1) As noted in the text, when considering which variables to include in a model, "an almost infinite number of extraneous variables exist" (Cooper & Schindler, 2006, p. 41). Discuss techniques for identifying variables in a problem at your business and what types of variables are dismissed as extraneous.
Cooper, D., & Schindler, P. (2006). Business Research Methods (9th ed.). New york, NY: McGraw-Hill Irwin.
2) George Box is credited with the quote "All models are wrong, but some are useful."
Discuss how this observation should be considered when building a research plan. How might it impact the level of detail you include in your plan?
3) As area sales manager for a company manufacturing and marketing a new weight loss drug, you have been assigned the responsibility of conducting a research study to estimate the sales potential of the drug in the US market.
Discuss key issues and concerns arising from the fact that you, the manager, are also the researcher?
1. Variables help measure scope of business problem. It is important to control variables if the problem is to be successfully solved. However, there are many types of variables all of which are not required to be addressed in the research. For example there are extraneous variables which cannot be controlled. These variables add error to the research and may provide results which are not true. Most important aspect of addressing research problem is identification of variables which are useful and which are not. Generally research is initiated in areas which have been addressed earlier by other businesses. It is a good strategy to communicate with those who have experience in the area under current consideration of business. A survey of literature can also be done to identify what type of variables should be studied. For further clarification, it would be useful to review definitions of unwanted variables that could interfere with the problem under investigation. Variables that distort the dependent variable measures are extraneous variables. These variables can be removed by following techniques:
? Elimination: The unwanted variable can be eliminated from ...
Applied research and statistics is examined.