Business Research Methodology ( BRM)

FMBA 2013-2014

Business Research is not an option it is essential for survival and growth

BRM Essentials
Reading is essential & compulsory Evaluation Criteria Class Participation

10 Marks
20 Marks

Mid Term Examination

Group Project Final Examination

30Marks 40Marks

What is Research?
A scientific and systematic search for relevant information on a specified topic It is an ART of SCIENTIFIC investigation

Why Research?
All

progress is born of inquiry & inquiry leads to invention The increasing complexity of business has necessitated the use of research to solve operational problems

What is Business Research?

Business Research
A systematic inquiry that provides information to guide managerial decisions. Information provided could be the result of careful analysis of data gathered first hand or already existing data. Primarily conducted to resolve problematic issues in business.

Drivers of Research

Desire to achieve insights into a phenomenon:

useful for developing new strategies & understanding relationships

Desire to take up the challenge of solving unsolved problems: for the benefit of society,
business & academics

Desire to get intellectual joy of doing some creative work Desire to get a Research degree to enhance qualification Desire to survive and grow in a competitive environment

Objectives of Research
Discover answers to questions through the application of scientific procedures Achieve new insights into a phenomenon Portray accurately the characteristics of a particular individual, situation or a group Determine the frequency with which something occurs or is associated

Objectives of Research
Test a hypothesis of relationship between variables To help make life more comfortable and entertaining Continuous improvement Analyze past data to identify trends and patterns Explore into new areas Test or challenge existing beliefs or notions

Motivation for Research

Self Motivation
Coping with Changes

Regulatory
Competition

Operations / Process Driven

Customer Driven

Research
Failure

Infrastructure

Economic Social Environmental Considerations

Technological Innovations

Benefits of BRM
Advancement of knowledge Helps in carrying out studies that look at things objectively Develops a critical, disciplined scientific thinking or a bent of mind to observe (scientific deduction & inductive thinking) Enables one to make intelligent, rational business decisions

Types of Thinking

Inductive - From raw data to universal relationships which are organized in the form of Laws, Theories (Derivation of theory)
Deductive - From Laws & Rules to specifics (Application of rules to specific situations)

Types of Business Research

BUSINESS RESEARCH

BASIC RESEARCH

APPLIED RESEARCH

EXPLORATORY RESEARCH

CONCLUSIVE RESEARCH

DESCRIPTIVE RESEARCH

CAUSAL RESEARCH

Types of Research

Basic research : the basic premise is the need to KNOW and the concern is primarily academic in nature.

Applied research: Solution or action oriented research, that is contextual and practical in approach.

Types of Research

Exploratory research is loosely structured and the basic premise is to provide direction to subsequent, more structured method of enquiry. Conclusive research is structured and definite in orientation. These studies are usually conducted to validate formulated hypotheses and specified relationships.

Exploratory vs. Conclusive

EXPLORATORY RESEARCH Loosely structured in design Are flexible and investigative in methodology Do not involve hypotheses testing of CONCLUSIVE RESEARCH Well structured and systematic in design Have a formal and definitive methodology that needs to be followed and tested Most conclusive researches are carried out to test the formulated hypotheses Findings are significant as they have a theoretical or applied implication.

Findings might be topic specific and might not have much relevance outside the researchers domain

Conclusive Research

Descriptive research: The main goal of this type of research is to describe the data and characteristics about what is being studied. Causal research: Explores the effect of one or more variables on other variable(s), with reasonable level of certainty by controlling the impact of other influencing variables.

Questions Answered by Descriptive Research

Who Which What Where When How (Much, Many)

Components of Research
Investigation

through continual compilation of facts Diagnosis of forces underlying various phenomenon by analysing the events that take place Prognosis i.e. Prediction of future developments

The Research Process

Management Dilemma Basic vs Applied Defining the Research Problem Formulating the Research Hypothesis

Developing the Research Proposal

The Research Framework Research Design Data Collection Plan Sampling Plan

Instrument Design

Pilot Testing

Data Collection

Data Refining and Preparation

Data Analysis & Interpretation

Research Reporting

Management / Research Decision

Defining the Research Problem

Understand the problem thoroughly Start from a general area and focus it to a specific issue Rephrase the same into meaningful terms from an analytical point of view It is a step of utmost importance

Extensive Literature Survey

Abstracts and journals give the clue Academic journals & reports Conference proceedings Government reports Newspaper articles Web sites

Formulating the Hypothesis

State a working Hypothesis: a tentative assumption Should be very specific and limited to the piece of research Provides the focal point for research Guides the Researcher by delimiting the area of research

Research Design
A conceptual structure within which research would be conducted Provide for collection of relevant evidence with minimal effort, time & money Identify the sampling technique and the sample Identify the verification methods

Collection of Data
Primary data through survey, experiment Survey can be

by observation through interviews Questionnaires Schedules

To be decided based on the desired degree of accuracy, time available and budget Monitoring the collection of data is essential

Analysis of data
Combine

into manageable groups Tabulate the data as per groups identified Compute percentages, indices, coefficients Analyse data using statistical methods Testing of Hypothesis

Interpretation & Report

Report to cover
Objectives Design Findings Conclusion Appendices & Bibliography

Report should be in simple language & should have clarity Charts & illustrations should be used

Managerial Value of Business Research

Identifying problems or opportunities Diagnosing & assessing problems or opportunities Selecting & implementing a course of action Evaluating a course of action

Characteristics of Good Research

Purpose clearly defined Research process detailed Research design thoroughly planned High ethical standards applied Limitations frankly revealed Adequate analysis done Findings presented unambiguously Conclusions justified Researchers experience reflected

Qualities desirable in good Researchers

Inquisitiveness Identity Perseverance Tolerance for Failures

Business Research in Organisations

What affects the productivity of employees and systems? How to design organisational structure and work systems that promote innovation? How to measure organisational effectiveness? How to channelize organisational conflicts in a positive direction? How to exploit the full potential of staff? How to attract and retain the professional and skilled talents? How to improve decision making under uncertain environment and volatile changes?

Thank You