In What Ways Does the Choice of an Epistemological Perspective or Essay

In What Ways Does the Choice of an Epistemological Perspective or Stance Influence the Formulation of a Management Research - Essay Example The paper additionally examines issues like empiricism, constructivism, idealism, rationalism, and their influences on the formulation of a research in the field of management. Epistemology is a branch of the philosophical field that is mainly concerned with the nature and limitations of knowledge. The field addresses such issues as what knowledge is, how it can be acquired, and the extent to which it applies to certain entities (Easterby-Smith, Thorpe and Jackson, 2012). Epistemological perspectives are the different ways in which different people view knowledge, its nature and scope. There are different epistemological perspectives that can be used in the formulation of a management research; they range from empiricism, idealism, and rationalism to constructivism (Fumerton, 2006). In order to overcome the difficulties that may be encountered in formulating the management research the concepts of infinitism, foundationalism, and coherentism may be utilized (Krishnaswamy, Sivakumar a nd Mathirajan, 2009). Empiricism is a concept that emphasizes the role that experience plays when one formulates a management research. It is basically a conjecture of knowledge that emphasizes the use of the perceptual observations that we make through our senses (Easterby-Smith, Thorpe and Jackson, 2012). ... On the other hand, rationalism emphasizes the epistemologically privileged statuses of data that we have collected through our senses. It additionally emphasizes the dominance of reasoning and consists of abstracts, theory, and borrowings from empirical studies (Easterby-Smith, Thorpe and Jackson, 2012). When formulating a management research using epistemology, an individual has to collect data before he or she can utilize the knowledge acquired. Doing this, an individual will be able to make appropriate decisions (Audi, 2010). Many challenges may be encountered in the collection of data that may eventually lead to misinterpretation. Data may be incorrectly interpreted due to the fact that different people possess different forms of knowledge along with levels of understanding (Fumerton, 2006). A lot of time is additionally lost when references are made to previous empirical studies that have been carried out, though they are important in ensuring the best decisions in regard to dif ferent aspects in management that are to be resolved. After researching the studies of previous researchers, an individual will have the empirical material that can help avoid the obstacles encountered by others (Krishnaswamy, Sivakumar and Mathirajan, 2009). According to Fumerton (2006), a lot of consultations have to be made before an appropriate decision can be implemented for the purpose of solving the problems facing a business venture. Rationalism enables to epistemologically reason out a problem before one can come to a decision as to the best solution. It additionally helps researchers overcome any errors they may have made when formulating

Managerial Economics Week 12 Individual Work Assignment

Managerial Economics Week 12 Individual Work - Assignment Example Incorporating secondary and intangible benefits and costs is an important analytical tool that can help project managers to account for the value added that arises from outside the project. The employment assumption in Detroit area regarding the benefits of the project is that the project will create more job opportunities for people. There is a positive relationship between employment rates in the region and the redevelopment project. There will increased income for resident of the area due to the project Without incorporating benefits in calculating the Benefit-cost ratio, the BCR equals discounted incremental costs. The project would be very costly to implement hence would not be desirable to conduct. The assumption is that the facility will lead to increased revenues from hotels and other conventional facilities. The assumption is realistic since the hotels would accommodate customers. Good customer services and accommodation are some of the core areas of the hotel facility that will generate revenues in addition to creating employment opportunities for people. Hotels generate Revenue from room rentals, food and beverage sales. Improving customer services, adding new revenue source and branding the hotel are some of the strategies that allow hotels to generate high levels of revenues (Rosehill, 2014). The desirability of the project slightly decreases even though the BCR value is less than 1. Reducing benefits from hotel facilities and excluding employment benefits makes the project less desirable for