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Managerial Decisions

Considering the simulation "Research Methods for Managerial Decisions": https://ecampus.phoenix.edu/secure/resource/vendors/tata/sims/statistics/statistics_simulation3.html

- Describe the similarities and differences between "basic" and "applied" research as that applies to Raytheon, a technical services company. You can visit the company website for more information at: http://www.raytheon.com/

P.S. Please provide appropriate references for statements and/or quotations next to the statements and/or quotations itself, apart from the references that you might provide at the end of your response as well.

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STEP 1

Basic Research:
Basic research as applied to Raytheon means that the main motivation for the research carried out by the company is to expand man's knowledge and not to invent something. One fundamental test of Raytheon's research can be : does the research have any commercial value?

Is Raytheon trying to discover something that does not have any research value?

It is strongly believed by the scientific community that basic research forms the substratum of all scientific progress.

However, Raytheon is in the business of researching, inventing and supplying military equipment to the US military. Does it have any objective of adding to the knowledge of humanity?

This material is taken from the website: www.wwnorton.com/stiglitzwalsh/economics" fundamental research; it often produces a wide range of applications, but the output of basic research itself usually is not of direct commercial value. The output is knowledge, rather than a product; it typically cannot be patented." www.wwnorton.com/stiglitzwalsh/economics
This material is taken from the website: https://radius.rand.org" Systematic study directed toward greater knowledge or understanding of the fundamental aspects of phenomena and of observable facts without specific applications towards processes or products in mind." https://radius.rand.org
This material is taken from the website: www.genomicglossaries.com/content/research" The objective of basic research is to gain more comprehensive knowledge or understanding of the subject under ...

Solution Summary

Managerial Decisions are discussed in great detail in this solution.

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