1. introduction - the role of business research (19.01.10)

8/8/2019 1. Introduction - The Role of Business Research (19.01.10)

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THE ROLE OF BUSINESS RESEARCH

Business Research is an important management

tool that exerts a major influence on decisionmaking.



Meaning of researchy Search for knowledge.

y Scientific and systematic search for relevant

information on a specific topicy Art of scientific investigation

y A careful inquiry specially through search for new factsin any branch of knowledge.



Scope of business researchy Limited by ones definition of business.

Profit organizations Non-profit organizations

Production

Finance

Marketing

Management



Business research def ined

Business Research is defined as the systematic and

objective process of gathering, recording and

analysing data for aid in making business decisions.

1. Search again

2. The need for objectivity : unbiased approach

3. Facilitate the managerial decision making process



OBJECTIVES OF RESEARCH1. Exploratory or formulative research studies.

y To know more about or gain insights about a phenomenon

2. Descriptive research studies.y

To portray the characteristics of a particular event etc.3. Diagnostic Research studies.

- to determine the frequency of occurrence or its relation withanother event.

4. Hypothesis testing research studies.- to test a hypothesis of a causal relationship between variables



TYPES OF RESEARCH

y Basic (Pure/ Fundamental) V/s Applied Research

y Descriptive v/s Analytical Research

y Quantitative v/s Qualitative Research

y Conceptual v/s Empirical Research

y Other types.



Signif icance of Research

All progress is born of inquiry. Doubt is often betterthan overconfidence, for it leads to inquiry, and

inquiry leads to invention.

Research as an aid to economic policy

y Government

y Business



Signif icance of Research : Government Context

i. Investigation of economic structure throughcontinual compilation of facts

ii. Diagnosis of events that are taking place and theanalysis of the forces underlying them

iii. The prognosis, i.e the prediction of futuredevelopments.



Signif icance of Research : Business Related

i. Market Research- helps in development of a market

ii. Operations Research

iii. Motivational Research- determining peoplesbehavior consumer behavior



Signif icance of Research : Others

y Ph.D. Students

y Professionals in research methodology

y Philosophers and thinkersy Literary people developing new styles and creative

work.

y Analysts and intellectuals who generalise new theories.



RESEARCH PROCESS

DefineResearch

problem

Review concepts& theories

Review previousresearch findings

Formulatehypothesis

Design researchInclSample design

CollectData(Execution)

Analysedata(Test

hypothesis)

Interpret And Report

FF

FF

F

FF



Research Process: Formulating the research

problem

y First step in a scientific enquiry

y Two steps of formulation

i. Understanding the problem thoroughly ii. Rephrasing problem into meaningful terms from an

analytical point of view

(Most important step in entire research process)



y After formulation a synopsis or a brief summary of the

problem must be written down.y Extensive survey must include academic journals,

conference proceedings, govt. reports, books etc

y One source leads to another

Research Process: Extensive literature

survey



y W orking hypothesis is tentative assumption made inorder to draw out and test its logical or empirical

consequencesy The role of the hypothesis is to guide the researcher by

delimiting the area of research and to keep him on theright track.

y

It indicates the type of data required and the type of methods of data analysis to be used.

(Exploratory/formulative researches do not aim attesting a hypothesis)

Research Process: Development of working

hypothesis



y To state the conceptual structure within whichresearch will be conducted.

yResearch Design provides for collection of relevantevidence with minimal expenditure of effort, time andmoney.

Research Process: Preparing the Research

Design



y For a survey 25 hospitals are selected out of 100 in acity

ySample Design is a definite plan determined beforeany data are actually collected

y Population or Universe are all the items underconsideration in any field of enquiry.

y Samples can be probability samples or non-probability samples

Research Process: Determining Sample

Design



y Deliberate Sampling (Convenience or judgement)

y Simple Random Sampling

y S ystematic Samplingy Stratified Sampling (non-homogeneous population)

y Quota Sampling (non-probabilty or judgementalsample)

y Cluster sampling & Area Sampling

y Multi Stage Sampling (random)

y Sequential Sampling

Research Process: Important Sample

Designs



y By observation : independent of past behaviour and futureintentions, expensive method

y

Through personal interviews: set of questions answeredy Through telephone interviews : used when time is limited

y By mailing of questionnaires : Pilot Study reqd

y Through schedules : Enumerators are appointed and given

training.Method of data collection should be selected by considering thenature of investigation, objective and scope of enquiry, financialresources, available time, and desired degree of accuracy.

Research Process: Collecting the Data



y Project should be executed in a systematic manner and intime.

y

Interviewers should be trained welly Field checks must be done

y Questions as well as answers can be coded

y Non response problem must be tackled.

Research Process: Execution of Project



y Classify the raw data

y Coding of data

y Tabulation of classified and coded datay Analysis is based on various percentages, co-efficients

etc by applying well defined statistical formulae.

Research Process: Analysis of Data



y Various tests :

Chi- Square,

t-test,F-test etc

y Either accept or reject the hypothesis.

Research Process: Hypothesis Testing



y Generalisations and Interpretation

y Preparation of Report or Thesis

Research Process:



WHEN IS RESEARCH NEEDEDy Time Constraints

y Availability of data

y Nature of decisiony Benefits vs Costs



CRITERIA OF A GOOD RESARCH

y S ystematic

y Logicaly Empirical

y Replicable.



21ST CENTURY RESEARCHy Global Business Research

y Growth of the internet



PROBLEMS FACED IN INDIA

y Lack of scientific training in RM

y

Insufficient interactiony Lack of confidence that data will not be misused

y Overlapping research studies : Duplication of data

y No code of conduct for researchers

y Difficulty of adequate and timely secretarialassistance, computerial assistance; causing delays



THE END

1. introduction - the role of business research (19.01.10)

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