BUSINESS RESEARCH METHODS - I

MEANING &
NATURE OF
RESEARCH
UNIT 1.1
BUSINESS RESEARCH METHODS - I
What is Research?
Research is an art of scientific investigation.
It is regarded as a systematic efforts to gain
new knowledge.
The dictionary meaning of research is a
careful investigation or enquiry especially
through search for new facts in any branch
of knowledge.
BUSINESS RESEARCH METHODS - I
Definition of Research
Research comprises defining and
redefining problems, formulating
hypothesis or suggested solutions;
collecting, organizing and evaluating
data; making deductions and reaching
conclusions; and at last carefully
testing the conclusions to determine
whether they fit the formulating
hypothesis.
-Clifford Woody
BUSINESS RESEARCH METHODS - I
Nature of Research
It strives to be objective and logical.
It is based on observable experience or
empirical evidence.
It is characterized by patient and unhurried
activity.
It demands accurate observations,
reservations and descriptions.

BUSINESS RESEARCH METHODS - I
Contd
It is directed towards the solution of the
problem.
It is carefully recorded and reported.
It requires expertise.
It involves gathering new data from
primary or first hand sources or using
existing data for new purpose.
BUSINESS RESEARCH METHODS - I
Objectives of Research

To investigate a subject.
To collect data regarding the problem.
To conduct logical and objective study.
To conduct a systematic enquiry of the
subject.
For carefully recording, reporting and
presenting the facts.
BUSINESS RESEARCH METHODS - I
Types of
Research
Fundamental
Research
Empirical
Research

Analytical
Research

Qualitative
Research

Conceptual
Research
Applied
Research
Descriptive
Research
Quantitative
Research
Historical
Research
BUSINESS RESEARCH METHODS - I

Define Research
Problem

Review of the
Literature
Formulate
Hypothesis
Design Research
Collection of
Data
Analyze the
Data

Interpret
&
Report

Flow Chart of Research Process
BUSINESS RESEARCH METHODS - I
Significance of Research
It provides the basis for nearly all
government policies in our economic
system.
It helps in solving various operational and
planning problems of business and
industry.
It is an aid to decision making.
It establishes the relation between
variables.

BUSINESS RESEARCH METHODS - I
Contd
It is equally important for social scientists
in studying social relationships and in
seeking answers to various social
problems.
It provides a basis for innovation.
It facilitates the process of thinking,
analysis, evaluation and interpretation of
various situation.
BUSINESS RESEARCH METHODS - I
Criteria for Good Research
Purpose should be clearly defined.
Common concepts should be used that
can be understood by all.
Research procedure should be explained
in detail.
Research design should be carefully
planned.
Researcher should declare all the
possible errors and their possible impact
on finding.
BUSINESS RESEARCH METHODS - I
Contd
Analysis of data should be sufficiently
adequate to reveal significance.
The methods of analysis should be
appropriate.
The validity and reliability of the data
should be checked carefully.
The researcher have good command over
research methodologies and should be
intelligent and experience.
BUSINESS RESEARCH METHODS - I
Limitations of Research
It is based on sample & sampling research lacks
the complete accuracy.
Long time is required in the research
procedures.
Difficult to evaluate the economic benefits
derived from the research.
Trained personnel and a lot of time are required
for research.
Lack of adequate knowledge of research.