Management Research on Benefits, Validity and Personal Experience on Cost Estimation

This management research covers the benefits of research for individuals and society, validity of research results, and personal experience on cost estimation. It includes references and is relevant for business and management courses.

Running head: MANAGEMENT RESEARCH
Management Research
Name of the student
Name of the University
Author note

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Question 1: Question on Benefits
Answer)
a) An individual is able to derive personal benefits after the completion of high quality
research. Research acts as a tool that helps in building knowledge and it facilitates the aspect
of learning. It acts as a medium that helps an individual in understanding the different issues
that increases the element of public awareness. The gathering of information from different
kinds of communities of people can help an individual in becoming aware about the
prevailing conditions of the present age (Silverman, 2016) The information gathered by the
researcher can be shared in the community that can help in solving various problems that
exist within the society. Research can enrich the intellectual potential of an individual that
can help an individual in attaining success in the profession. Research can prove to be useful
in seizing the opportunities that can help an individual in his development. The research
conducted sharpens the abilities of an individual that helps him in evolving as an important
member of the society.
b) The society is able to derive benefits after an individual completes a research of high
quality. Research carried out helps in advancing the society and it helps in furthering the
aspect of human race. The society becomes curious owing to research and it helps the people
in the society in adjusting to the prevailing conditions of the time (Bell, Bryman & Harley,
2018). The society becomes civilized owing to research and it helps in moving the society in
the forward direction. It helps in devising eco-friendly methods that can help in making a
society sustainable. The conducting of research can help in providing timely information
about the needs, behaviours, attitudes along with opinions pertaining to a population (Flick,
2018). The business can develop products along with services that can help in meeting needs

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of the customer. The projects related to research educates response of the decision makers
pertaining to various issues in the society.
Question 2: Question on Validity Research
Answer)
The internal validity of the research result helps in indicating whether piece of the
evidence can support claim regarding cause along with effect. Internal validity pertaining to
research result helps in ruling out the alternative explanations in relation to its findings. The
inferences of research result can be said to have internal validity in the event of
demonstration of causal relationship existing between the two variables (Andrade, 2018). It
can be said that research result is varied in the event of covariation or the cause along with
effect occurring simultaneously. The experimental designs being highly controlled can help
in making the results of the research internally valid. Internal validity is indicative of
controlling of extraneous variables along with the outside influences that may have an impact
on the results of the research (Denzin, 2017). The threats to internal validity can occur owing
to the fact that test subjects can have various experiences in the event of progression of study
that can have an influence.
External validity refers to validity of application of conclusion of the scientific study
outside that of context of the study. It is indicative of extent to which the study outcome can
be generalized across various situations along with people. External validity acts as
foundation pertaining to good experimental design. The results that are achieved from that of
small sample group are extended so that it can make predictions regarding entire population.
External validity can be divided into two types- population validity along with ecological
validity. They act as crucial elements that helps in judging strengths in relation to
experimental design. External validity in relation to research results helps in indicating

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validity of the statistical conclusion and it helps in making clear whether the conclusions
regarding the statistical inferences pertaining to covariation in between the variables have
been justified. The threats in relation to external validity rise on account of sample can
possess certain feature that interacts with that of the independent variables that limits the
aspect of generalizability.
Question 3: Question on Personal Experience on Cost Estimation
Answer)
In the event of working for Alive Event Agency, I had to face challenge in relation to
estimating the cost of a public event. I was facing hindrance in relation to estimating cost of a
conference that dealt with the issue of violence at the home. There were many speakers who
had to brought in who would speak in the event. There were costs in relation to logistics and I
had to face challenges in anticipating the cost (Garvey, Book & Covert, 2016). It was a
challenging experience for me as I had to arrange for a technical conference and I had to
make arrangements on that basis. I was finding it difficult to gauge the cost pertaining to
venue, travel arrangements of the speakers, public relations, meals for attendees along with
the speakers, stage décor, stationery and printing. The methodology that I used for estimation
of cost of venue was the account analysis that helped me in estimation of fixed along with the
variable costs. It helped me in reviewing appropriate accounts that helped me in determining
whether the account costs were fixed or that of variable. The cost for the meals and the
printing were also estimated with the help of account analysis method that helped in totaling
all kinds of costs. The high-low method was made use of for understanding expenditure in
relation to travel arrangements and the public relations. By making use of this method,
historical information was gathered from that of the various reporting periods that proved to
be helpful in estimating the cost. This visual tool helped in estimating the cost in relation to

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various aspects of the conference. This method made use of line that was drawn in a
mathematical manner that helped in calculating fixed cost amount along with that of variable
cost amount (Maronna et al., 2018). The costs pertaining to stage décor and that of stationary
was understood with the help of scattergraph method. This method comprises of the data
points and not highest and the lowest level in relation to activity.

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References
Andrade, C. (2018). Internal, external, and ecological validity in research design, conduct,
and evaluation. Indian journal of psychological medicine, 40(5), 498.
Bell, E., Bryman, A., & Harley, B. (2018). Business research methods. Oxford university
press.
Denzin, N. K. (2017). The research act: A theoretical introduction to sociological methods.
Routledge.
Flick, U. (2018). An introduction to qualitative research. Sage Publications Limited.
Garvey, P. R., Book, S. A., & Covert, R. P. (2016). Probability methods for cost uncertainty
analysis: A systems engineering perspective. Chapman and Hall/CRC.
Maronna, R. A., Martin, R. D., Yohai, V. J., & Salibián-Barrera, M. (2018). Robust statistics:
theory and methods (with R). Wiley.
Silverman, D. (Ed.). (2016). Qualitative research. Sage.