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Research Methodology: An Introduction
Research Methodology: An Introduction
Research
A careful investigation or inquiry specially through search of new facts in any branch of knowledge
Business Research may be defined as the systematic and objective process of gathering, recording and analyzing data for aid in making business decisions (Zikmund, Business Research Methods, 2002, p. 6)
Systematicness and Objectivity are distinguishing features of Business Research, which is important tool for managers and decision-makers in corporate and non-corporate organizations
Typically, business research methods are used in situations of uncertainty, that is, when decisionmakers face two or more courses of action and seek to select the best possible alternative under the circumstances. Business Research is hence aimed at improving the quality of decision-making which, in turn, benefits the organization and helps ensure its continuity and efficiency
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Research Institutes
Non-Governmental Organizations Non-Profit Organizations Independent Researchers and Consultants
Accounting:
Inventory costing methods, accelerated depreciation, transfer prices, taxation methods etc.
Finance: operations of financial institutions, financial ratios, mergers and acquisitions etc. Management: employee attitudes and behaviors,
HRM, impact of changing demographics on management practices, strategy formulation etc.
Objective of Research
To gain familiarity with a phenomenon to achieve new insights into it; To portray accurately the characteristics of a particular individual, situation or a group; To determine the frequency with which something occurs or with which it is associated with something else To test a hypothesis of a causal relationship between variables
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Motivation in Research
Desire to get a research degree along with its consequential benefits; Desire to face the challenges in solving the unsolved problems, i.e., concern over practical problems initiate research; Desire to get intellectual joy of doing some creative work; Desire to be of service to society; Desire to get respectability;
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Business Research
Research Approaches
Quantitative Approach: involves the generation of data in quantitative form which can be subjected to rigorous quantitative analysis in a formal and rigid fashion.
Inferential Approach: aims at forming a database from which to infer characteristics or relationships of population.
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Research Approaches(cont)
Experimental Approach: characterized by much greater control over the research environment and in this case some variables are manipulated to observe their impact on other variables. Simulation Approach: involves the construction of an artificial environment within which relevant information and data can be generated.
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Type of Research
Fundamental/basic/pure Research: Concerned with generalizations and with the formulation of a theory. It is gathering knowledge for the knowledge sake.
Applied Research: Aims at finding a solution to an immediate problem facing society or organization.
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Type of Research(cont)
Type of Research(cont)
Type of Research(cont)
Conceptual Research: Relate to some abstract idea(s) or theory. Empirical Research: Relies experience or observation alone, often without due regard for system and theory. on
the
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Type of Research(cont)
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Scientific Method
Objectivity: The scientific method should enable us to classify facts accurately and carefully without any bias. Accuracy of measurement: A mere collection and classification of the facts may not be sufficient, one must be able to make observations of their correlation and sequence, which can be denied as a result of dissipation imagination and painstaking efforts of the scientist.
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Scientific Method..(cont)
Self Criticism: Scientists should critically examine their own research as they are a group of people who are never sure that they have found the ultimate truth, thus their studies are continuing and exhaustive. If researchers are completely objective, their measurements are accurate and their studies are exhaustive, then their results will be valid and reliable.
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Applied Research
Scientific Method
Basic Research
General Laws
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Research Methods are the methods or techniques employed by researchers in conducting research operation.
Research Methodology is a scientific and systematic way to solve research problem.
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RESEARCH PROCESS
Formulating the research problem Extensive Literature Review Development of working hypotheses Preparing the research design Determining sample design Collecting the data Executing the project Analysis of data Hypothesis testing Generalizations and interpretations Preparation of the report or the thesis
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The purpose of the research should be clearly defined The research procedures used should be described in sufficient detail to permit another researcher to repeat the research for further advancement, keeping the continuity of what has already been attained.
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The procedural design of the research should be carefully planned to yield results that are as objective as possible. The researcher should report with complete frankness, flaws in procedural design and estimate their effects upon the findings
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The analysis of data should be sufficiently adequate to reveal its significance and the methods of analysis used should be appropriate. The validity and reliability of the data should be checked carefully. Conclusions should be confined to those justified by the data of the research and limited to those for which the data provide an adequate basis.
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Greater confidence in research is warranted if the researcher is experienced, has a good reputation in research and is a person of integrity.
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Purposive ness Rigor Testability Replicability Precision and confidence Objectivity Generalizability Parsimony
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Is information inadequate?
Yes High importance of decision? Yes Research benefits greater than costs?
NO
Decreased Uncertainty
Higher Profits
Better Reputation
Possibility of Error
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KNOWLEDGE
INFORMATION
Determination of relationship amongst data with a view to facilitating understanding of the phenomena, their relationships and decision-making (e.g. past and predicted future sales trends)
DATA
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