Hypothesis formulation: Techniques for business analysis
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53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Hypothesis formulation: Techniques for business analysis
Hypothesis formulation is a critical step in the process of business analysis. It involves developing a statement or idea that can be tested to determine whether it is true or false. Hypotheses are used in many different areas of business analysis, from market research to product development to process improvement. In this blog, we will explore some techniques for formulating hypotheses in business analysis.
- Identify the Problem
The first step in formulating a hypothesis is to identify the problem that you want to solve. This could be anything from low sales numbers to inefficient processes to customer complaints. Once you have identified the problem, you can start to ask questions about it to develop a hypothesis.
- Ask Questions
Asking questions is an important technique for hypothesis formulation. You can use a variety of different types of questions to help you develop your hypothesis, such as:
- What is causing the problem?
- Who is affected by the problem?
- When does the problem occur?
- Where does the problem occur?
- How does the problem affect the business?
By asking these types of questions, you can start to develop a clearer picture of the problem and potential solutions.
- Gather Data
In order to formulate a hypothesis, you need to have data to support it. You can gather data from a variety of sources, including:
- Customer feedback
- Sales reports
- Process maps
- Industry reports
- Competitor analysis
By gathering data, you can start to identify trends and patterns that can help you develop a hypothesis.
- Use the Scientific Method
The scientific method is a structured approach to hypothesis formulation that involves several key steps:
- Observation: Collect data and observe patterns.
- Question: Formulate a question based on the observation.
- Hypothesis: Develop a hypothesis that answers the question.
- Prediction: Use the hypothesis to make a prediction.
- Test: Test the prediction using experiments or further observations.
- Conclusion: Analyze the results and draw a conclusion.
By following the scientific method, you can develop a hypothesis that is based on data and can be tested to determine its validity.
- Use the Five Whys Technique
The Five Whys technique is a simple but powerful tool for hypothesis formulation. It involves asking a series of “why” questions to identify the root cause of a problem. For example:
- Why are sales numbers low? Because customers are not buying our products.
- Why are customers not buying our products? Because they are too expensive.
- Why are our products too expensive? Because we are using expensive materials.
- Why are we using expensive materials? Because we want to provide high-quality products.
- Why do we want to provide high-quality products? Because we want to be known for our quality.
By asking these “why” questions, you can identify the root cause of the problem and develop a hypothesis to address it.
- Use the Fishbone Diagram
The Fishbone Diagram, also known as the Ishikawa Diagram, is a tool for hypothesis formulation that helps you identify the root cause of a problem. It involves drawing a diagram with a “head” at one end and several “bones” branching off from it. Each bone represents a potential cause of the problem. For example, if the problem is low sales numbers, the bones might include pricing, product quality, customer service, and marketing.
By using the Fishbone Diagram, you can visualize the potential causes of the problem and develop a hypothesis to address it.
Conclusion
Hypothesis formulation is a critical step in the process of business analysis. By using techniques such as asking questions, gathering data, using the scientific method, using the Five Whys technique, and using the Fishbone Diagram, you can develop hypotheses that are based on data and can be tested to determine their validity.
Hypothesis formulation: Techniques for business analysis
RUBRIC
QUALITY OF RESPONSE |
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POOR / UNSATISFACTORY |
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EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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