After studying this unit, you should be able to:
l explain the meaning of research,
l differentiate between Science and Knowledge,
l distinguish between inductive and deductive logic,
l discuss the need for research in business,
l classify research into different types,
l narrate different methods of research,
l list the difficulties in business research, and
l explain the business research process and its role in decision making. 1.1 INTRODUCTION
Research is a part of any systematic knowledge. It has occupied the realm of human understanding in some form or the other from times immemorial. The thirst for new areas of knowledge and the human urge for solutions to the problems, has developed a faculty for search and research and re-research in him/her. Research has now become an integral part of all the areas of human activity.
Research and Data
Research in common parlance refers to a search for knowledge. It is an endeavour to discover answers to problems (of intellectual and practical nature) through the application of scientific methods. Research, thus, is essentially a systematic inquiry seeking facts (truths) through objective, verifiable methods in order to discover the relationship among them and to deduce from them broad conclusions. It is thus a method of critical thinking. It is imperative that any type of organisation in the globalised environment needs systematic supply of information coupled with tools of analysis for making sound decisions which involve minimum risk. In this Unit, we will discuss at length the need and significance of research, types and methods of research, and the research process.
1.2 MEANING OF RESEARCH
The Random House Dictionary of the English language defines the term ‘Research’ as a diligent and systematic inquiry or investigation into a subject in order to discover or revise facts, theories, applications, etc. This definiton explains that research involves acquisition of knowledge....