RESEARCH METHODOLOGY: An introduction

Research
A careful investigation or inquiry specially through search of new facts in any branch of knowledge

What is Business Research?

Business Research may be defined as the systematic and objective process of gathering, recording and analyzing data for aid in making business decisions (Zikmund, Business Research Methods, 2002, p. 6)
Systematicness and Objectivity are distinguishing features of Business Research, which is important tool for managers and decision-makers in corporate and non-corporate organizations

When is Business Research Used?

Typically, business research methods are used in situations of uncertainty, that is, when decisionmakers face two or more courses of action and seek to select the best possible alternative under the circumstances. Business Research is hence aimed at improving the quality of decision-making which, in turn, benefits the organization and helps ensure its continuity and efficiency
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Typical Users of Business Research Methods

Businesses and Corporations

Public-Sector Agencies Consulting Firms

Research Institutes
Non-Governmental Organizations Non-Profit Organizations Independent Researchers and Consultants

Research and Manager

Accounting:

Inventory costing methods, accelerated depreciation, transfer prices, taxation methods etc.

Finance: operations of financial institutions, financial ratios, mergers and acquisitions etc. Management: employee attitudes and behaviors,
HRM, impact of changing demographics on management practices, strategy formulation etc.

Marketing: product image, advertising, sale

promotion, consumer preferences etc.
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Objective of Research

To gain familiarity with a phenomenon to achieve new insights into it; To portray accurately the characteristics of a particular individual, situation or a group; To determine the frequency with which something occurs or with which it is associated with something else To test a hypothesis of a causal relationship between variables
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Motivation in Research

Desire to get a research degree along with its consequential benefits; Desire to face the challenges in solving the unsolved problems, i.e., concern over practical problems initiate research; Desire to get intellectual joy of doing some creative work; Desire to be of service to society; Desire to get respectability;
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Business Research

Technically speaking it comprises of

Defining and redefining of problem Formulating hypothesis or suggested solution Collecting, organizing and evaluating data Making decisions and reaching conclusions Careful testing the conclusions to determine whether they fit the formulated hypothesis.

Research Approaches

Quantitative Approach: involves the generation of data in quantitative form which can be subjected to rigorous quantitative analysis in a formal and rigid fashion.

Inferential Approach: aims at forming a database from which to infer characteristics or relationships of population.
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Research Approaches(cont)

Experimental Approach: characterized by much greater control over the research environment and in this case some variables are manipulated to observe their impact on other variables. Simulation Approach: involves the construction of an artificial environment within which relevant information and data can be generated.
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Type of Research

Fundamental/basic/pure Research: Concerned with generalizations and with the formulation of a theory. It is gathering knowledge for the knowledge sake.

Example: How does motivation affect employee performance?

Applied Research: Aims at finding a solution to an immediate problem facing society or organization.

Example: Should Corporation X adopt a paperless office environment?

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Type of Research(cont)

Descriptive Research: Includes survey and fact-finding enquiries of different kinds.

Analytical Research: The researcher has to use facts or information already available, and analyze these to make a critical evaluation of the material
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Type of Research(cont)

Quantitative Research: Based on measurement of quantity or amount.

Qualitative Research: Concerned with qualitative phenomenon relating to quality or kind e.g. reasons of human behavior.
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Type of Research(cont)

Conceptual Research: Relate to some abstract idea(s) or theory. Empirical Research: Relies experience or observation alone, often without due regard for system and theory. on
the

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Type of Research(cont)

Historical Research: On past social factors which have shaped in present.

Formulative/ Exploratory Research: Help to investigate any problem with suitable hypothesis.

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Scientific Method

Objectivity: The scientific method should enable us to classify facts accurately and carefully without any bias. Accuracy of measurement: A mere collection and classification of the facts may not be sufficient, one must be able to make observations of their correlation and sequence, which can be denied as a result of dissipation imagination and painstaking efforts of the scientist.
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Scientific Method..(cont)

Self Criticism: Scientists should critically examine their own research as they are a group of people who are never sure that they have found the ultimate truth, thus their studies are continuing and exhaustive. If researchers are completely objective, their measurements are accurate and their studies are exhaustive, then their results will be valid and reliable.
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The Essence of the Scientific Method

Characteristics of the Scientific Method Objectivity Systematic Analysis Logical Interpretation of Results

Elements of the Scientific Method

Applied Research

Scientific Method

Basic Research

General Laws

Information or Ideas for alternative Courses of action

Empirical Approach Observations Questions Hypotheses Experiments Analysis Conclusion Replication

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Research Method and Research Methodology

Research Methods are the methods or techniques employed by researchers in conducting research operation.
Research Methodology is a scientific and systematic way to solve research problem.
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RESEARCH PROCESS

Formulating the research problem Extensive Literature Review Development of working hypotheses Preparing the research design Determining sample design Collecting the data Executing the project Analysis of data Hypothesis testing Generalizations and interpretations Preparation of the report or the thesis
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Criteria of Good Research

The purpose of the research should be clearly defined The research procedures used should be described in sufficient detail to permit another researcher to repeat the research for further advancement, keeping the continuity of what has already been attained.
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Criteria of Good Research(cont)

The procedural design of the research should be carefully planned to yield results that are as objective as possible. The researcher should report with complete frankness, flaws in procedural design and estimate their effects upon the findings
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Criteria of Good Research(cont)

The analysis of data should be sufficiently adequate to reveal its significance and the methods of analysis used should be appropriate. The validity and reliability of the data should be checked carefully. Conclusions should be confined to those justified by the data of the research and limited to those for which the data provide an adequate basis.
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Criteria of Good Research(cont)

Greater confidence in research is warranted if the researcher is experienced, has a good reputation in research and is a person of integrity.

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Qualities of Good Research

Good research is Systematic Logical Empirical Replicable

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The Hallmarks of scientific Research

Purposive ness Rigor Testability Replicability Precision and confidence Objectivity Generalizability Parsimony
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When Should Business Research be Undertaken?

Is sufficient time available? Yes

Is information inadequate?
Yes High importance of decision? Yes Research benefits greater than costs?

NO

Do not undertake Business Research

Undertake Business Research

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Value and Costs of Undertaking Business Research

VALUE COSTS
Research Costs Delay in Making Business Decisions Disclosure of Information to Rivals

Decreased Uncertainty

Higher Likelihood of Correct Decisions

Better Business performance

Higher Profits
Better Reputation

Possibility of Error

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The Building Blocks of Research

Blend of information, experience and in-sights that provides a framework that can be thoughtfully evaluated when assessing new information or evaluating relevant situations

KNOWLEDGE

INFORMATION

Determination of relationship amongst data with a view to facilitating understanding of the phenomena, their relationships and decision-making (e.g. past and predicted future sales trends)

DATA

Measurements of phenomena (e.g. sales statistics of a department store)

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