Process of Business Research Methods

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The steps of basic and applied research are the following:

1. OBSERVATION (Broad Area of Research Interest Identified) – Identification of broad problem area through the process of observing and focusing on the situation. Any area/situation that has got identified for improvement can be classified as a broad problem area.

2. PRELIMINARY DATA GATHERING (Interviewing Literature Survey)- Once the broad problem area has got identified, the same can be narrowed down to specific issues for investigation through preliminary data gathering.

3. PROBLEM DEFINATION (Research Problem Delineated)- It is clear , precise and succinct statement of the question or issue that is to be investigated with the goal of finding an answer or solution.

4. THEORETICAL FRAMEWORK (Variables clearly identified and labeled)- A theoretical framework is a conceptual model of how one theorizes or makes logical sense of the relationships among the several factors that have been identified as important to the problem. It is a logically developed, described and elaborated network of associations among the variables( dependent/criterion , independent/predictor, moderating , intervening) deemed relevant to problem definition.

5. GENERATION OF HYPOTHESIS- After identification of important variables and establishing the relationships amongst them, formulating of testable statements (to test the relationships) is called hypothesis development. The null hypothesis states a definitive, exact relationship between two variables. The hypothesis is tested scientifically through appropriate statistical analyses.

6. SCIENTIFIC RESEARCH DESIGN – Design of the research in a way that requisite data can be gathered and analyzed to arrive at a solution. Experimental designs need to be done to examine the possible cause and effects on the various variables.

7. DATA COLLECTION, ANALYSIS AND INTERPRETATION: For data collection, sources of data (primary or secondary) need to be identified first. If...
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