Different authors have defined research as follows:
➢ Research is carrying out a diligent inquiry or a critical examination of a given phenomenon. ➢ Research involves a critical analysis of existing conclusions or theories with regard to newly discovered facts i.e. it’s a continued search for new knowledge and understanding of the world around us. ➢ Research is a process of arriving at effective solutions to problems through systematic collection, analysis and interpretation of data.
What is Business Research?
It is a systematic inquiry whose objective is to provide information to solve managerial problems (Cooper and Schindler, 2003).
Research and Scientific Method
The scientific method encourages a rigorous, impersonal mode of procedure dictated by the demands of logic and objective procedure. It is based on the following basic postulates: ➢ It relies on empirical evidence
➢ It utilizes relevant concepts
➢ It is committed to only objective considerations
➢ It presupposes ethical neutrality i.e. it aims at nothing but making only adequate and correct statements about population objects ➢ It results into probabilistic predictions
➢ Its methodology is made known to all concerned for critical scrutiny and for use in testing the conclusions through replication. ➢ It aims at formulating most general axioms or what can be termed as scientific theories.
Purpose of Research
➢ To discover new knowledge
➢ To describe a phenomenon
➢ To enable prediction.
➢ To enable control i.e. the ability to regulate the phenomenon under study. ➢ To enable explanation of a phenomenon i.e. accurate observation and measurement of a given phenomenon. ➢ To enable theory development and validation of existing theories. Theory development involves formulating concepts, laws and generalizations about a given phenomenon. ➢ Research provides one with the knowledge and skills needed for the fast-paced decision-making environment
Why Managers need Better Information
➢ Explosive growth and influence of the internet
➢ Stakeholders demanding greater influence
➢ More vigorous competition
➢ More government intervention
➢ More complex decisions
➢ Maturing of management as a group of disciplines ➢ Greater computing power and speed
➢ New perspectives on established research methodologies
➢ Global and domestic competition is more vigorous
➢ Workers, shareholders, customers and the general public are demanding to be included in company decision-making. ➢ Organisations are increasingly practicing data mining and data warehousing. ➢ The power and ease of use of today’s computers to analyze data, which help in decision-making. ➢ There are more variables to consider in every decision. ➢ More knowledge exists in every field of management.
Sources of Knowledge
➢ Experience: Empiricists attempt to describe, explain, and make predictions through observation. ➢ Tradition: Rationalists believe all knowledge can be deduced from known laws or basic truths of nature ➢ Authority: They serve as important sources of knowledge, but should be judged on integrity and willingness to present a balanced case. ➢ Intuition: it is the perception, explanation or insight into phenomena by instinct.
The Value of Acquiring Research Skills
➢ To gather more information before selecting a course of action ➢ To do a high-level research study
➢ To understand research design
➢ To evaluate and resolve a current management dilemma
➢ To establish a career as a research specialist
Definition of basic terms used in research
➢ Population: it refers to an entire group of individuals, events or objects having a common observable characteristic. ➢ Sample: It is a smaller group obtained from the accessible population. ➢ Sampling: It is the process of selecting a number of individuals for a study in such a way that the...