BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the influence of the research information on the final product/service
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the uncertainty of the information, the size of the scope, and the research objective
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the subjective possibilities and external factors
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importance of the decision in the research purpose, the uncertainty that surrounds it, the influence of the research information on the decision.
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Detailed explanation-1: -The value of information is determined by its importance to the decision maker or to the outcome of the decision being made.
Detailed explanation-2: -A value of information (VOI) analysis provides a formal assessment of the value of research, based on the extent to which the information generated through research would improve the expected payoffs associated with a decision by reducing the uncertainty surrounding it.
Detailed explanation-3: -Making decisions under certainty is easy. The cause and effect are known, and the risk involved is minimal. What’s tough is making decisions under risk and uncertainty. The outcome is unpredictable because you don’t have all the information about the alternatives.
Detailed explanation-4: -Research evidence can help decision-makers understand a problem, frame options to respond appropriately, and address implementation considerations for interventions in specific contexts.