Research Methodology: Methods & Techniques Chapter 01: Introduction

1. What is Business Research?

Research refers to a search for knowledge. Research is a scientific and systematic search for new Page | 1 facts in any branch of knowledge. When we apply this search in the field of business, it is called business research. It is a movement from the known to the unknown. It is actually a voyage of discovery. From the above definition research has some characteristics. They are followings. 1. Research is a systematic search. Here systematic refers to there must be some logical ways of doing things. 2. Research is a scientific search. Here scientific refers to the system we are operating that must have minimum defects. It should have universal acceptance. It should have some result everywhere through application. 3. Research is a search for new facts. What is recorded or said that is called fact.

2. What are the objectives of research?

The main aim of research is to find out truth which is hidden and which has not been discovered as yet. Followings are the research objectives. 1. To gain familiarity with a phenomenon or to get new insights into it. 2. To portray accurately the character of an individual or an object or a situation or a group. 3. To determine the intensity of matters through frequency with which something occurs or with which it is associated with something else. Frequency means how many times an event occurs. 4. To test the hypothesis of a casual relationship between variables. Hypotheses are some assumptions about the possible relationship between variables. 5. To relate findings to management decisions.

3. Describe the types of research.

There are 4 basic types of research. They are detailed out following.

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1. Descriptive vs. Analytical: Descriptive research includes surveys and fact-finding enquiries of different kinds. The major purpose of descriptive research is description of the state of affairs as it exists at present. The main characteristic of this method is that the researcher has no control over the variables. He can only report what has happened or what is happening. Examples of this method are frequency of shopping, preferences of people or similar data. On the other hand, in analytical research the researcher has to use the facts or information already available, and analyze these to make a critical evaluation of the material. 2. Applied vs. Fundamental: Research can either be applied research or fundamental research. Applied research aims at finding a solution for an immediate problem facing a society or an industrial/ business organization. Marketing research or evaluation research are examples of applied research. The central aim of applied research is to discover a solution for some practical problem. Fundamental research is concerned with generalizations and the formulation of theory. Research studies about human behavior are example of fundamental research. 3. Quantitative vs. Qualitative: Quantitative research is based on the measurement of quantity or amount. It is applicable to phenomena that can be expressed in terms of quantity. Qualitative research is concerned with qualitative phenomenon. This type of research aims at discovering the underlying motives and desires. Qualitative research is especially important in the field of behavioral sciences. Motivation research is an example of qualitative research. 4. Conceptual vs. Empirical: Conceptual research is that related to some abstract ideas or theory. It is generally used by philosophers and thinkers to develop new concepts or to interpret existing ones. Empirical research relies on experience or observation alone. It is data based research. We can also call it experimental research.
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4. What are the criteria of a good research?

A good business research has to satisfy following criteria: 1. The purpose of research should be clearly defined. 2. The research procedure should be described in detail. 3. Research design should be carefully planned to yield objective results.

A Business Research Compilation by Md. Kamrul Islam

Research Methodology: Methods & Techniques

4. The procedural limitations should be mentioned. 5. The analysis of data should be sufficiently adequate to reveal its significance and methods of analysis should be appropriate. 6. The validity and reliability of data should be checked carefully. 7. Conclusions should be based only on collected information. 8. The presentation of the report should be logical and systematic: It means that research should be structured with specified steps to taken in a specified sequence and it is guided by the rules of logical reasoning and the logical process of induction and deduction are of great value in carrying out research. Systematic characteristic of the research does not rule out creative thinking but it rejects the use of guessing in arriving at conclusions. Logical reasoning makes research more meaningful. 9. The research should be empirical and replicable: Good research should have the ability of experiment. Research is related to one or more aspects of a situation and deals with concrete data. Good research is also replicable that allows research results to be verified by replicating the study.
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5. Narrate the steps of good research.

There are 7 steps for conducting good research. 1. Defining the problem: At the very beginning of doing research, the researcher must define the problem he wants to study. He must decide the general area of interest. The best way of defining the problem is to discuss it with colleagues, experienced people, and experts. 2. Identifying data needs and research design: After defining the problem, the researcher has to identify the data needed for conducting the research. The researcher will be required to prepare a research design. Research design is the master design or blue print of the whole research work. It is a complete master plan from starting to ending. He will have to state the conceptual structure within which research would be conducted. 3. Communication methods: After identifying the data needs and research design, the researcher can communicate with colleagues, experts about the problem, its origin and the objectives in seeking a solution.

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Research Methodology: Methods & Techniques

4. Sources of data and sampling procedure: The researcher should specify the sources of data. Sources of data can be academic journals, conference proceedings (proceedings are the subjects that are told or done in the meeting), govt. reports, books etc. The researcher must decide the way of selecting a sample. Samples can be either probability samples or non-probability samples. 5. Data gathering and processing: Data gathering and processing is a very important step in the research process. The researcher should gather and process data in a systematic manner and in time. Data gathering and processing needs an extra care during the execution of the research. 6. Analysis and interpretation of data: After data processing, the researcher has to analyze them. The analysis of data requires a number of operations such as establishment of categories, the application of these categories, tabulation and drawing statistical inferences. The researcher might seek to explain his findings on the basis of some theory. It is known as interpretation. 7. Preparation and follow through findings: Finally the researcher has to prepare the report. Writing of report must be done with great care.
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Chapter 02: Defining the Research Problem

1. What are the components of research problem?
A research problem refers some difficulty which a researcher experiences in the context of either a theoretical or practical situation and wants to obtain a solution for the same. We can state the components of research problem. 1. There must be an individual or a group which has some difficulty or the problem. 2. There must be objectives to be attained. 3. There must be the alternative means of attaining the objectives. 4. There must remain some doubt in the mind of the researcher regarding the alternatives. 5. There must be some environment to which the difficulty pertains.

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Research Methodology: Methods & Techniques

2. What are the techniques that are involved in defining a problem?

Defining a research problem is a crucial part of a research study. The research problem should be Page | 5 defined in a systematic manner. Followings are the techniques that are involved in defining a problem. 1. Statement of the problem in a general way: The problem should be stated in a broad general way. If we seek the problem in a smaller way we will not be able to find out the exact problem. As a result, our purpose will not be achieved. For instance, production of a firm is decreasing. There may be lot of reasons behind it. We have to seek all the possible elements from where problem can raise. 2. Understanding the nature of the problem: We have to understand the nature of the problem and its origin in defining problem. Problem may be related with one or two variables. It may also be related with more variables. As a result, problem may be simple or complex. Research may vary on the basis of simplicity or complexity of the problem. Understanding the nature of the problem is very important. 3. Surveying the available literature: All the available literature concerning the problem must be surveyed. For example, if we want to know managerial performance of Agrani Bank we have to collect books, literature, research related with it. We have to take basic concept from these sources. There is more attraction for exploratory research. People have less interest for banal work. 4. Developing the ideas through discussion: Researcher has to develop ideas through discussion. He has to discuss with colleagues, experts, professionals, and those who have research background. 5. Rephrasing the research problem: The researcher must rephrase the research problem into a working proposition. He has to define the research problem newly. Redefining will be possible if he can collect all the related data.

3. Briefly discuss on selection of research topic.

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Research Methodology: Methods & Techniques

The research problem undertaken for study must be carefully selected. It is a difficult task for a researcher. However, the following points may be observed by a researcher in selecting a research problem. 1. Subject on which a lot of research has already been done should not be chosen: A Page | 6 researcher should not choose a subject on which a lot of research has already been done. He has to avoid this type of research. He has to conduct a research on which there is less research. Because it will be easy to explore new things. 2. The topic must be familiar to the researcher and be feasible: Research topic must be familiar to the researcher and be feasible. Things of the research should be not only known but also be feasible. Research result will not be accepted if the research topic is out of knowledge area. 3. The importance of the subject, the qualifications and the training of the researcher, the cost and time must also be considered: Importance of the research subject is very important. The researcher has to be well equipped in terms of his background to carry out the research. There should have enough time and money or budget to conduct the research. If there is less time or budget output will not be produced. 4. The selection of the topic must be preceded by a preliminary study: Before selecting a topic, the researcher needs to research in a small area. It is called pilot study. If the subject for research is selected properly by observing the above mentioned point, the research will not be boring drudgery; rather it will be loves labor.

Chapter 03: Research Design

1. What is research design?
The task of defining the research problem is the preparation of design of the research project, popularly known as research design. Research design is the master design or blueprint of the whole research work. It is sketch work of the research work. It is a complete master plan from starting to ending. In broad sense, we can say, a research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure.

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Research Methodology: Methods & Techniques

It is the conceptual structure within which research is conducted. It constitutes the blueprint for the collection, measurement, and analysis of data. Research design includes an outline of what the researcher will do from the beginning to the end of the whole research work.

2. What are the contents of research design?

A research design includes an outline of what the researcher will do from writing the hypothesis and its operational implications to the final analysis of data. More explicitly, the designing decisions happen to be in respect of: 1. What is the study about? It is very much important to decide the subject matter of research problem. Because, other activities of the research work depend on the subject of research. It needs cross data to decide the subject of research. Here, we have to discuss about the background of the research, need and interest of the research. 2. Why is the study important? Definitely the research study will solve some of our problems. Solving problems has to be the important issue of the research work. If our research work does not solve a problem it will not be accepted by the higher authority or management. We focus here core as well as nature of the study. We also show the significance of the study here. 3. Where should be the area of operations? Anything can be the area of operations. It may be industry; it may be academic area, regional area, thana/district area. 4. What type of data should be required? Mostly for research data, we will require primary data. Primary data is collected according to our requirement. Thus, research purpose can be fulfilled. We should not rely most on secondary data. We should rely on primary data most. Sometimes, we have to depend on secondary data. 5. Where can the required data are found? Respondent should be most representative. Population and its opinions must be reflected through the research work. If the research does not represent population it will not be accepted by the concerned authority. 6. What would be the cost of the project? For the purpose of estimating of cost of the research project we have to analyze the cost heads. We have to reduce the cost if our budget is less than we require. There is a problem of reducing budget that is reducing budget makes the research poor in standard.

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Research Methodology: Methods & Techniques

7. What would be the time requirement? Impact of research problem exists up to a specific time. There is a relation between time and research problem. Research is conducted for the purpose of immediate solution of the problem. 8. What will be the sampling design? Sampling design deals with the methods of selecting items to be observed for the given study. It is an important part of research design. 9. What would be the methods of collecting data? Primary data can be collected through experiment or through survey. There are 4 different methods of collecting data. They are: I. Questionnaire method: If this method is adopted, questionnaires are mailed or sent to the respondents with a request to return after completing the same. It is the most extensively method used in various economic and business surveys. II. Observation method: This method implies the collection of information by way of investigators own observation, without interviewing the respondents. III. Interview method: In this method, the investigator follows a rigid procedure and seeks answer to a set of pre-conceived questions through personal interview. IV. Mechanical method: In this method, close-circuit camera is used to collect data.
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Here we can use needed one method or more than one method to collect data. 10. What statistical techniques would be required for analyzing data? There are many statistical techniques for the purpose of analyzing data. Using the techniques depends on the situation. In other words, situation determines the techniques needed for conducting research. 11. How would we prepare the report? Different reports may vary on the purpose of it. A report may be on the basis of academic purpose, business purpose, and technique purpose. Research design must contain a. a clear statement of the research problem; b. procedures and techniques to be used for gathering information; c. the population to be studied; and d. methods to be used in processing and analyzing data.

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Research Methodology: Methods & Techniques

3. Important Features of a Research Design.
A good research design is often characterized by adjectives like flexible, appropriate, efficient, and economical and so on. The design which minimizes bias and maximizes the reliability of the data collected and analyzed is considered as good research design. A research design appropriate for a particular research problem, usually involves the consideration of the following features: 1. Research design must include a plan: It is a plan that specifies the sources and types of information relevant to the research problem. Here, we have to make plan for each and every works as well as levels. Generally, we make plan for corporate level, functional level, and business level. There may be different business plans for different products in an organization. There should be individual plans for all activities in a research design. 2. Research design must include a strategy: It is a strategy specifying which approach will be used for gathering and analyzing the data. A strategy is a plan of action designed to achieve a vision. Strategy is a game plan by which we can achieve maximum profit by using minimum resources. There should be strategy for subunits and whole work. Strategy exists at several levels in any organizations. In a research design, there may be corporate strategy, business unit strategy, and operational strategy. 3. Research design must include a budget: Research design also includes the time and cost budget since most studies are done under these two constraints. There is no work without budget. A budget is a financial plan and a list of all planned expenses and revenues. There should be available budget for conducting research. Budget has 3 parts. I. II. III. Cost budget, Time budget, and Other resources.
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If the research design happens to be an explanatory one, we have to place more importance on the discussed above features.

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Research Methodology: Methods & Techniques

4. Factors that should be considered for Developing a Research Design

A research design appropriate for a particular research problem, usually involves the Page | 10 considerations of the following factors: 1. The objectives of the problem to be studied: Our research objective will be to solve a problem. If I have a problem I have to solve the problem. If we do not so, we will not be able survive. Sometimes it may be not to solve the problem. We want to survive the problem. The solution of the problem will be for long term. So, objectives of the problem should be studied. Sometimes we want to solve the problem, sometimes we want to prolong the problem. Prolonging problems occurs in case of political issues. 2. The nature of the problem to be studied: In research design the nature of the problem must be studied. The nature of the problem may be simple or complex. It depends on problem conflicting variables in complex nature. In this case, we cannot solve the problem by following a specific approach. Here, we need multiple approaches to solve the problem. 3. The availability and skills of the researcher and his staff: Researcher who will conduct the research work has to be qualified as well as competent. Here, we have to consider that whether the researcher and his associates are quailed or not, have experience or not. Quality of the research depends on quality of the researcher mostly. Besides, time and money, skills of the research staff must be given due importance. 4. The means of obtaining information: The means of obtaining information may be questionnaire or interview or observation, closed/open question or survey or combination of all of these. Here, the researcher has o be careful when he collects data. Biasness must be avoided so that data can represent the whole population. 5. The availability of time and money for the research work: Time and money are the limiting factor for doing any research. Time and money should be available for conducting the research. Lack of any one in research design affects badly. As a result, research result ends in smoke and we will not be able to make a quality research. If we want to develop a good research design, we must follow all these factors discussed above.

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Research Methodology: Methods & Techniques

5. Benefits of Research Design
1. Research design serves as a bridge between research objectives and course of action to be taken to achieve those objectives: Here, we have to identify a problem that is involved with other related matters. When we start a research we are in a dark situation. Various Page | 11 types of resources are required because of the nature of the problem. These resources may be of human resources, technological resources, or financial resources. Research design helps us to determine the resources required for conducting a research. Research design provides critical evaluation. In the absence of such course of action, it will be difficult for the researcher to provide a comprehensive review of the proposed study. 2. It works as a search-light of the whole research work. A search light is a flashlight that contains light source and reflects for projecting design element. Research design works as a light-house for the researcher. He goes ahead by seeing research plan through search light. 3. Research design provides specific details of research work. Research design helps to make questionnaire specifically. It also dictates the tool that will be used for the research work. Research design also helps to process and analyze data. Data processing includes data editing, data coding, data classification, and tabulation while data analysis is a body of methods that help to describe facts, detect patterns, develop examinations, and test hypotheses. 4. It provides a linkage between our expectations and findings of the study. We go ahead for conducting research on the basis of some assumptions. Then we compare our assumptions with our expectation. Here, we match our performance with expectations. In conclusion we must say, research provides scientific and inductive thinking and it benefits the development of logical habits of thinking and organization.

Chapter 4: Sampling Design

1. What is Sampling Design?
Sample is the representative part of whole population. Population is the sum total of object. Sample selection will be purposive or biased or unbiased way. If we want to attain research

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Research Methodology: Methods & Techniques

objective we have to go to unbiased way. Which type of technique we will follow- that is known as sampling design. Sample design must be correct otherwise it will not bring a good result. For the purpose of conducting research we need information as sample. This information should have 3 qualities. These are: 1. Information must be correct. 2. Information must be timely. 3. Information must be given in the hands of right person.
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2. Characteristics of a Good Research Design.

We can list down the characteristics of a good sample design as under: 1. Sample design must result in a truly representative sample. 2. Sample design must be such which results in a small sampling error. 3. Sample design must be viable in the context of funds available for the research study. 4. Sample design must be such so that systematic bias can be controlled in a better way. 5. Sample should be such that the results of the sample study can be applied for the universe with a reasonable level of confidence. (N. B. Please explain all the above characteristics by yourself)

3. Different Steps in Sampling Design

While developing a sampling design, the researcher must pay attention to the following points: 1. Type of universe: The first step in developing any sample design is to clearly define the set of objects, technically known as the Universe, to be studied. The universe can be finite or infinite. In finite universe the number of items is certain, but in case of an infinite universe the number of items is infinite. For example, we cannot have any idea about the total number of items. The population of a city, the number of workers in a factory and the like are examples of finite universes, whereas the number of stars in the sky, listeners of a specific radio program, throwing of a dice etc. are examples of infinite universes.

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Research Methodology: Methods & Techniques

2. Sampling unit: A decision has to be taken concerning a sampling unit before selecting sample. Sampling unit may be a geographical one such as state, district, village or a construction unit such as house, flat or it may be a social unit such as family, club, school or it may be an individual. The researcher will have to decide one or more units that he has to select for his study. 3. Source list: Source list is also known as sampling frame from which sample is to be drawn. It contains the names of all items of a universe. If source list is not available, researcher has to prepare it. Such a list should be comprehensive, correct, reliable and appropriate. It is extremely important for the source list to be as representative of the population as possible. 4. Size of sample: This refers to the number of items to be selected from the universe to constitute a sample. This is a major problem before a researcher. The size of sample should neither be excessively large, nor too small. It should be optimum. An optimum sample is one which fulfills the requirements of efficiency, representativeness, reliability and flexibility. The size of population variance needs to be considered in case of larger variance when a bigger sample is needed. The size of population must be kept in view for this also limits the sample size. The parameters of interest in a research study must be kept in view, while deciding the size of the sample. Budgetary constraint must be taken into consideration when we decide the sample size. 5. Parameters of interest: In determining the sample design, one must consider the question of the specific population parameters which are of interest. For instance, we may be interested in estimating the proportion of persons with some characteristic in the population. There may be important sub-groups in the population about whom we can make estimates. All this has a strong impact upon the sample design. 6. Budgetary constraint: Cost considerations have a major impact upon decisions relating to not only the size of the sample but also to the type of sample. This fact can even lead to the use of a non-probability sample. 7. Sampling procedure: Finally, the researcher must decide the type of sample he will use. For instance, he must decide about the technique to be used in selecting the items for the sample. There are several sample designs out of which the researcher must choose one for his study. He must select that design for a given sample size and for a given cost that has a smaller sampling error.
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A Business Research Compilation by Md. Kamrul Islam

Research Methodology: Methods & Techniques Chapter 6: Methods of Data Collection

1. What is Questionnaire?
Questionnaire is an instrument that contains many different questions which we will ask to the potential respondents in order to get desired response to conduct a survey for research. Research topic determines that who will be the respondents. Answer of the respondents is not prime issue here. Here, consideration of the respondent is the only matter. We have to prepare a questionnaire in a manner so that respondents can answer easily all the questions. Questionnaire should be made easy so that respondents feel free to answer.

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2. Precautions/Guidelines that should be taken for preparing Questionnaire.

1. There should be as few questions as possible in a questionnaire: There should be as few questions as possible in a questionnaire. Respondent will not be reluctant to answer more questions unnecessarily. A questionnaire should not have irrelevant as well as irrational questions. 2. Questionnaire should be prepared in a manner so that answer can be given easily: A questionnaire should be easy so that it can be answered easily. For this reason, there is more and more use of multiple choice questions. Here, ranking and ranging can be another format in making questionnaire. 3. Questionnaire should be prepared in most common & simple task: A researcher needs a business language that is most communicative. Here, we need not to display cleverness. He has to use most common synonyms. 4. There should not be any biasness in the questions of a questionnaire: There will not be any biasness of questions in a questionnaire. Biasness can happen unintentionally by the researcher. Biasness may be of political, religion or team related. Managers should avoid biasness. 5. There should not be any leading questions in a questionnaire: Arranging or designing the answers as how we want- known as leading questions. A researcher should not ask any leading questions regarding the questionnaire.

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Research Methodology: Methods & Techniques

6. There should be double-barreled questions in a questionnaire: A double barreled question contains two or more questions. A double barreled question is the composition of questions more than one. 7. There should be sufficient check and balance in the questions of a questionnaire: Inconsistent questions should not be asked in a questionnaire. A questionnaire must have adequate check and balance. 8. The overall design of the questionnaire should be attractive and appealing: Overall design of the questionnaire should be attractive and appealing. If the respondent becomes pleased by seeing the questions, he/she will answer the questions quickly. 9. Every questionnaire must accompany a forwarding letter: There should be a forwarding letter with each questionnaire.
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A Business Research Compilation by Md. Kamrul Islam