Making Decisions and Overcoming Bias Using Research

Making Decisions and Overcoming Bias Using Research

Steps Before Making the Decision

I will first request the supplier to give me a quotation with specific product prices for at least four months. Besides, I will ask the supplier to offer discounts for a high and long-term contract (Nikolić, 2018). The second step will be comparing the supplier’s quotation and pricing terms and other aspects that matter most with the terms offered by other potential suppliers offering similar products and services (Woodside, 2016). The next step is checking how the prices vary and the confidence that I have placed in the company. If the prices are higher, I will plan on meeting the supplier to negotiate for lower prices besides getting insights into how the business operates. I will finally negotiate the terms and conditions of work if we agree and develop a contract.

Quantitative and Qualitative Data in Decision Making

Quantitative data are expressed in numerical values, while qualitative data are interpreted using non-numerical and descriptive language. Quantitative data will offer crucial insights into aspects such as pricing and the project duration or contract. In contrast, qualitative data will aid processes such as establishing how signing the contract will benefit the firm (Black, 2019). Besides, it will offer aid in the decision-making process of whether to settle for the company or not.

Primary and Secondary Data Sources

Primary sources will be essential in giving fast-hand information about the supplier from avenues such as interviews, meetings, and the documents that the supplier submits. Secondary sources contain information about the supplier from external sources, such as referrals and client reviews (Black, 2019). The primary source will provide critical information about the company’s terms and conditions, including prices, while the secondary sources will assist in establishing the company’s credibility. These two aspects will play a vital role in determining whether to do business with the prospective supplier.

References

Black, K. (2019). Business statistics: for contemporary decision making. John Wiley & Sons.

Nikolić, J. (2018). Biases in the decision-making process and possibilities of overcoming them. Ekonomski horizonti, 20(1), 45-59.

Woodside, A. G. (2016). The good practices manifesto: Overcoming bad practices pervasive in current research in business. Journal of Business Research, 69(2), 365-381. https://doi.org/10.1016/j.jbusres.2015.09.008In your initial post, address the following:

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• What research steps need to take place before you can make a decision?
• How would you use qualitative or quantitative data to help you make a decision? Explain the difference between these two methods.

• How would you use primary and secondary sources to support your decision? Explain the difference between these two source types.

In your initial post, address the following:
What research steps need to take place before you can make a decision?
How would you use qualitative or quantitative data to help you make a decision? Explain the difference between these two methods.
How would you use primary and secondary sources to support your decision? Explain the difference between these two source types.