1.1 Introduction
One of the functions of a manager is to take a sound decision; however any decision primarily
depends upon the latest and complete information pertaining to the problem involved in a
managerial decision. The involves risk as the information is not always complete or perfect. In order
to involve minimum risk in making a sound decision, managers apply methods of research to the art
of management. The entire business industry operates in the worlds of uncertainty. There is no
unique method which can entirely eliminate uncertainly. But research methodology can minimize
the degree of uncertainly much more than any other method. In other words, it reduces the
probability of making a wrong choice of decision amongst the alternative course of other
decision/action. This is particularly liberalization and the like- which makes the task of choosing the
best course of action difficult for any enterprise.
It is imperative that any type of organization in the present environment needs systematic supply of
information coupled with tools of analysis for making sound decisions which involve minimum risk.
It is in this discussed at length the importance of research in decision making by delineating all its
relevant elements.
1.2 DEFINATION AND MEANING OF RESEARCH
The simple meaning of research is to search for facts- answers to questions and solutions to problems.
Research is a purposeful investigation. It is organized enquiry. It clarifies doubtful facts; it corrects the
misconceived ides / facts it seeks to find explanations to unexplained phenomenon. How is a search
made? Are there possible methods or approaches?
A) Arbitrary Method: such a method usually consists of seeking answers to questions through
opinions, imagination, beliefs or impressions e.g. we earlier believed that the shape of the
earth was flat. However, this method has a serious weakness. It is very subjective. The finding
varies from one person to another. It is also rather vague and inaccurate.
B) Scientific Method: it removes the weakness and drawbacks of arbitrary method. It is a
systematic rational approach to seeking facts. It is objectives, precise and arrives at conclusions
on the basis of verifiable evidences.
Therefore, search for facts should be made by scientific method rather than by arbitrary
method which can help us to get verifiable and accurate facts. Hence, research is a systematic
and logical study of an issue or a problem or a phenomenon through scientific method.
Some of the definitions of research in literature are given below which can help you to
understand the proper meaning and concept of research.
1. Encyclopedia of social science define research as, “the manipulation of generalizing to
extend, connect or verify knowledge….” Manipulation incorporates experimentation
adopted for the purpose of arriving at generalization.
Ker linger define research as a “systematic, controlled, commercial and critical investigation of
hypothetical propositions about the presumed relations among natural phenomenon. “The
objectives of study are the main characteristics of scientific method. Investigation of
hypothetical proposition perhaps is not always true, as research can be carried out for
discovery of a hypothesis or can be used to collect information on a phenomenon. In the
words, research does not call for hypothesis always.
1.3 CHARACTERISTICS OF RESERCH
The main characteristic of research is as follows:
A) Research is a systematic inquiry. It is said to be a careful, patient and diligent
inquiry. This means research is a scientific study of facts or phenomenon.
B) Research is a critical investigation into a phenomenon or a subject. Research is
taken in specific field of knowledge may be pure science, social science or applied
science. One may be interested in verifying a fact or a principle in any discipline of
his choice like chemistry, physics, biology, economics, commerce and the like. Each
of such disciplines consists of huge knowledge. In every discipline, there exist
certain confirmed and unconfirmed facts, theories and principles etc. an activity v
[undertaken to verify or revise these facts principles becomes a research.
C) Research is undertaken to establish facts or principles. Mere compilation of
information does not become a research,. It is a scientific activity undertaken to
establish a fact, a theory, a principle or an application. As an example, data
collected by institutes such as central statistical organization or reserve bank of
India does not form research; research is the after analysis of such a data forming
meaningful conclusions.
D) It is a logical method which uses possible tests to validate theories or tools and
draw valid conclusions.
E) Research is also based on empirical tests evidence and observational experience
for formulating conclusions to establish new theories.
F) Research, many a times, is directed towards finding answers to pertinent questions
posed.
G) Research does follow a scientific method.
1.4 OBJECTIVE OF RESEARCH
To formulate general laws or establish generalization in various fields of knowledge. Some
of the illustrations area as follows:
A) The laws of gravitation, the pattern of consumer behavior the law of demand,
motivational theories etc.
B) To verify and/or to test the existing facts and theories and to improve the knowledge
pertaining to these so as or be able to handle situations and events.
C) To make predictions of future events by use of general’s laws developed through
research.
D) To add knowledge to human beings regarding the social life, environment. Scientist and
/or research have built up wealth of such knowledge through their research finding on
various types of phenomenon observed.
E) To bring to limelight, information that could have never been brought to knowledge
under normal course, e.g. discovery of new uses of old products through market
research.
F) To explore and /or analyze relationship or inter-relationship between variables so as to
obtain effects by causative factors. This enables to have great insight into many
undertaking in the field of industry and agriculture.
G) To find solutions to problems in the form of applied research, by solving problems in
sociology and economics, in human relationship in organizations etc. this type of
research has improved the quality of our life.
H) To develop new theories, concepts or tools for study of unknown phenomenon.
1.5 TYPES OF RESEARCH
There are different approaches to researches as defined or discussed by various authors. E.g. research
may be classified according to its major intent or the method it follows. If one looks from the point of
view of intent, research may be classified as:
Pure research
Applied research
Descriptive research
Exploratory research
Action research
Description study
Diagnostic study
Evaluations study
According to methods of study, it may be classified as
Experimental research
Historical research
Survey
In social science research, two out of many methodical issues are quoted to be more interesting by
some authors.
Problem-orientation-verses methods of orientations
The scientific method or approach