Basic Principles And Concepts Of Special Studies

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Much of the information that serves as the basis for decision making within a firm is generated routinely in everyday operations. On occasion, however, routinely available data do not provide an adequate foundation for an important decision. Then a firm has to obtain the needed information in a no routine manner. It may have to collect additional data or implement a special research project. In the discussion that follows, we refer to both no routine data-gathering projects and research projects as special studies, or simply studies. We assume a business context.

In executing special studies, statisticians cannot merely apply statistical techniques. They must also be concerned with the appropriateness and quality of the data. The objectives of each study determine the data required, the data quality needed, and the technique or combination of techniques to be used in analyzing the data. Since a study is conducted to fulfill certain objectives, it should be designed to meet those objectives as efficiently and effectively as possible. In view of the self-evident truth of this statement, you may wonder why so many studies ...
... fail to achieve their objectives. One reason is that most studies are more complex than they appear. Studies require several phases of planning as well as several phases of execution. Each phase must be handled thoroughly and in proper Cartier Replica sequence if the study is to be effective. All phases are interrelated. Problems encountered during one phase often necessitate changes in other phases. Thus, even a very carefully designed study may require extensive revision when unforeseen problems arise. In fact, some studies must be abandoned because of difficulties that either are recognized in the planning phases or arise during execution. It is better to recognize potential problems during the planning phases so that they can be handled in the study design or so that the study can be dropped, if necessary. When we propose any study, we must answer two questions: (1) Can it be of real value? And (2) Is it feasible?

If the answers to both are yes, then we must decide whether the study is more desirable than alternative studies that may be equally appropriate. In determining the potential value of a proposed study, the criterion that we should use is the contribution that the study can make to lay supply of data needed to meet the firm's goals. In too many cases, studies have been conducted when it should have been apparent that even the most thoroughly planned and executed study would be of little value.

How do we determine the value and feasibility of a study? The first step is to obtain a clear statement of the study objectives, supported by documentation showing why the study is needed mud how the results will be used. At this point, we have answered the question concerning the potential value of the study. If the firm accepts the need for the study and its potential value we must determine its feasibility and practicality. We must answer the following questions: (1 Is it logically possible to conduct the study so as to achieve its Breitling Replica Watches objective(s)? (2) Are require data available, or can they be obtained with reasonable effort? (3) will the needed resources-personnel, equipment, and money—be available? And (4) Will the study be of sufficient valil to the firm to warrant using these resources?

A thorough examination of proposed studies will ensure that we undertake sound studied and discard poor ones before the firm has invested significant resources in them. Not all proposed studies are worthwhile; the sooner poor study proposals are recognized, the better, Moreover, just because a study is undertaken does not necessarily mean that it should b followed through to completion. In spite of the most careful planning, problems may airs during the study that will prevent its objectives from being achieved fully. We must evaluate tit effect of such problems and try to salvage these studies. Often, we may still be able to achieve the original objectives, or revised ones. However, if we determine that the results that we can achieve will not be of sufficient value to the firm, we may be justified in discontinuing the study.