Describe the scientific method of business research. Be sure to identify the key components, providing examples of each. Use external sources to support your answer (APA style) document your sources; you are to answer them in as much detail as possible. You should support your answers from the literature.
The scientific method of business research differs from the typical scientific method of research because of several factors germane to business management. Success of businesses is predicated upon managerial decisions wherein time management is the basic requirement. Therefore, management problems require timely solutions and decisions. The scientific method entails systematic study, based on theory and facts, universality or generality, objectivity of observation, predictability of results, and verifiability of the phenomenon. These formalities and procedures are time consuming and many businesses are unable to afford the time necessary for this type of research (Mbaknol, 2012).
Therefore, the scientific method in business research is based upon the scientific method that empirically tests a hypothesis. ...
Discusses the scientific method of business research.