Business Research

1st chapter Business Research Method

By Gopi Koshys Institute of Management Studies

1.1What is research?

Research is the process of finding solutions to a problem after a thorough study and analysis of the situational factors.

1 Introduction to Research

1.2.What is business research?Research provides the needed information that guides managers to make informed decisions to successfully deal with problems.The information provided could be the result of a careful analysis of data gathered firsthand or of data that are already available (in the company).

Objectives of research The objectives of a research project summarize what is to be achieved by the study. These objectives should be closely related to the research problem.The general objective of a study states what researchers expect to achieve by the study in general terms. It is possible (and advisable) to break down a general objective into smaller, logically connected parts. These are normally referred to as specific objectives. Specific objectives should systematically address the various research questions. They should specify what you will do in your study, where and for what purpose.

Why should research objectives be developed?The formulation of objectives will help you to:

Focus the study (narrowing it down to essentials);Avoid the collection of data which are not strictly necessary for understanding and solving the problem you have identified;Organize the study in clearly defined parts or phases.Properly formulated, specific objectives will facilitate the development of your research methodology and will help to orient the collection, analysis, interpretation and utilization of data.

Introduction Research approachesThe clear identification of the approaches to the research can be made only by analyzing the different types of researchThe very basic purpose of conducting the descriptive (straightforward) research work is to analyze the facts and investigate the existing situation. It focus mainly on the different dimension of the problems under study.The researcher doesnt have any control over the variable(unpredictable) associated with research. He uses these variables to find solution for the existing problemsApplied research The purpose of applied research is to find a solution to the immediate problems faced by the society. It is action oriented research study.Pure Research:-the pure research aim at finding some thing to the society . it is an in-depth scientific research focused in developing knowledge to the society.It is also called as fundamental research brings new ideas, to the existing body of the knowledge.Quantitative research Quantitative research is based on the quantity or the amount. The outcome of the study is presented through monetary or numerical terms.The quantitative approaches are popularly used to find the behavior of the people under study.Quantitative approachIf the sales of the company is connected with the profit for the previous years, it is clearly gives the confidence to the researcher to draw the conclusion that sales and income or profit are directly related to each other, and when the sales is increases, profit of the company is increases .The quantitative approaches of analysis used regularly the different types of qualitative analysis. The analysis will be based on the numerical , percentage and in the monetary terms.Further quantitative research also consists of usage of many statistical tolls like arithmetic mean, median, mode, standard deviation percentage etc.

Qualitative ApproachIt is based on subjective examination of behavior, attitude, opinions, behavior impressions etc.the simplification of research support are mainly made on the basis of non qualitative terms, in other wards, by adopting group discussion, group interviews, projective techniques, in-depth interviews of the respondents etc..Types of Research1). Conceptual researchConceptual research is involves investigation of thought and ideas and developing new ideas or interpreting the old ones based on logical reasoning.

Exploratory or Formulative researchExploratory research is preliminary study of an unfamiliar problems about which the researcher has little or no knowledge. It is similar to a doctors initial investigation of a patient suffering from an unfamiliar malady for getting some clues for identifying it.

Empirical ResearchEmpirical researchis a way of gaining knowledge by means of direct and indirect observation or experience.Empiricalevidence (the record of one's direct observations or experiences) can be analyzed quantitatively or qualitatively.

Experimental researchExperimental researchis a systematic and scientific approach to the scientific method where the scientist manipulates variables.Probability Sampling-Milgram Experiment-Convenience Sampling-Control Group

Historical research is the type of research that examines past events or combinations of events to arrive at an account of what has happened in the past.

Why is it important for managers to know about research?

Solve problemsDecision making toolCompetitionRiskInvestmentHire researchers and consultants more effectively

2 Scientific Investigation1 Observation2 Identification of problem area3 Theoretical framework4 Hypotheses5 Research design6 Data collection7 Data analysis8 Data interpretation9 ImplementationPROCESS OF RESEARCHIdentify the ProblemReview the Literature Clarify the Problem(theoretical frame work)Formulation of HypothesisDeveloping the research DesignCollect DataAnalyze the Data Data interpretationResearch Reporting1.Observation

2. Identification of problem area

3. Theoretical framework

4 Hypotheses

5 Research design-

6 Data collection-

7 Data analysis-

8 Data interpretation-

9 Implementation-

4. Hypotheses- Definition:A hypothesis is a tentative statement about the relationship between two or more variables.(unpredictable) A hypothesis is a specific, testable prediction about what you expect to happen in your study. For example, a study designed to look at the relationship between sleep deprivation(loosing something) and test performance might have a hypothesis that states, "This study is designed to assess the hypothesis that sleep deprived(loss) people will perform worse on a test than individuals who are not sleep deprived."The seven-step processproblem statement is a clear, defined, and brief statement of the question or issue that is to be investigated with the goal of finding an answer or solution.

Theoretical framework is the foundation on which the entire research project is based. It is logically developed,described,and elaborated network of associations among the variables relevant to the problem situation.

A hypothesis is a tentative(uncertain) statement that proposes a possible explanation to some phenomenon or event. A useful hypothesis is a testable statement which may include a prediction. A hypotheses should not be confused with a theory.

.Contd.Data analysis: the data gathered are statistically analyzed to see if the hypotheses that were generated have been supported.

Measurement is the process observing and recording the observations that are collected as part of a research effort.

Deduction is the process of arriving at conclusions by interpreting the meaning of the data analysis resultsSplit the overall research design into the following parts:

(a) sampling designthe method of selecting items to be observed;(b) observational designthe conditions under which the observations are to be made;(c) statistical design the question of how many items are to be observed and how the information and data gathered are to be analysed;(d) operational designthe techniques by which the procedures specified in the sampling, statistical and observational designs can be carried out.

46/42The important features of a research design (i) a planspecifies the sources & types of information relevant to the research problem(ii) a strategy which approach will be used for gathering and analyzing the data.(iii) the time and cost budgetsmost studies are done under these two constraints47/42Research design must, at least, 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;(d) methods to be used in processing and analyzing dataResearchers work in graphic formSearching for scientific problemReview of literatureH y p o t h e s i sAims of researchM e t h o d s Plan of researchResearchResultsAztec PyramideThe Research processThe research process should be understood as one of ongoingplanning, searching, discovery, reflection, synthesis, revision, and learning, as shown in the figure

Information needs in businessAlmost every organization has to engage in research at some level to stay competitive.Companies gather data both from within and outside the organization.The methods used to gather,analyze,and synthesize information from the external and internal environments are becoming increasingly complicated to the huge scope of computer technology.Research designPurpose of the study:Exploratory (Investigating) studyIs undertaken when no information is available on how similar problems or research issues have been solved in the pastDescriptive (straight forward)studyIs to able to describe the characteristics of the variables of interest in a situation.

Contd.Hypotheses testingIs undertaken to explain the difference in the dependent variable (changeable) or to predict organizational outcomes

Case studies

Research design can be thought of as the structure of research -- it is the "glue" that holds all of the elements in a research project together

Data collection methodsData can be collected in a variety ways ,data sources can be primary or secondary.Data collection methods such as: interview(face-to-face,telephone,computer-assisted interviews),QuestionairesObservationMotivational techniques

SamplingA sample is a subset of the population.Sample is the process of selecting a sufficient number of elements from the population.Studying a sample rather the entire population is sometimes to lead to more dependable results, mostly because fatigue(energy) is reduced, resulting in fewer errors on collection data. (time, cost, human resources)Surveys are useful and powerful in finding answers to research question but if data are not collected from the people or objects that can provide the correct answers to solve the problem, the survey will be in ineffective.Data Analysis and InterpretationThe data analysis involves three major steps, done in approximately this order:

Cleaning and organizing the data for analysis (Data Preparation)

Describing the data (Descriptive Statistics)

Testing Hypotheses and Models (Inferential Statistics)

Statistics methodsCentral tendency

The Research ReportResearh proposal

Research report

Research presentationResearch report articles vary in how they are organized, :

Abstract (theoretical) - Brief summary of the contents of the article (peace of writing)

Introduction - A explanation of the purpose of the study, a statement of the research question(s) the study intends to address

Literature review - A critical assessment of the work done so far on this topic, to show how the current study relates to what has already been done

Methods - How the study was carried out (e.g. instruments or equipment, procedures, methods to gather and analyze data)

ContdResults - What was found in the course of the study Discussion - What do the results mean

Conclusion - State the conclusions and implications of the results, and discuss how it relates to the work reviewed in the literature review; also, point to directions for further work in the area

Research Method v/s Research MethodologyWe can say that research methodology has many dimensions & research method do constitute a part of the research methodology The scope of research methodology is wider than that of research methods.Research methodology is a way to systematically solve the research problem.It may be understood as a science of studying how research is done scientifically

ContdIn it we study the various steps that are generally adopted by a researcher in studying his research problem along with the logic behind them R. Method v/s R. Methodology Research method are the methodology which you conducted research in to a subject or a topic.Research of experiment tests surveys and the like.Research methodology explains the methods by which you may proceed with your research.Research methodology involves the learning of the various techniques that can be used in the conducted of research & in the conduct of tests, experiment , surveys , critical studies searchContdResearch methods aim at finding solutions to research problems.

If the subject for research is employment of figure of speech in English literatureResearch methodology aim at the employment of the correct procedure to find out solution.

If the subject for research is employment of figure of speech in English literature

ContdThen the research method that are involved are study of various works of the different poets & the understanding of the employment of figure of speech in their worksThan the research methodology pertaining to the topic mentioned above involves the study about the tools of research, collation of various manuscripts related to the topic, techniques involved in the critical edition of these manuscripts and the likeContdIf the subject into which you conduct a research is a scientific subject or topic.Then the research methods include experiment, tests, study of various other results of different experiment performed earlier in relation to the topic or the subject & the likeIf the subject into which you conduct a research is a scientific subject or topic.The research methodology pertaining to the scientific topic involves the techniques regarding how to go about conducting the research, the tools of research , advance techniques that can be used in the conduct of the experiment and the likeResearch ProposalTitle Page Abstract (on a separate single page) The Body (no page breaks between sections in the body) Introduction (2-3 pages) Methods (7-10 pages) Sample (1 page) Measures (2-3 pages) Design (2-3 pages) Procedures (2-3 pages) Results (2-3 pages) Conclusions (1-2 pages)

Contd.References Tables (one to a page) Figures (one to a page) Appendices

Question?How can you solve business problem?Why do you need to know how to write the research proposal?Do you understand the research process?Do you know why do you have to identify problem statement clearly before doing research?Do you know why sampling and statistics are important to the research result?Why do you have to identify the limitation of your study?Why the research report and presentation are important?Do you know how to apply the steps of the research process ?Questions1.If you want to set up a coffee shop near the university and school, what is your research topic?2.Identify the problem statement.3.Identify the objectives4.The hypotheses5. The research methodology.6. The examples of the questionnaire