One of the major functions of a manager is to take a sound decision; however any decision primarily depends upon the latest and complete information pertaining to the problem involved in a managerial decision. This involves risk as the information is not always complete or perfect. In order to involve minimum risk in making a sound decision, managers apply methods of research to the art of management. The entire business industry operates in the world of uncertainty. There is no unique method which can entirely eliminate uncertainty. But research methodology can minimise the degree of uncertainty much more than any other method. In other words, it reduces the probability of making a wrong choice of decision amongst the alternative course of other decision/actions. This is particularly important in the current industrial scenario comprising increased competition, policy of liberalisation and the like - which makes the task of choosing the best course of action difficult for any enterprise.
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