Business Research Methods

Research -is search for knowledge A scientific and systematic search for information According to Clifford Woody Research is defining and redefining problems, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions and reaching conclusions; and finally, carefully testing the conclusions to determine whether they fit the formulating hypothesis.

Objectives of research:
To gain familiarity of the phenomenon . To know the characteristics of a particular individual, group, or a situation To analyze the frequency with which something occurs to examine a hypothesis between two variables

Research methods Vs methodology

Research methods - techniques for conducting research research methodology - how research is conducted scientifically

Types of research
1) Descriptive vs. Analytical: Descriptive research comprises surveys and fact-finding enquiries of different types. objective of descriptive research is describing the state of affairs as it prevails at the time of study Term ex post facto research is used Has no control over the variables here. Has to only report what is happening or what has happened.

 Analytical research: the researcher has to use the already available facts or information, and analyse them to make a critical evaluation of the subject

2) Applied vs. Fundamental

To find a solution to an immediate problem is known as applied research Fundamental research mainly concerns generalizations and formulation of a theory.

3) Quantitative vs. Qualitative

Quantitative research relates to aspects that can be quantified or can be expressed in terms of quantity. It involves the measurement of quantity or amount. They include correlation, regressions, time series analysis, etc

 Qualitative research is concerned with qualitative phenomenon, or more specifically, the aspects relating to or involving quality or kind. discovering the underlying motives and desires of human beings, using in-depth interviews Techniques - story completion tests, sentence completion tests, word association tests

4) Conceptual vs. Empirical

A research related to some abstract idea or theory is known as conceptual research Use it for developing new concepts or for reinterpreting the existing ones.

 Empirical research is most appropriate when an attempt is made to prove that certain variables influence the other variables in some way. Such research is data based To first collect facts, their source and actively do certain things to stimulate the production of desired information also called experimental type of research control over the variables

5) Other types of research

On the basis of time, research may either be in the nature of one-time or longitudinal research. Depending upon the environment in which the research is to be conducted, it may also be laboratory research or field-setting research, or simulation research,

 Formalized research studies consist of substantial structure and specific hypotheses to be verified. In historical research, sources like historical documents, remains, etc., are utilized to study past events or ideas.

 Decision-oriented research, it is always carried out for the need of a decision maker and hence, the researcher has no freedom to conduct the research as per his/her own desires Conclusion-oriented research, the researcher is free to choose the problem, redesign the enquiry as it progresses and even change conceptualization as he/she wishes to. Operations research is a kind of decisionoriented research,

Research process
various steps 1. formulating the research problem; 2. extensive literature survey; 3. developing hypothesis; 4. preparing the research design; 5. determining sample design; 6. collecting data; 7. execution of the project; 8. analysis of data; 9. hypothesis testing; 10. generalization and interpretation, and 11. preparation of the report or presentation of the results. In other words, it involves the formal write-up of conclusions

I. Formulating Research problem

2 types of research problem 1. Relate to state of nature 2. Relate to relationship b/w variables Ist problem stated in broad way Feasibility of solution shd be considered before formulating problem Formulate general topic to specific problem

 2 steps involved 1. Understanding the problem 2. Rephrase into meaningful terms Examine literature 2 types of literature 1. Conceptual lit concepts and theories 2. Empirical lit previously proposed studies

 Verify the validity and objectivity of the background facts concerning the problem Formulation of problem follow sequential pattern

II. Extensive literature survey

Abstracting and indexing journals published or unpublished bibliographies Academic journals , conferences proceedings , government reports and books One source will lead to other

III. Development of working hypothesis

Working hypothesis - tentative assumption test its logical consequences H focus attention of the problem H indicates the type of data to be collected and type of methods of data analysis. To develop working hypothesis: 1. Discussing with colleges and experts 2. Examine the data and records 3. Review of similar problems 4. Personal investigation on limited scale - with interested parties

IV . Preparing the research design

Conceptual structure within which the research is being conducted Function of research design is to provide the collection of relevant evidence with minimal expenditure of effort money and time. Research purpose is of 4 types 1. Exploration 2. Description 3. Diagnosis 4. Experimentation

 Minimum bias with maximum reliability Of data collected and analyses Preparation of research design involves: 1. Means of obtaining information 2. Availability and skills of researcher 3. Way in which information is organised 4. Time available for research 5. Cost factor relating to research.

V. Determining sample design

All the items under consideration in any field of inquiry constitute a universe or population When all items in the population are considered for the study the it is census survey A sample design is a definite plan determined before any data are actually collected for obtaining a sample from a given population

 Samples are 2 types 1. Probability sampling 2. Non Probability sampling Probability sampling each element of population has a probability of being a sample Non probability sampling no equal chance.

 Probability sampling simple random sampling, systematic sampling, stratified sampling , cluster/area sampling Non probability sampling convenience sampling , judgment sampling , quota sampling techniques.

VI . Collection of data
Primary data - collected by experiment or survey methods. Experiments observes some quantitative data. Surveys are by 1. Observation 2. Through personal interview 3. Through telephonic interview 4. My mailing of questionnaires 5. Through schedules

VII. Execution of the project

Data collected shd be adequate and dependable Project executed in systematic manner in time Data collected by questionnaire question & answers are coded. Ensure survey is under statistical control so that the data collected is to standard of accuracy.

 If no proper response, a list of non respondents is prepared. Then small sub sample can be prepared from this with efforts of experts.

VIII. Analysis of data

Raw data is coded ,tabulated and drawing statistical inferences Coding categorized data is transformed into symbols that tabulated and counted. Editing improves quality of data for coding Tabulation classified data are put in form of tables Use of statistical test with formulae

IX . Hypothesis testing
Testing the formulated hypothesis Hypothesis is either accepted or rejected.

X. Generalizations and interpretations

With the hypothesis derived , various interpretations are found.

XI . Preparation of the report

Layout of the report is as follows; 1. Preliminary pages 2. Main text 3. The end matter

Preliminary pages
Shd carry a title and date followed by acknowledgements. List of tables ,list of graphs and charts

Main text
1. Introduction : clear statement of objective of the research, methodology scope and limitation of the study. 2. Summary of findings: statement of findings and recommendations 3. Main report : logical sequence broke down into identifiable sections 4. Conclusion: put down the exact resuls

The end matter

Bibliography, list of books, journals ,reports. Index is given in specially published research report

Criteria of a good research

Purpose of the research shd be clearly defined. Research procedure sufficient detail Procedural design - carefully planned Researcher complete frankness eliminate the effects of findings Analysis of data adequate and significance Conclusions shd be confined and justified Greater confidence in research is warranted

Qualities of good research

1. 2. 3. 4. Good research is systematic Good research is logical Good research is empirical Good research is replicable

Problems faced by researcher

1. The lack of scientific training in the methodology of research 2. Insufficient interaction between the research institutions and other parties 3. The need for generating the confidence that the information/data obtained from a business unit will not be misused 4. There does not exit a code of conduct for researchers

5.The difficulty of adequate and timely secretarial assistance 6. Library management not proper 7. Non availability of government reports and publications 8.Problem of conceptualization

Research question or problem

Objectives of research study Specific management question to be answered Identification of the problem; Desire to solve practical problem Identify the problem by investigation Always problem exists when interaction occurs

Problem classification
1. Conceptual problem solved by creative thinking 2. Logical problem solved by deductive methods 3. Empirical Problem - solved by inductive reasoning

Approaches to find problem area

1. Ask experts: Researcher ask the experts in that proffesion 2. Specialist : Researcher narrow the area get expert himself in that field 3. Search of literature: Got information from gov. publish,journals etc.

4. Areas of dissatisfaction: Explore the critical articles and discussions so as to identify the problem 5.Current developments: Look for development in that particular field 6. Dairy Report: Maintain a dairy and jot down the information .

7.The gap b/w theory and practice: Identify the difference or the gap in the theory and the practice . Find the way to bridge the gap 8. Identifying the problem in a firm: Records & reports, observation , brainstorming etc.