G:\Education\EMBA _University of Dhaka\Department of Finance\3rd Semester\BRM\Basic concepts of BRM.

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Research Methodology: Introduction


Research is a process of identifying the status of a phenomenon through deploying various methods in a
systematic manner.

Research is a systematic process of
Identifying the problems,
defining the research questions and objectives,
identifying the variables/attributes indicators to address the objectives,
collecting, compiling, processing and analyzing data to assess the inherent characteristics
of the phenomenon under study and to
Identify the objective basis for arriving at a correct/reliable decision.

Methodology is a combination of methods
Methods are individually applicable.

By variable we mean the characteristics which can be measured and numerically expressed and the
magnitude of which varies from individuals to individuals, item to item.

Profit, sales, age + continuous; family member discontinuous (discrete)

The characteristic which cannot be expressed numerically but indicates a difference in the quality of the
phenomenon is unknown as an attribute.
For example, Efficiency (Efficient/inefficient), Skill (skilled/unskilled).

Indicator The parameter, information/data on which cannot be collected directly but can be
estimated based on the data or information collected on other variables and attributes.

Population and Sample

A population is the complete set of all items in which an investigator is interested. A population is the set
of all of the outcomes from a system or process that is to be studied. N represents population size.

Examples of Populations

Names of all registered voters in the United States.
Incomes of all families living in Daytona Beach.
Annual returns of all stocks traded on the New York Stock Exchange.
Grade point averages of all the students in your university.

Sampling

A sample is an observed subset of population values with sample size given by n.


G:\Education\EMBA _University of Dhaka\Department of Finance\3rd Semester\BRM\Basic concepts of BRM.doc
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Data, Information, Knowledge

1. Data: specific observations of measured numbers.
2. Information: processed and summarized data yielding facts and ideas.
3. Knowledge: selected and organized information that provides understanding, recommendations,
and the basis for decisions.

Operational definition: The definition of a concept in terms of the operations to be carried
out when measuring it, i.e., operational definition means assigning measurable criteria to
the variables/ indicators used in the research study. For example- A person is considered as
literate if s/he can write a letter in any language is known as the operational definition of
literacy.


M.K.M Protttoy
EMBA 23
rd
batch, Department of Finance
www.facebook.com/prottoykm
Research Method VS Methodology

Research methods-

All methods or techniques used for conducting research
Belongs to three groups-
First group- methods dealing with collecting data, used where data are already
available but not sufficient to arrive at solution
Second group- techniques used for assessing the existing scenario and establishing
relationship between data groups
Third group- methods used to evaluate accuracy of the results obtained
First two groups belong to analytical tools.

Research methodology-

Methodology is the combination of all methods and also the philosophy behind
using or not using a particular method.
When we talk about research methodology we not only talk about methods but also
consider the logic behind using the methods we use in the context of our research study and
explain why we are using particular methods and why we are not using others so that
research results are capable of being evaluated either by researcher himself or by others.
Why a research study has been undertaken, how the research problem has been
defined, in what way and why the hypothesis has been formulated, what data have been
collected, what methods have been adopted, why a particular technique for analyzing data
has been used and a host of similar questions are answered when we talk about research
methodology.
A way to systematically solve the problems
A science of studying how research is done scientifically
Includes steps adopted in studying research problem with logic
Research methods are the part of research methodology
Wider scope

Reformed by: M.K.M Prottoy
www.facbook.com/prottoykm

Criteria of a good Research
Whatever may be the types of research works and studies, one thing that is important is
that they all meet on the common ground of scientific method employed by them. One expects
scientific research to satisfy the following criteria:


(1) The purpose of the research should be clearly defined and common concepts be used.
(2) The research procedure 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.
(3) The procedural design of the research should be carefully planned to yield results that
are as objectives as possible.
(4) The researcher should report with complete frankness, flaws in procedural design and
estimate their effects upon the findings.
(5) 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.
(6) 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.
(7) Greater confidence in research is warranted if the researcher is experienced, has a
good reputation in research and is a person of integrity.


In other words, we can state the qualities of a good research as under:

1. Good Research is Systematic: It means that research is structured with specified steps
to be taken in a specified sequence in accordance with the well defined set of rules.
Systematic characteristic of the research does not rule out creative thinking but it
certainly does reject the use of guessing and intuition arriving at conclusions.

2 Good Research is Logical: This implies that research is guided by the rules of logical
reasoning and the logical process of induction and deduction are of great value in
carrying out research. Deductive approach means theory guides research, while
inductive approach means theory is an outcome of the research. In fact, logical
reasoning makes research more meaningful in the context of decision making.

3 Good Research is Empirical: It implies that research is related basically to one or
more aspects of a real situation and deals with concrete data that provides a basis for
external validity to research results.

4 Good Research is Replicable: This characteristic allows research to be verified by
replicating the study and thereby building a sound basis for decisions.

The purpose of the research should be clearly defined and common concepts be used.
The research procedure 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.
Reformed by: M.K.M Prottoy
EMBA 23
rd
batch, Department of Finance
Contact: 01716600333

1

Research Process & Steps




Ref: M. Saunders & others
































































Research philosophy:

Depends on the way of thinking about development of knowledge
Three views-positivism, realism, Interpretivism

Deciding on the research approach and choosing a research strategy
Objectives of the study-

To outline the key assumptions of the positivist, interpretive and realist
research philosophies
To identify the main research strategies and explain why these should not be
thought as mutually exclusive
To explain the benefits of adopting a multi-method approach to the conduct
of research
To explain the concepts of validity and reliability and identify the main treats
to validity and reliability
To understand some of the main ethical issues implied by the choice of
research strategy
Different approaches to research-


























Fig: the research process














Positivism
Deductive
Experiment
Survey
Case
Study
Grounded
theory
Ethnography
Action research
Cross section
Longitud

Sampling,
secondary data,
observation,
interviews,
questionnaires
Research
philosop

Research
approach
Research
strategy
Time
horizon
Data collection
method
Interpretivism
Realism
Reformed by: M.K.M Prottoy
EMBA 23
rd
batch, Department of Finance
Contact: 01716600333

2
Positivism-
Influences to adopt the philosophical stance of the natural scientist

Interpretivism-

Rich insights into the complex world are lost if complexity is reduced entirely to a series of law
like generalizations

Realism-

Based on the belief that a reality exists that is independent of human thoughts and beliefs

Choosing a research approach:

Appr oac h 1: Deduc t i on-t est i ng t heor y

Steps for the approach-

Deducting a hypothesis form theory
Expressing the hypothesis in operational terms, which propose a relationship between two specific
variables
Testing the operational hypothesis
Examining the specific outcome of the inequity
Modifying the theory in the light of findings (if necessary)

Characteristics of the approach-

A search to explain casual relationship between variables
Allowance the testing of hypothesis
Use of highly structured methodology
Support for researcher independence
Operationalised concepts for quantitatively measured facts
Reductionism and Generalization
Problem- tendency to conduct rigid methodology that does not permit alternative explanations of what
is going on

Appr oac h 2: I nduc t i on-bui l di ng t heor y

..
Importance of selecting approach-

Assists in taking more informed decision for research design
Assists in thinking about research approaches which are required and which are not
Enables in adapting research design to cater for constraints

Combining approaches to research-

Deductive approach-

Starting with hypothesis
Deciding research population
Administering questionnaire
Being careful about definition
Standardizing

Major differences between inductive and deductive approaches-

Deductive emphasis

Scientific principles
Moving from theory to data
The need to explain casual relationships between variables
The collection of quantitative data
The application of controls to ensure validity of data
The operationalisation of concepts to ensure clarity of definition
A highly structured approach
Researcher independence of what is being researched
The necessity to select samples of sufficient size in order to generalize conclusions

Reformed by: M.K.M Prottoy
EMBA 23
rd
batch, Department of Finance
Contact: 01716600333

3
Inductive emphasis

Gaining an understanding of the meanings humans to events
A close understanding of the research context
The collection of qualitative
A more flexible structure to permit changes of research emphasis as the research progress
A realization that the researcher is part of the research process
Less concern with the need to generalize
The need for a clear research strategy

General plan of how you will go about answering the set research questions
Contains objectives, sources of data and constraints
Focuses on why a particular strategy is selected, why a particular organization and departments
have been selected for research, why a particular group has been selected to talk with

Strategy and tactics-
Strategy deals with overall approach
Tactics deals with details of data collection and analysis methods

Different research strategies-

Experiment
Survey
Case study
Grounded theory
Ethnography
Action research
Cross-sectional and longitudinal studies
Explanatory, descriptive and explanatory studies

Experiment

Classical form of research
Owes much to the natural sciences
It features much strongly in much social science research, particularly psychology
Typically involves in-
Definition of a theoretical hypothesis
Selection of samples of individuals from known population
Allocation of samples to different experimental conditions
Introduction of planned change on one or more of the variables
Measurement on a small number of the variables
Control of other variables

Survey

Usually associates with deductive approach
Popular and common strategy in business and management
Allows collection of large amount of data through questionnaire
Data are standardized and allows easy comparison
Allows more control
Time consuming
Not wide-ranging data
Case study

Involves an empirical investigation of a particular contemporary phenomenon within its real life
context
Deals with questions-why, what, how
Data collection through questionnaire, interviews, observation, documentary analysis
A very worthwhile way of exploring existing theory

Grounded theory

Best example of inductive approach, but combines both inductive and deductive approaches
Data collection without an initial theoretical framework
Generation of data from observation and then prediction

Reformed by: M.K.M Prottoy
EMBA 23
rd
batch, Department of Finance
Contact: 01716600333

4
Ethnography

Supports inductive approach
Emanates from anthropology
Purpose-interpreting the social world the research subjective inhibit in the way in which they
interpret
Time consuming
Needs to be flexible and responsive

Action research

Focuses on the purpose/action of research
Relates to the involvement of practitioners in research
Have implications beyond the immediate projects
Strengths- change, monitoring, recognition that time needs to be devoted to reconnaissance,
evaluation and involvement of employees
Focus- aims to fulfill agenda and stars with the need of the sponsors and involves those
undertaking the research in the sponsors issues

Cross-sectional studies

Employ survey strategy
Describes the incidence of phenomenon or to compare the factors of different organizations
Also uses qualitative method
Based on interviews and for short term period

Longitudinal studies

Has capacity to study change and development
Long-term period arrangement but can be used with time constraints

Exploratory studies

Valuable means of finding out what is happening, to seek new insights, to ask questions and to
Asses phenomena in a new light
Useful to clarify problem
Principal ways-a search of literature, talking to experts in the subject, conducting focus group
interviews
Flexible and adaptable to change
Broad initial focus and then narrower as progress

Descriptive studies

Objective- to portray a accurate profile of persons, events or situations
A type of explanatory research
Sometimes too descriptive

Explanatory studies

Establishes casual relationship between variables
Uses quantitative data

Practitioner-researcher
Familiarity has some problems-
Being conscious about conceptions and preconceptions carried around with the researcher
Asking less questions

Advantage of familiarity-
Asking proper questions
Understanding complexity

Problem of status
J unior-senior conflicts
Reformed by: M.K.M Prottoy
EMBA 23
rd
batch, Department of Finance
Contact: 01716600333

5

Problem of time-
Using multi methods- advantage

Use of different methods for different purposes
Triangulation for taking place

Methods have different strengths and weakness. So select considering their effects.
Credibility of research findings

Reliability
Threat to reliability
Validity
Threat to validity
Generalisability
Logic leaps and false assumptions

Reliability
Will the measures yield the same results on the other occasions?
Will similar observations be reached by other observations?
Is there transparency in how sense was made from the raw data?

Threats to reliability

Subject or participant error
Subject or participant bias
Observer error
Observer bias

Validity

Concerned with whether the findings are really about what they appear to be

Threats to validity

History
Testing
Instrumentation
Mortality
Maturation
Ambiguity and casual direction

Generalisability

Also known as external validity
Focus on whether the findings are equally applicable to other research settings

Logic leaps and false assumptions

Decisions based on false assumptions
Four-logic leaps-
Identification of the research problem-is it logical to assume that the way you are collecting
your data is going to yield valid data?
Data collection-is it logical to assume that the way you are collecting your data is going to
yield valid data?
Data interpretation- is it logical to interpreter in a particular way and is the interpretation
valid?
Developments of conclusions- do my conclusions stand up to the closest scrutiny?





Reformed by: M.K.M Prottoy
EMBA 23
rd
batch, Department of Finance
Contact: 01716600333

6


Ethics of research design

Choice of topic should be ethical.
Research design should be consistent with the ability of data collection.
Data should be collected from proper source.



Steps in Research.

1. Problem identification & Hypothesis formulation.
2. Literature review / Library search / Content analysis.
3. Developing research Qs and objectives of the study / Research
4. Identifying the variables / attributes / Indicators
5. Giving operational definitions to some of the important variables
6. Identifying sources of data
7. Choosing an appropriate sample design
8. Development of data collection instruments.
9. Conducting field survey
10. Processing of data
11. Analytical framework
12. Preparation of report and presentation of the findings.

Reformed by: M.K.M Prottoy
EMBA 23
rd
batch, Department of Finance
Contact: 01716600333

7

The Research Process
































Exploration Exploration
Discover the management dilemma

Define the management question

Define the research question (s)

Refine the research question (s)

Research Proposal
Research Design
Design Strategy
(Type, Purpose, Time Frame, Scope, Environment)
Data Collection
Design
Sampling Design
Question & Instrument
Pilot Testing
Instrument Revision
Data Collection & Preparation
Data analysis & Interpretation
Research Reporting
Management
Decision
Reformed by: M.K.M Prottoy
Cont: 01716600333
1
Objectives of Business Research:

1. To gain familiarity with the present status of the business.
2. To measure the frequency of occurrences of various parameters/indicators.
3. To reveal the trend and tendencies in the business, i.e., to assess the growth or
expansion potential of the business.
4. To identify the influencing factors or determinants of business parameters.
5. To test the significance and validity and reliability of the results.







Steps of turnings research ideas into research projects-

Writing research questions
Writing research objectives

Writing research questions

Question is sufficiently involved to generate the sort of project that is consistent
with the standards expected by the researcher.
Beware of research question that are too easy.
The questions may be difficult and beware of that; over-reaching yourself in the
definition of research questions is a danger.
Avoid asking questions that will not generate new insights.
Begin with one general focus research question that flows from research idea; it may
lead to several more detailed questions or the definition of research objectives (table-
1).
Take help from other people (especially project tutor) to avoid pitfalls of the questions
that are too easy or too difficult or have been answered before and to make the
question clearer.
Perform a brainstorming (open discussion) prior to discussion with project tutor.
Turning research ideas into research projects
Reformed by: M.K.M Prottoy
Cont: 01716600333
2
Examples of research ideas and their derived focus research questions-
Table-1



Writing research objectives

Developed based on research questions
Leads to greater specify than research or investigative questions (table2)
Requires more rigorous thinking, which derives from more formal language.


Explanation for table-2

Objective leads to greater specify than research questions. Ex-1
Second and third objectives match research questions by introducing the notion of
explicit effectiveness criteria.
Fourth and fifth objectives are specific about factors that lead to effectiveness in
question four.
Fifth question becomes sixth objective. They are similar but differ in the way that
the objective makes clear that a theory will be developed that will make a casual
link between two sets of variables: effectiveness factors and team briefing success
Research ideas General focus research questions
Job recruitment via Internet How effective is recruiting for new staff via the internet
in comparison with traditional method?
Advertising and share price How does the running of a TV advertising campaign
designed to boost the image of a company affect its
share price?
The use of aromas as a marketing
device
In what ways does the use of specific aromas in
supermarkets affect buyer behavior?
The future of trade union What are the strategies that trade unions should adopt
to ensure their future viability?
Reformed by: M.K.M Prottoy
Cont: 01716600333
3
Phrasing research questions as research objectives-






What is theory?

A formulation regarding the cause and effect relationships between two or more
variables, which may or may not have been tested (Gill and Johnson)
If A is defined as situation, B is consequence.
It is evident that if we have the expectation that by doing A, B will happen, then by
manipulation the occurrence of A we can begin to predict and influence the occurrence of B.
in other words, theory is clearly enmeshed in practice since explanation enables prediction
which in turn enables control. (Kerlinger and Lee)
It is different from intelligence gathering means gathering of facts, also called
descriptive research.


Research question Research objectives
1) Why have organizations
introduced team briefing?
To identify organizations objectives for team briefing
schemes
2) How can the effectiveness of
team briefing schemes be
measured?
To establish suitable effectiveness criteria for team
briefing schemes
3) Has team briefing been effective? To describe the extent to which the effectiveness criteria
for team briefing have been met
4) How can the effectiveness of the
team briefing be explained?
To determine the factors associated with the
effectiveness criteria for team briefing being met
To estimate whether some of those factors are
more influential than other factors
5) Can the explanation be
generalized?
To develop an explanatory theory that associates certain
factors with the effectiveness of team briefing schemes
The importance of theory in writing research questions and objectives

1

Types of Research


1. Descriptive Vs Analytical
2. Applied Vs Fundamental
3. Quantitative Vs Qualitative
4. Conceptual Vs Empirical
5. Special types of research

(Longitudinal Research; Action Research)


Descriptive Vs. Analytical:


Descriptive Research-
Includes surveys and fact finding enquires of different kinds
Purpose- description of the state of affairs as it exists at present
Termed as Ex post facto research in social science and business research where
Researcher has no control over variables, can only report what has happened or what is
happening and discover causes
Methods- survey of all kinds including comparative and correlational methods
Example- frequency of shopping, preference of shopping, or similar data

Analytical Research-
Uses already available information or facts
Analyzes facts or information to evaluate the materials

Applied Vs. Fundamental:

Applied Research-
Aims at finding a solution for an immediate problem facing a society or organization
Also known as action research
Purpose- to discover a solution for some practical problems
Example- research on solving social or business problem


2

Fundamental Research-
Concerned with generalizations and with the formulation of theory
Also known as basic or pure research
Focuses on finding information that has a broad base of application and adds to the
already existing organized body of scientific knowledge
Example- research on natural phenomenon or pure mathematics, human behavior for
making generalization about human behavior

Qualitative Vs. Quantitative:

Quantitative Research-
Based on the measurement of quality or amount
Applicable to phenomenon expressible in quantity

Qualitative Research-
Deals with Qualitative phenomenon
Example- Motivation Research which aims at discovering the underlying motives and
research for human behavior
Technique- interview, association test, sentence completion test, story completion test,
etc
Important for behavioral science that deals with motives of human behavior
Demands guidance from experimental psychologists
Application is difficult
Analyzes motivating factors to behave in a particular manner or make something liked
or disliked

Conceptual Vs. Empirical:

Conceptual Research-
Related to some abstract ideas or theories
Used by philosophers or thinkers to develop new concept or reinterpret existing ones


3

Empirical research-
Relies on experience or observation alone, often without due regard for system and
theory
Data based research
Conclusions can be verified by observation or experiment
Also known as experimental type of research
Appropriate when proof is sought that certain variable affects other variables in some
way
Requires developing hypothesis or probable results first and then facts to prove or
disprove the hypothesis, developing experimental designs, controlling over variables under
study and studying the effects

Other types of Research:
Based on time-
One time Research- arranged for single time period
Longitudinal Research- arranged for several time periods

Based on environment-
Field setting research
Laboratory research
Simulation research

Based on approach-
Clinical research
Diagnostic research

Based on Hypothesis-
Explanatory research- develops hypothesis
Formalized research- develops structure to test hypothesis

Others-
Historical research- utilizes historical sources of data
Conclusion oriented- freedom at picking up problem, redesigning enquiry,
conceptualizing
Decision oriented- needs decision maker and not freedom
Operations research- decision oriented, provides quantitative basis for decisions
regarding operations


4

Based on the purposes for which the researches are conducted, they may be divided
into following categories
1. Needs Assessment/Evaluation
2. Feasibility studies
3. Baseline/Bench-mark survey/Research.
4. Evaluation Research:
a) Formative Evaluation (Mid-term)
b) Terminal Evaluation.
5. Impact assessment/research/evaluation


Evaluation Research

Evaluation is the systematic determination of merit, worth, and significance of something or
someone. Evaluation often is used to characterize and appraise subjects of interest in a wide
range of human enterprises, including
Evaluation concepts and issues
the Arts, business, computer science, criminal justice,
education, engineering, foundations and non-profit organizations, government, health care, and
other human services.
In the field of evaluation, there is some degree of disagreement in the distinctions often made
between the terms '
The distinction between evaluation and assessment
evaluation' and 'assessment.' Some practitioners would consider these
terms to be interchangeable, while others contend that evaluation is broader than assessment
and involves making judgments about the merit or worth of something (an evaluand) or
someone (an evaluee). When such a distinction is made, 'assessment' is said to primarily
involve characterizations objective descriptions, while 'evaluation' is said to involve
characterizations and appraisals determinations of merit and/or worth. Merit involves
judgments about generalized value. Worth involves judgments about instrumental value. For
example, a history and a mathematics teacher may have equal merit in terms of mastery of their
respective disciplines, but the math teacher may have greater worth because of the higher
demand and lower supply of qualified mathematics teachers.

Depending on the stage of the program, there can be four types of evaluation needs
assessment or evaluation of needs associated with the design stage, formative evaluation or
process evaluation associated with the implementation stage, and summative/Terminal
evaluation (output evaluation) and impact evaluation both associated with the follow-up
stages (Garcia Nunez J, Improving FP Evaluation, 1992: 4).

Needs assessment or evaluation of needs associated with the design stage

Feasibility Studies
This type of research is undertaken prior to starting of any business enterprise or any business
related project. This type of research is done to assess the technical, economic, market and

5

financial viability of the project. The issue whether the project is socially desirable and
environmentally acceptable is also taken into consideration.

Baseline Survey
The main purpose of a baseline survey is to generate data on pre-project socio-economic and
business aspects. Baseline data are also used to compare the pre- and post- project situations
for assessing the impact of project intervention. A baseline survey is conducted in the absence
of available published data on various socio-economic and business aspects.

Formative or mid term evaluation is done to assess whether the project is in the right track. It
is usually done to identify the strengths, weaknesses, opportunities and threats. On the basis of
the findings of the formative evaluation research corrective measures are taken to attain the
goals of the project.

Terminal (Summative) Evaluation research is conducted to assess the efficiency and
effectiveness of the project/intervention.

o Effectiveness: is the ratio of actual and planned activities
-The extent of attainment of goal or the degree of target fulfillment determines
the level of effectiveness.

o Efficiency:
- Attaining maximum output with minimum input.

Impact Evaluation
The research, which is undertaken to measure the quantitative benefits derived out of project
intervention and qualitative changes that occurred due to project intervention, is known as an
impact assessment research. This type of research also provides information for identifying the
negative impact of the project.





Prepared by:
M. Khairul Hossain
Professor, Faculty of business studies, DU.

Reformed by:
M.K.M Prottoy
EMBA, Department of Finance
University of Dhaka
Contact: 01716600333

Deduction & Induction
In logic, we often refer to the two broad methods of reasoning as the deductive and inductive
approaches.
Deductive reasoning works from the more general to the more specific.
Sometimes this is informally called a "top-down" approach.
We might begin with thinking up a theory about our topic of interest. We then narrow that
down into more specific hypotheses that we can test. We narrow down even further when we
collect observations to address the hypotheses. This ultimately leads us to be able to test the
hypotheses with specific data -- a confirmation (or not) of our original theories.

Inductive reasoning works the other way, moving from specific observations to broader
generalizations and theories.
Informally, we sometimes call this a "bottom up" approach (please note that it's "bottom up"
and not "bottoms up" which is the kind of thing the bartender says to customers when he's
trying to close for the night!).
In inductive reasoning, we begin with specific observations and measures, begin to detect
patterns and regularities, formulate some tentative hypotheses that we can explore, and finally
end up developing some general conclusions or theories.
These two methods of reasoning have a very different "feel" to them when you're conducting research.
Inductive reasoning, by its very nature, is more open-ended and exploratory, especially at the
beginning.
Deductive reasoning is narrower in nature and is concerned with testing or confirming
hypotheses.
Even though a particular study may look like it's purely deductive (e.g., an experiment designed
to test the hypothesized effects of some treatment on some outcome), most social research
involves both inductive and deductive reasoning processes at some time in the project.






Deductive reasoning Inductive reasoning
M.K.M. Prottoy
EMBA 23
rd
batch (Finance)
prottoy.yolasite.com

Data:

Specific observations of measured numbers proving answers to the questions what, where and
when


Information:
Processed and summarized data yielding facts and ideas.

Knowledge:

Selected and organized information that provides understanding, recommendations and the
bases for decisions.


There are firstly two types of data sources
Sources of data

1. Internal sources
2. External Sources


1. Internal sources:
Data available within the organization conducting the study


2. External Sources:
Data which are not available within the organization conducting the study


The external sources of data are also divided into two parts

1
st

, Primary data
2
nd

Secondary data
The published data are known as secondary data.

Some examples of secondary data:
1. Cooper D.R. and Schinder P.S. Business Research Methods, Mc Graw Hill, IRWIN,
New York, 2004
2. Saunders M, Lewis P and Thornhill A., Research Methods for Business Students (3
rd
3. Bangladesh Bureau of Statistics (BBS), The Statistical Year Book of Bangladesh 2001,
Dhaka, 2003.

Edition), Pearson Education Limited, Singapore, 2003.
M.K.M. Prottoy
EMBA 23
rd
batch (Finance)
prottoy.yolasite.com
4. Ministry of Finance and Planning, Economic Survey of Bangladesh 2003, Dhaka,
2005.
5. Bangladesh Bureau of Statistics, Population Census Report2001, Dhaka, 2003.
6. Bangladesh Bank, Economic Trends (Quarterly), October-December, 2005, Dhaka,
2005.
7. Hossain K., Indebtedness of Rural Households and Consequences of Borrowing,
The Journal of Finance and Banking, Vol. II,
8. The World Bank, The World Development Report 2009, Washington, 2009.
Department of Finance (DU), Dhaka,
June, 1994.
9. United Nations Development Programme, Human Development Report 2005, New
York 2005.
10. United Nations, World Investment Report 2005, New York, Geneva, 2005.
11. Asian Development Bank, Annual Report 2005, Manila, 2005.




1
st

Primary Data:
When the data are collected by the researcher himself or under his direct supervision, then
these data are called primary data.

In other wards, the primary data are the data which are not available in the published form.

For collecting primary business data, usually, a sample survey is conducted using a scientific
sample design.


M.K.M. Prottoy
EMBA 23
rd
batch (Finance)
Contact: 01716600333



Development of Instruments (Questionnaire/Interview schedule)

Two types of instruments are usually used:
(i) Questionnaires
(ii) Interview schedules and
(iii) Checklists.

Based on the structure of the instruments they may be divided into 3 categories;

Structured when the probable responses are given to the questions [MCQ]

Semi structured- when the probable responses to some questions are given and some remained
open-ended

Unstructured- When no responses are given to any of the questions


Steps in Developing Instruments
Specifying the objectives of the study
Identifying the variables/attributes/indicators
Giving operational definition to some important variables
Transforming the variables/attributes into questions
Preparing draft instruments
Pretesting
Finalizing the instruments based on the results of the pretesting and comments
received


Prior to development of checklists/questionnaires, a list of required variables to address the
objectives of the study along with measurement indicators is prepared.

A draft set of Interview schedules/questionnaires is prepared and submitted to the sponsoring
authority for comments.

The instruments are finalized in the light of the comments received from the sponsors and based on
the results of the pretesting (pilot survey).





M.K.M. Prottoy
EMBA 23
rd
batch (Finance)
Contact: 01716600333



Pre-testing and Finalisation of Questionnaires/Interview schedules and Checklists:

A pilot survey is carried out using the services of the field staff (field investigators and field
supervisors) for testing of the instruments. The Questionnaires/Interview schedules and checklists
are pre-tested for the following purposes:

(a) to ascertain whether the respondents could understand the question(s) correctly;
(b) to determine the adequacy of responses;
(c) to determine the relevance of questions;
(d) to assess the time required in answering the questions; and
(e) to judge the ability of the field staff.
M.K.M Prottoy
EMBA 23
rd
batch; (Finance)
Contact: 01716600333

THE PROBLEM: HEART OF THE RESEARCH PROJECT
Where are research problem found?

Everywhere except personal problems
Especially from agriculture, chemistry, economics, education, electronics, engineering,
health science, languages and literature, medicine, music, politics, science, physics,
sociology, zoology, etc

Problem identification

TOR Terms of reference
RFP Request for proposal.

Problems are identified based on the strengths, weaknesses, opportunities and threats
encountered in the process of conducting day-to-day operation of the business.
Problems are identified by the higher authority or management and researcher is asked
to conduct the research.
Problems are identified by other agencies/organizations and researcher is asked to
conduct the research following the objectives and scope of work as mentioned in the
terms of reference.


Characteristics of researchable problem:

There must be a mental struggle on the part of the researcher to force the
facts to reveal their meaning
Comparison problem are not research
It must demand an interpretation of data leading to a discovery of fact





M.K.M Prottoy
EMBA 23
rd
batch; (Finance)
Contact: 01716600333
The statement of the problem:

Clear statement
Expressive, sharp, indispensable, definite words for the problem statement
Complete grammatical sentence
Easily readable and understandable and can be reacted to that without benefit of
presence
Complete and accurate expression of thought
Absolute honesty and integrity in every statement of researcher
Editing the statement if required

Guidelines for expressing problems:

Expressing thought with the least number of words possible
Using thesaurus to find out exact words
Economizing on syllables, preferably one or two syllable in straight forward
discussion
Keeping the sentence length short, varying the length and breaking up the long
contorted sentences into shorter
Looking critically at each thought as it stands on the paper
Being alert to modification


Characteristics of sub problems:

Each sub problem should be a completely researchable unit.
Pseudosubproblems are not researchable sub problems.
Interpretation of the data must be apparent.
Sub problems must add up to the totality of the problem.
Proliferation of sub problems is circumspect.
Beware of unrealistic goal.




M.K.M Prottoy
EMBA 23
rd
batch; (Finance)
Contact: 01716600333
How to locate the sub problems:

To begin with problem itself
To write the problem itself, then to box off the sub problems areas



Components comprising the setting of the problem:

Determining the problem
Defining the terms
Making assumptions
Developing hypothesis
Focusing on the importance of the study


Hypothesis Formulation

At this stage by Ho we mean the assumption of the researcher about the characteristics of the
phenomenon under study.