What is an insight, prediction and action?

• The anatomy of a research project is insights, predictions and actions that build upon one another to inform decision making
• An insight is any data, research model or idea that shows deep understanding and knowledge about a topic
• Predictions take insights and forecast them into the future to inform next steps
• Actions are recommended next steps for decision makers to take

Impactful research projects consist of insights, predictions and actions. A research project is designed to help decision makers know what next steps to take so that they can move forward with an appropriate and informed course of action. Without insights and predictions, knowing what action is appropriate and wise is much more of a shot in the dark or a guess.

Understanding what a research project is and how it helps inform decision making means understanding what makes for a research project. Before you start gathering insights and predictions or take action, you need a basis for your research. What are you trying to understand or inform so that your research project is targeted and meets your end goal?

Once you know this information, you can begin to build out your research project or purchase research from an outside resource. Whether you’re completing the research or seeking a knowledgeable research professional, understanding what makes a research project will be helpful. Read on for a breakdown of the main aspects of a research project and how these facets interact and build upon one another.

Insights

An insight is any data, idea or research model that captures the researcher’s deep understanding of the topic or area being researched. For example, a researcher might prove through data that growth and inflation positively correlate at the end of an economic cycle. Or, you might show how bonds are negatively correlated to interest rates.

Insights are the first step in building out a research project. Without insights, it’s difficult to take the next step in making a prediction as to what the future holds. You need to first analyze previous trends and correlations before predicting what might happen moving forward.

Predictions

As we foreshadowed in the previous section, predictions are how you cast your insights into the future. Predictions are forecasts and expectations that your insights highlight. For example, your prediction might be that growth is rising and inflation will rise with it leading to rising interest rates.

Now with a prediction, you can move on to inform what action to take as part of your research project.

Actions

Actions are where your research project provides true value. At this point you can make recommendations on how to capitalize on your predictions. Actions are the realization of your decisions. For example, sell bonds or buy equities because that’s where you’ll see the greatest financial return.

By clearly structuring your research in this way, you make it easy for decision-makers to see the reasoning behind an important decision. You also make it easy to build on your past research and not reinvent the wheel.

Coegil is a platform that offers a place for researchers to store their data for easy reference and market it to decision makers looking for what actions to take next. To learn more about how Coegil can transform how you display, store and sell research, read the product page.