2. Research Methodology:
An Introduction
• Research in common parlance refers to a search for
knowledge.
• One can also define research as a scientific and systematic
search for pertinent information on a specific topic.
• In fact, research is an art of scientific investigation.
• Some people consider research as a movement, a movement
from the known to the unknown.
• It is actually a voyage of discovery. We all possess the vital
instinct of inquisitiveness for, when the unknown confronts us,
we wonder and our inquisitiveness makes us probe and attain
full and fuller understanding of the unknown. This
inquisitiveness is the mother of all knowledge and the method,
which man employs for obtaining the knowledge of whatever
the unknown, can be termed as research.
3. OBJECTIVES OF RESEARCH
• The purpose of research is to discover answers to questions
through the application of scientific procedures.
• The main aim of research is to find out the truth which is
hidden and which has not been discovered as yet. 1. To gain
familiarity with a phenomenon or to achieve new insights into
it (studies with this
• object in view are termed as exploratory or formulative
research studies);
• 2. To portray accurately the characteristics of a particular
individual, situation or a group (studies with this object in
view are known as descriptive research studies);
• 3. To determine the frequency with which something occurs or
with which it is associated with something else (studies with
this object in view are known as diagnostic research studies);
• 4. To test a hypothesis of a causal relationship between
variables (such studies are known as hypothesis-testing
research studies).
4. Business Research
• Business research is a process of acquiring detailed information of all
the areas of business and using such information in maximizing the
sales and profit of the business.
• Such a study helps companies determine which product/service is most
profitable or in demand.
• Types of business research
• A) Qualitative Research Methods.
• Interviews
• Focus Groups
• Ethnographic Research
• Case Study Research
• B) Quantitative Research Methods.
• Survey Research
• Correlational research
• Causal-Comparative research
• Experimental research
5. Significance of Research
• The role of research in several fields of applied economics,
whether related to business or to the economy as a whole, has
greatly increased in modern times. The increasingly complex
nature of business and government has focused attention on the
use of research in solving operational problems. Research, as
an aid to economic policy, has gained added importance, both
for government and business. Research has its special
significance in solving various operational and planning
problems of business and industry.
• Operations research and market research, along with
motivational research, are considered crucial and their results
assist, in more than one way, in taking business decisions.
• Market research is the investigation of the structure and
development of a market for the purpose of formulating
efficient policies for purchasing, production and sales.
7. Types of Research
• The basic types of research are as follows:
• (i) 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. In social science and business
research we quite often use the term Ex post facto research for
descriptive research studies.
• (ii) Applied vs. Fundamental: Research can either be applied
(or action) research or
• fundamental (to basic or pure) research. Applied research aims
at finding a solution for an immediate problem facing a society
or an industrial/business organisation, whereas fundamental
research is mainly concerned with generalisations and with the
formulation of a theory.
8. • (iii) 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, on the other hand, is concerned with
qualitative phenomenon, i.e.,
• phenomena relating to or involving quality or kind.
• (iv) Conceptual vs. Empirical: Conceptual research is that
related to some abstract idea(s) or
• theory. It is generally used by philosophers and thinkers to
develop new concepts or to
• reinterpret existing ones. On the other hand, empirical research
relies on experience or
• observation alone, often without due regard for system and
theory.
9. Exploratory and Casual
Research
• Causal research is used to identify the cause-and-
effect relationship between variables and provides
conclusive results that can answer the research
problem.
• Descriptive research and exploratory research don't
answer a research problem and are instead used to gain a
deeper understanding of the problem itself.
10. Theoretical and Empirical
Research
• Empirical: Based on data gathered by original
experiments or observations.
• Theoretical: Analyzes and makes connections between
empirical studies to define or advance a theoretical
position.
11. Cross Sectional and time
series research
• Time series data consist of observations of a single
subject at multiple time intervals.
• Cross sectional data consist of observations of many
subjects at the same point in time.
• Time series data focuses on the same variable over a
period of time.
12.
13. Research
questions/Problems
• A research problem, in general, refers to 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.
• A research problem is one which requires a researcher to
find out the best solution for the given problem, i.e., to
find out by which course of action the objective can be
attained optimally in the context of a given environment.
14. Research Objectives
• Research objectives are the outcomes that you aim to
achieve by conducting research. Many research projects
contain more than one research objective.
• The main objectives of Research are
• To gain familiarity or to achieve new insights into a
phenomenon.
• To describe the accurate characteristics of a particular
individual, situation or a group.
• To determine the frequency with which something occurs
or with which it is associated with other things.
15. Research Hypotheses
• A research hypothesis is a specific, clear, and testable
proposition or predictive statement about the possible
outcome of a scientific research study based on a
particular property of a population, such as presumed
differences between groups on a particular variable or
relationships between variables.
16. Characteristics
A good Hypothesis must possess the following characteristics
1.It is never formulated in the form of a question.
2.It should be empirically testable, whether it is right or wrong.
3.It should be specific and precise.
4.It should specify variables between which the relationship is to be
established.
5.It should describe one issue only. A hypothesis can be formed either in
descriptive or relational form.
6.It should not conflict with any law of nature which is known to be
true. guarantees that available tools and techniques will be effectively
used for the purpose of verification.
7. It should be stated as far as possible in most simple terms so that the
same is easily understandable by all concerned.
8. It must explain the facts that gave rise to the need for explanation.
9.It should be amenable to testing within a reasonable time.
10. It should not be contradictory.
17. Research in evolutionary
perspective
• An example of evolutionary perspective.
• Humans naturally dislike and fear spiders and snakes.
Using an evolutionary perspective, this is because our
ancestors learned that these creatures are frequently
poisonous and may be deadly.
• Likewise, humans have a natural fear of large carnivorous
animals and know instinctively to stay away from them.
18. The role of theory in research
• Theories are usually used to help design a research question,
guide the selection of relevant data, interpret the data, and
propose explanations of the underlying causes or influences
of observed phenomena.
• Theory provides significant guidelines and trails for the
conduct of research by pointing to areas that are most likely to
be fruitful, that is, areas in which meaningful relationships
among variables are likely to be found.
• A theoretic system narrows down the range of facts to be
studied. Theory provides the researcher with a definite view
point a direction which goes a long way toward helping him
enquire into relationships between certain variables selected
from among an almost infinite array of variables.
