Research Steps Before Making a Decision

Before making a decision to partner with the new supplier, the following research steps should be undertaken:

Understand the Technology: Thoroughly understand the new technology, its features, and how it can benefit your company. This includes understanding the add$-$ons and their potential use in future projects.

Verify the Supplier's Claims: Verify the supplier's claim that $90$ percent of the industry will be transitioning to this new technology. This can be done by conducting market research or consulting with industry experts.

Assess the Supplier: Conduct a thorough assessment of the supplier. This includes their reputation, financial stability, and track record in delivering on their promises.

Consult with Your Team: Consult with your team, especially those who will be using the technology. Their input is crucial in understanding the practicality and usability of the technology.

Cost$-$Benefit Analysis: Conduct a cost$-$benefit analysis to understand if the investment in the new technology will yield a positive return.

Qualitative and Quantitative Data in Decision Making

Qualitative data is non$-$numerical data that provides insights into opinions, attitudes, and behaviors. In this context, qualitative data can be gathered through interviews or focus groups with your team to understand their perspective on the new technology.

Quantitative data, on the other hand, is numerical data that can be measured and analyzed statistically. This could include data on the projected increase in efficiency or productivity from using the new technology, or the projected market share of companies using this technology.

Both types of data are important in decision making. Qualitative data provides depth and context, while quantitative data provides a measurable and objective basis for decisions.

Primary and Secondary Sources in Decision Making

Primary sources are first$-$hand, original sources of information. In this context, primary sources could include interviews with the supplier's representative, demonstrations of the technology, or feedback from your team.

Secondary sources are interpretations or analyses based on primary sources. This could include market research reports, industry analyses, or reviews of the technology.

Both types of sources are important in decision making. Primary sources provide direct information, while secondary sources provide context and analysis. It's important to critically evaluate all sources for credibility and reliability.