Part 1: Describe an effective

Part 1An effective process for conducting business research is as follows-

• Find out what you want to research about
• Decide on what reasearch method is to be used
• Do a cost – profit analysis on why a certain method suitsyou
• Gather enough data
• Analyse efficiently and find out results

Part 2Three sources for research methods :

• Market sales numbers : By maintaining a proper database, theanalysis work would be easier
• Financial trends : Market trends could be easily calculated ina tabulated manner, by keeping arithmetical data like profitabilityratios, et al.
• Customer surveys : Compare research questions with availabledata and try to prioritize the ones that are essential.Categorizing data in sub-groups is also a key to quantifysurveys.

Part 3The factors that defines information credibility are :

• Data should be recent and relatable
• Check if the data is authorized by an individual or owner
• Check for relevance in the information to your researchquestions
• Keep an open mind to criticize or be unbiased about theinformation

Part 4Data might be considered out of date on a lot of occasions. Some ofthem are :

• Dates back to more than ten years as a general rule ofthumb
• There is other market data available that contradicts the givendata
• There have been numerous researches conducted with a differentset of data that have different conclusions

Part 5When you find it difficult to come to conclusions from your saiddata or find it difficult in analysing the data that you havecollected, that is an indication that you need a field expert, whohas knowledge about crunching numbers and rigorous dataanalysis.Part 6To find out past experts that you would want to work with in thepresent, you have to go through analysis of past reports or sourcesregarding what research has been done on your selected area ofinterest. Be critical enough to decide whether that expert is ofrelevance to you and can help you reach a conclusion with yourdata.Credibility of an expert can be effectively measured throughanalysis of past works. If the expert is confident in what he/shesays, you ought to put a tick in the checking criteria. In context, you should verify if he/she has enough knowledge about what youwant to study.