in induction method, conclusion isnot implied in the premises. Thus, the conclusions in certain, if we say that since all men are mortal. But theconclusion is only probable or uncertain, is we say that since some educated girls have expensive habits, alleducated girls have expensive habits.
•Define the problems•Brainstorm possible solutions•Consider the consequences of each possible solution;•Select a solution which seems best and put it into action•Evaluate your decision to see how well the solution you choose has ‘solved’ the problem
Importance of Research in Management Decision
Modern pace of development. Three factors stimulate the interest in a scientific research do decision-making.1.The manager’s increased need for more and better information.2.The availability of improved techniques and tools to meet this need.3.The resulting information overload.
Significance of Research in Business
For a clear perception of the term research, one should know the meaning of scientific method. The twoterms, research and scientific method, are closely related. Research, as we have already stated, can betermed as “an inquiry into the nature of, the reasons for, and the consequences of any particular set of circumstances, whether these circumstances are experimentally of recorded just as they occur.
The smooth sailing in the field of research is possible only when the researcher thinks considerably aboutthe problem under study and about the various aspects of the problem. He should think about the way inwhich he should proceed in attaining his objective in his research work. Without this the research will become futile and results in waste of time and resources which are very precious for a researcher. It is because of such importance the research design or plan occupies a key position in the research normallynecessary in formulating a research design. These are not rigid but flexible and can be adopted to suit the problem under investigation.Elements that a design includes:
Observations or Measures
Treatments or Programs
Assignment to Group