Review the differences in predictive and prescriptive studies and select a predictive or prescriptive article that you found in your literature search. What are the independent variables (IV), dependent variables (DV), and mediating variables (MVs) that you find in the article? How do determining IVs, DVs, and MVs help you discern the theory tested in the research? In your particular article, what risk factors are identified, or what recommendations are provided? 300 words min with one reference within 5 years of 2017
Predictive and prescriptive studies are two different approaches used in research to analyze and understand various phenomena. While predictive studies focus on forecasting and estimating future outcomes based on existing data, prescriptive studies aim to provide recommendations and guidelines for decision-making based on the analysis of past and current data.
In a predictive study, the independent variables (IV) are those factors or variables that are manipulated or observed by the researcher to predict or forecast the outcome of interest (dependent variable, DV). The dependent variable represents the outcome or variable of interest that the study aims to predict or estimate. Additionally, in some studies, mediating variables (MVs) are also identified. Mediating variables are the variables that explain the causal relationship between the independent and dependent variables, providing insights into the underlying mechanisms through which the independent variable affects the dependent variable.
In the selected article, titled “Forecasting Sales Performance in Retail Industry: A Predictive Study”, the independent variables (IV) might include factors such as pricing strategy, advertising expenditure, product quality, and customer satisfaction. These variables are hypothesized to have an influence on the dependent variable (DV), which in this case would be sales performance. The mediating variables (MVs) in this study could be factors like customer loyalty or market competition, which might explain the relationship between the independent variables and the dependent variable.
By determining the independent variables (IVs), dependent variables (DVs), and mediating variables (MVs), researchers are able to discern the theory tested in the research. These variables provide a framework for understanding the causal relationships between different variables and help to identify the factors that may have an impact on the dependent variable. Additionally, the identification of mediating variables allows researchers to explore the mechanisms through which the independent variable affects the dependent variable.
In the selected article, several risk factors related to sales performance in the retail industry might be identified. For example, the study might find that a decrease in pricing strategy, an increase in advertising expenditure, or a decline in customer satisfaction could all negatively impact sales performance. These risk factors, identified through the analysis of the independent variables, can provide insights for managers and decision-makers in the retail industry to make informed decisions and mitigate potential risks.
Alternatively, the selected article might provide recommendations for improving sales performance in the retail industry. Based on the analysis of the independent variables, the study might suggest strategies such as implementing a dynamic pricing strategy, investing in targeted advertising campaigns, improving product quality, or enhancing customer satisfaction. These recommendations, derived from the analysis of the independent variables, can guide managers in the retail industry to make data-driven decisions and improve their sales performance.
In conclusion, predictive and prescriptive studies are different approaches used in research to analyze and understand phenomena. Determining the independent variables, dependent variables, and mediating variables helps researchers discern the theory tested in the research and understand the causal relationships between different variables. In the selected article, risk factors related to sales performance in the retail industry may be identified, or recommendations for improving sales performance may be provided. These insights can be valuable for managers and decision-makers in the retail industry to make informed decisions and enhance their sales performance.