Hypotheses in Business Essay - 275 Words

Hypotheses in Business (Essay Sample) Content: Hypothesis in BusinessNameInstitutional AffiliationQuestion OneHypothesis in business is simply making a statement to envision an outcome based on a set of observations. It helps decision makers to come up with new and better techniques to achieve their business goals. Hypothesis helps to determine the most probable course of action to consider in order to maximize the anticipated return given the decision criteria. It also helps one to know and make an informed decision on the amount of resources a business plan may need thus alienates the aspects of assumptions and critical analysis. In the case of a business research, hypothesis helps one to direct, focus, and define the research that would save many resources. A hypothesis enables one to predict the relationship between two variables like pricing and customer loyalties, which in turn helps save resources (Friga Chapas, 2008).Question TwoThrough a business hypothesis, I would be able to identify the necessary and required resources in any business dealing. Like, for example, in the marketing department I would apply hypothesis to know the cost of obtaining a customer in relation to the amount the customer obtained will bring to the business. Through hypothesizing these two factors, I would be able to know the strategy to use when setting a price, the marketing endeavors and any other overhead e...