Operations Chapter 6

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Operations Chapter 6
2012-03-25 14:41:11

Business Research in Financial Services
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  1. research project
    a temporary and systematic inquiry for obtaining new information.
  2. business research
    research investigation for a practical business application, usually with a connection to a profit motive.
  3. pure research
    research designed to solve thoretical problems, with no contemplated application to business purposes.
  4. mortality study
    a study of the longevity and ages at death of large groups of people.
  5. salary survey
    comparison survey where employers share their compensation data with an external researcher, who accumulates and analyzes the data.
  6. exploratory research
    a type of research that involves collection background info to refine the statement of the research purpose, reviewing existing literature on the topic, understanding the need for further research steps, and finding reports discussing a situation similar to the current management problem.
  7. literature review
    an activity focused on identifying, reading and absorbing the content of published research studies, co info, industry reports, or other written sources that forma basis for a proposed research project.
  8. data mining
    an activity of extracting useful info from existing large data collections by means of deploying sophisticated software algorithms - and somethimes machine learning capabilities - to identify significant patterns in those data collections.
  9. research framework
    explanation or justification of the reason for research project.
  10. research proposal
    a document that gives the outline of a proposed research project focused on meeting a specified research objective.
  11. research objective
    a brief statement of the intended outcomes of a research project. aka research goal.
  12. research plan & design
    detailed report giving the working methods and strategies a research team will use for doing an authorized research project and fulfilling the projects specified research objectives.
  13. research activities
    work activities associated w/collecting, editing, and analyzing data and info, plus interpreting research results in terms of their intended business application.
  14. data editing
    a process applied for detecting and correcting inconsistencies, errors, and omissions in a collection of data.
  15. data analysis
    process of applying analytical techniques to collected data, and using the results of the analysis to formulate recommendations concerning a research objective.
  16. research report
    a written document prepared at the end of the project for the purpose of communicating the significance of research findings.
  17. executive summary
    a concise overview of the entire research project, expressed in business language.
  18. research methods
    the research team's chosen approaches to the primary activieis of research execution: collecting, editing and analyzing data, and then developing research conclusions.
  19. data visualization
    the study of using illustrative graphics that convey an intuitive understanding of data. Can also be the activitiy of viewing aggregate data on multiple dimensions to gain a deeper intuitive understanding of data.
  20. accuracy
    the closeness of a model to the system it represents, the closeness of a measured quantity to its true value, or the closeness of a projected outcome to the actual outcome.
  21. precision
    the exactness of a measure or another distinction.
  22. validity
    a quality of relevance, significance, accuracy and precision. A research model or result is valid if it both accurate and precise.
  23. reliability
    In research, the dependability of a model, measuring instrument, or expreiment, in that it gives the same result on repeated trials.
  24. theory
    a set of interrelated concepts, definitions, and propositions that together may explain or predict outcomes or unknown info.
  25. proposition
    a statement describing relationships among research variables and formulated so that it may be verified or refuted.
  26. research hypothesis
    a proposed explanation for a given set of observations.
  27. empirical testing
    application of the scientific method to prove a statement true or false.
  28. relational hypothesis
    a tentative statemtnt describing a relationship b/t variables.
  29. descriptive hypothesis
    a tentative statement describing some variable.
  30. explanatory hypothesis
    a tentative statement describing a relationship b/t variables where one independent variable has a specified observable effect on a dependent variable.
  31. model
    a representation of a system that is constructed to permit researchers to study the system
  32. variable
    a characteristic, quality, or property being studied.
  33. independent variable
    a force determining the value of another variable known as the dependent variable.
  34. dependent variable
    a term representing the outcome a researcher wishes to estimate. The estimated outcome is determined by the action of another variable, known as an independent variable.
  35. moderating variable
    a type of independent variable that in addition to a main independent variable, has a secondary influence on a dependent variable.
  36. intervening variable
    a factor that cannot be measured directly, although its presence and effects can be inferred from observation of independent and moderating variables.
  37. extraneous variable
    a variable representing a random effect or another effect which should be excluded from consideration in research.
  38. control variable
    a variable introduced to help researchers interpret the relationship b/t other variables.
  39. deductive reasoning
    a process of reaching the only conclusion possible from a given set of supporting facts.
  40. inductive reasoning
    a process of drawing a reasonable conclusion on the basis of a collection of facts. Permits reaching a conclusion in the absence of logical proof.
  41. quantitative research
    examine exclusively numerical info and generate numerical info about the characteristics of a phenomenon under analysis.
  42. qualitative research
    applies inductive reasoning to interpret verbal info, potentially along with some numerical info, and then to generate verbal descriptions of phenomena associated with a specified research subject.
  43. experimental research
    research having an objective of proving a statement, such as a research hypothesis.
  44. correlation research
    research to demonstrate a relationship b/t variables.
  45. decision science
    an approach to analyze complex decision-making problems using mostly quantitative techniques to identify mathematically preferred or optimal solutions.
  46. decision model
    decision analysis tool describes all elements of a decision in a manner that helps a decision maker evaluate and compare several potential courses of action.
  47. predictive analytics
    automated data analysis for predictive modeling in business applications.
  48. business intelligence
    decision support info about competitive factors.
  49. business analytics
    a domain of automated research for business intelligence that typically involves using software for data mining, statistical analysis, predictive modeling, business process modeling, and predictive analytics.
  50. expert system
    a software package that performs tasks otherwise performed by human subject matter experts.
  51. automated underwriting system
    a type of expert system that uses an expert knowledge base, decision rules, and a co database to make automated underwriting decisions.
  52. random error
    an error due to imprecision in measurement or variability in sampling.
  53. bias
    an error with a consistent direction.
  54. statistical bias
    a consistent error arising from a flaw in the research design.
  55. sampling bias
    a type of statistical bias that renders the sampling technique more likely to include some members of the target population than others.
  56. measurement bias
    a systematic error arising from data collection methods.
  57. cultural bias
    a consistent cognitive error consisting of a tendency to interpret and report evidence in terms of the observer's culture.
  58. attention bias
    a consistent error in research outcomes due to individuals who know they are being studied tend to perform better bcos of the attention to their performance.
  59. social acceptance bias
    cognitive error consisting of a tendency for ppl to make socially acceptable statements even tho they may feel or think something else which they perceive as socially unacceptable.
  60. acquiescience bias
    tendency of interviewees to agree with the questioner.
  61. optimism bias
    error due to tendency to take a favorable or hopeful view of future outcomes.
  62. denial
    cognitive error; ignoring the existence of unpleasant facts.
  63. expectation bias
    cognitive error; overemphasize evidence that supports a research hypothesis.
  64. reference bias
    survey design error; tendency for the sequence of topics, questions, and activities to bias answers.
  65. publication bias
    cognitive error; overemphasize research evidence that has been published widely as opposed to results that reeived lim't'd distribution.
  66. sponsor bias
    consistent error in observation when a study participant knows the identity of the research sponsor and is motivated to report responses in a biased manner.
  67. intervention bias
    error in the implementation of research from differences in the application of research methodologies w/in a research study.
  68. volunteer bias
    error in sample construction from ppl who volunteer to participate in a study differ from ppl who dont volunteer.
  69. nonrespondent bias
    sample construction error; when survey recipients who dont participate differ in important ways from those who do particpate.
  70. notation bias
    cognitive error; cultural bias and failure to examine assumptions embedded int he design of mathematical notation.
  71. memory bias
    a consistent cognitive error arising from a tendency to either recall or forget info.