Research Methodology

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Introduction; meaning and nature of research; significance of research in business decision making, identification and formulation of research problem, setting objectives and formulation of hypotheses.

Qu. 1. Research is a careful investigation or inquiry through search for new facts in any branch of knowledge”. Discuss in the light of nature and significance of research.

Ans Research in common parlance refers to a search for knowledge. The Advance Learner’s Dictionary of Current English defines the research as “careful investigation or inquiry through search for new facts in any branch of knowledge”. Redman and Mory defines research as “Systemized efforts to gain new knowledge”. Some people consider research as a movement, a movement from the known to unknown. According to Clifford Woody research compromises defining and redefining problems, formulating hypothesis or suggested solutions, collecting, organizing and evaluating data, making deductions and reaching conclusions and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis. In general ‘research refers to the systematic method consisting of enunciation the problem, formulating a hypothesis, collecting the facts or data, analyzing the facts and researching certain conclusions ether in the form of solutions towards the concerned problem or in certain generalization for some theoretically formulation. Objectives: The main aim of research is to find out the truth which is hidden and has not been discovered yet. The research objectives are: • To gain familiarity with a phenomenon or to achieve new insight into it studies with this object in view are termed as exploratory or formulative research studies. • To portray accurately the characteristics of particular individual, situation or group. These are called descriptive research studies. • To determine the frequency with which something occurs or with which it is associated with something else. This study is known as diagnostic research study. • To test a hypothesis of a casual relationship between variables. Such study is known as testing research studies. Motivation in Research: The possible motives for doing research may be either one or more of the following: • Desire to get a research degree along with its consequential benefits. • Desire to face the challenge in solving the unsolved problems, i.e. concern over practical problems initiates research. • Desire to get intellectual joy of doing some creative work. • Desire to be of service of society.

• Desire to get respectability.
Types of Research: The basic types of research as follows:
(a) Descriptive Vs Analytical: Descriptive research includes surveys and fact-finding enquiries of different kinds. Its major purpose is description of state of affaires, as it exists at present. Analytical researchers have to use facts or information already available and analyse these to make a critical evolution of material. (b) Applied Vs Fundamental: applied aims at finding solution for an immediate problem facing a society or an industrial or business organisation. Research to identify social, economic or political trends that may affect a particular institution or the marketing research are the examples of applied research. Fundamental is mainly concerned with generalization and with the formulation of theory. Research concerning some natural phenomenon or relating to pure mathematics are examples of fundamental research. (c) Quantitative Vs Qualitative; Quantitative is based on measurement of quantity or amount. It is applicable to phenomena that can be expressed in terms of quantity. Qualitative is based on the qualititative phenomena i.e. phenomena relating to or involving quality or kind. (d) Conceptual Vs Empirical: Conceptual research is related to some abstract ideas or theory. It is...
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