Benefits of Management Research to Industries A Critical View

Management research is research tailored to specific management needs and usually conducted at the request of managers. While it ideally informs theory and contributes to the development of knowledge, the priority is to answer specific questions defined in conjunction with managers, generally within time frames that meet their needs. Researchers and managers, in collaboration, must begin by avoiding broad, vague or highly abstract research questions and instead ask questions that focus on specific management issues. Although theoretical arguments are often useful in developing greater understanding of managerial problems, it is more likely that the results will be used if the research answers practical questions that managers need to understand. Furthermore, the questions selected must be important to the organization. These questions might be operational (for short-term decision-making) or strategic, related to the viability of the organization in the future. It is unrealistic to expect managerial decision making to be redesigned around research priorities or processes. There should be a match between when the results will be available and when management must make a decision. With the help of management research the industries are benefiting from better risk management. Meanwhile, the industries are increasingly globalized as cross-border investments and acquisitions continue at a rapid pace. Risk management consulting and analysis have become more sophisticated. In addition, a large number of related services and technologies have a major influence on the industries. This paper will provide a brief overview about the management research of industries and various benefits provided to it.