UNIT 1 RESEARCH • Research is the process of finding solutions to a problem after a thorough study and analysis of the situational factors. • Research in common context refers to a search for knowledge. Definition • Redman and Mory define research as a “systematized effort to gain new knowledge”. Research can also be defined as a scientific and systematic search for gaining information and knowledge on a specific topic or phenomena. In management research is extensively used in various areas. Characteristics of research a. Systematic Approach Each step must of your investigation be so planned that it leads to the next step. Planning and organization are part of this approach. A planned and organized research saves your time and money. b. Objectivity It implies that True Research should attempt to find an unbiased answer to the decision-making problem. • c. Reproducible A reproducible research procedure is one, which an equally competent researcher could duplicate, and from it deduces approximately the same results. Precise information regarding samples-methods, collection etc., should be specified. d. Relevancy (It furnishes three important tasks) • It avoids collection of irrelevant information and saves time and money • It compares the information to be collected with researcher’s criteria for action · • It enables to see whether the research is proceeding in the right direction. e. Control: Research is not only affected by the factors, which one is investigating but some other extraneous factors also. It is impossible to control all the factors. BUSINESS RESEARCH • Business research is a systematic and organized effort to investigate a specific problem encountered in the work setting that needs a solution. The research provides the needed information that guides managers to make informed decisions to successfully deal with problems. An overview of the research process • Stages in the research process An overview of the research process Objectives of Research 1. To gain familiarity with a phenomenon or to explore new ideas. 2. To portray accurately the characteristics of a particular individual, situation or a group. 3. To determine the frequency with which something occurs or with which it is associated. 4. To establish a cause and effect relationship and test the relationship between two variables. 10 Why is Research Needed / Important / Necessary in Business? • EFFCETIVE DECISION MAKING • UNAVAILABILITY OF PORTABLE SOLUTIONS • FREQUENTLY CHANGING BUSINESS ENVIRONMENT • TO EXPLORE NEW MARKETS & OPPORTUNITES • TO IDENTIFY PROBLEM AREAS etc…… 11 Nature of Research • • • • • • • • • Objective and Logical Future occurrence Courage Solve the problem Experiences Recording and reporting Expertise Collection of data Research demands accurate descriptions Types of Research Descriptive Research : -Is one which describes, records, analyses and interprets the conditions that exist. -It basically describes ‘what is’. -It describes the state of affairs as it exists at present. – The researcher has no control over the variables, he/she can only report what has happened or is happening. Descriptive research is term as Ex-post-facto research. 2. Analytical research : - The researcher has to use facts or information already available and analyze these to make a critical evaluation of the material. 3. Applied (Action ) research : - Aims at finding a solution for an immediate problem facing a society or an industrial/business organisation. - Leads to a deeper understanding of the situation by the local people and by the research team. -Examples are – research to identify social, economic or political trends that may affect a particular institution – marketing research – evaluation research etc. 4. Fundamental ( Basic) research :(basic or pure research) - Is mainly concerned with generalisations and with the formulation of a theory – Gathering knowledge for the sake of knowledge - eg. studies concerning human behaviour. 5. Quantitative Research : it is based on measurement of quantity or amount. It is applicable to phenomenon that can be expressed in terms of quantity 6. Qualitative research : Is concerned with qualitative phenomenon ie. the phenomenon relating to or involving quality or kind. Ex. Motivation research ; Attitude or opinion research – Specially important in behavioral sciences. 7. Conceptual Research : It is related to some abstract ideas or theory – generally used by philosophers or thinkers to develop new concepts or to interpret existing ones – 8. Empirical research : It relies on experience or observation alone – without due regard for system and theory – it is data based research, coming up with conclusions which are capable of being verified by observation or experiment. 9. Exploratory and formalized research The research study in which hypothesis is developed is called exploratory research where as when hypothesis is tested in the research study it is known as formalized research. 10. Survey research A survey is conducted with an object to understand specific aspect in defined population. 11. Case study 12. Action research When research is conducted for the study I workplace, than action research is commonly used in such cases. The focus of action research is given in improving working conditions. 13. Field investigations The field investigations is conducted in the assessment of actual situations. 14. Evaluation research The evaluation of any project is the subject matter of the evaluation research. This type of study is conducted to evaluate ongoing projects or project already carried on. 15. Library research when secondary data is reliable enough to be used for drawing conclusions than library research is very useful. • 16. Causal research: The objective of causal research is to test hypotheses about cause-and-effect relationships. If the objective is to determine which variable might be causing a certain behaviour, i.e. whether there is a cause and effect relationship between variables, causal research must be undertaken 17. Exploratory research It is a type of research conducted for a problem that has not been clearly defined. Exploratory research helps determine the best research design, data collection method and selection of subjects. It should draw definitive conclusions only with extreme caution. Given its fundamental nature, exploratory research often concludes that a perceived problem does not actually exist. Significance of research • Research inculcates scientific and inductive thinking and it promotes the development of logical habits of thinking and organization • It provides the basis for nearly all govt. policies in our economic system • It has its special significance in solving various operational and planning problems of business and industry • It is important for social scientists in studying social relationships and in seeking answers to various social problems.