Research four common characteristics, such as:

It is based on facts,
It starts from a complex of problems,
It is free from personal bias or opinion, and
It uses objective measurements

Criteria's of good research :

Purpose clearly defined
Research process detailed
Research design thoroughly planned
High ethical standards applied
Limitations frankly revealed
Analysis adequate for decision makers needs
Findings presented with integrity
Conclusion justified
Researchers experience reflected

Significance of Research
Research inculcates scientific and inductive thinking and it promotes the development of logical
habits of thinking and organization.
The role of research in several fields of applied economics, whether related to business or to the
economy as a whole, has greatly increased in modern times.
Research is equally important for social scientists in studying social relationships and in seeking
answers to various social problems.

Research Methods versus Research Methodology:

Research methods may be understood as all those methods/techniques that are used for conduction of
research. Research methods, refer to the methods the researchers use in performing research
operations. Research methods can be put into the following three groups:
1. In the first group we include those methods which are concerned with the collection of data. These
methods will be used where the data already available are not sufficient to arrive at the required
solution.
2. The second group consists of those statistical techniques which are used for establishing relationships
between the data and the unknowns;
3. The third group consists of those methods which are used to evaluate the accuracy of the results
obtained.

Research methodology is a way to systematically solve the research problem. It may be understood as a
science of studying how research is done scientifically.

Research Problem- Major Criteria's are as follows:

o Unnecessary duplication
 o Practical value of the problem
o Researchers interest in the problem
o Availability of data and choice method
o Training and special qualifications
o Time required to investigate the problem
o Cost involved in conducting the research
o Institutional & administrative cooperation

A good hypothesis has several basic phenomena's:

It should be reasonable,
It should be consistent with known facts or theories,
It should be tested and found to be probably true or probably false and
It should be stated in the simple possible terms.

Research Objectives are (we called SMART test):

S = Specific
M = Measurable
A = Achievable
R = Realistic and
T = Timely

A good research proposal has to follow the essential elements:

1. The statement of the problem, either in question from or as declarative statement
2. Hypothesis
3. The significance of the problem
4. Definitions, assumptions, limitations and delimitations
5. Review of related literature
6. Time schedule / Milestone
7. A careful and detailed analysis of proposed research procedures along with budgets

The review of Literature performs five important functions:

It provides the conceptual or theoretical framework of the planned research,
It provides the researcher with the information about past researches related to his intended
study,
It gives the investigator a feeling of confidence since by means of the review of related literature
he will have on hand all concepts related to his study,
It gives the researcher information about the research methods used, the population and
sampling considered,
It provides findings and conclusions of past investigations which the researchers may relate to
his own findings.

Following steps must follow to conduct fieldwork in Sampling:

Define the target population: Who is to be sampled?
The sampling frame: How big should the sample be? List of elements from which the sample
may be drawn?
How the sample units are to be selected?
 Plan and procedure for selecting sampling units.
Determine sample size
Select actual sampling units
Conduct field work

There are many potential functions or benefits of variable and feature selection in research, such as:

facilitating data visualization and understanding,

reducing the measurement and storage requirements,
reducing training and utilization times, and
defying the curse of dimensionality to improve prediction performance.

Following topics are directly related to the interpretation of data:

Quantification and description of data
Classification of data
Sorting and tabulating data
Tables and figures
Statistics