Role of Research in Business

7/30/2019 Role of Research in Business

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By

Vajid KhanSem-II


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What is research?

Research is the process of findingsolutions to a problem after athorough study and analysis of thesituational factors.

Introduction to Research


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What is business research?Research provides the needed information

that guides managers to make informed

decisions to successfully deal with problems.The information provided could be the

result of a careful analysis of data gathered

firsthand or of data that are already available(in the company).


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Scope of business research

- for-profit, non-profit business- business functions (production,

finance, management, marketing)

A definition ofbusiness research:

gathering and analyzing data in a systematic mannerto aid business decisions

objectivity and business research

Introduction to business research


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Introduction to business research

Basic researchaims at expanding the boundaries of our knowledge or verifyingthe acceptability of a given theory.

There is nothing so practical as a good theory. Applied research

is related to a specific problem to be solved.

Scientific method- set of techniques and procedures- systematic analysis and logical

interpretation of evidence

The scientific method is the essence of research.


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Types of Business research. 1.Applied research

Is to solve a current problem faced by the manager inthe work setting,demanding a timely solution.

2.Basic research (fundamental, pure)

Is to generate a body of knowledge by trying tocomprehend how certain problems that occur inorganizations can be solved.

The findings of such research contribute to thebuilding of knowledge in the various functional areasof business.


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Why is it important for managers to knowabout research?Solve problems

Decision making tool

Competition

Risk

Investment

Hire researchers and consultants moreeffectively


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2 Scientific Investigation

1 Observation

2 Identification of problem area

3 Theoretical framework

4 Hypotheses

5 Research design

6 Data collection

7 Data analysis

8 Data interpretation 9 Implementation


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The seven-step process in the Hypothetico-

Deductive method 1 Observation 2 Problem identification

preliminary information gathering 3 Theoretical framework

theory formulation 4 Hypothesizing 5 Research design

further scientific data collection 6 logical analysis 7 Deduction


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The seven-step process

problem statement is a clear, precise, and succinct statement of thequestion or issue that is to be investigated with the goal of findingan answer or solution.

Theoretical framework is the foundation on which the entire research

project is based.It is logically developed,described,and elaborated networkof associations among the variables relevant to the problem situation. A hypothesis is a tentative statement that proposes a possible explanation

to some phenomenon or event.A useful hypothesis is a testablestatement which may include a prediction.A hypotheses should not beconfused with a theory.

Data analysis: the data gathered are statistically analyzed to see if thehypotheses that were generated have been supported.

Measurement is the process observing and recording the observations thatare collected as part of a research effort.

Deduction is the process of arriving at conclusions by interpreting the meaningof the data analysis results.


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Problem Formulation "Well begun is half done" --Aristotle, quoting an

old proverbWhere do research topics come from? The idea for a research project?

one of the most common sources of research ideas isthe experience ofpractical problems in the field?

The Literature Review


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The Research Cycle The Research Cycle

QUESTIONING

PLANNING

GATHERING SORTING & SIFTING

SYNTHESIZING

EVALUATING

REPORTING*


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Information needs in business

Almost every organization has to engage in research atsome level to stay competitive.

Companiesgather data both from within and outsidethe organization.

The methods used togather,analyze,and synthesizeinformation from the externaland internalenvironments are becoming increasingly sophisticatedto the immense scope ofcomputer technology.


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The research process

1 Observation 2 Data gathering 3 Problem definition

4 Theoretical framework (variables identified) 5Hypotheses 6 Research design 7Data collection,analysis,interpretation 8 Deduction 9 Report writing 10 Report presentation 11 Managerial decision making


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Research design

Purpose of the study:

Exploratory study Is undertaken when no information is available on how similar

problems or research issues have been solved in the past

Descriptive study Is to able to describe the characteristics of the variables of interest in

a situation.

Hypotheses testing Is undertaken to explain the variance in the dependent variable or to

predict organizational outcomes.

Case studies

Research design can be thought of as the structure of research --it is the "glue" that holds all of the elements in a research projecttogether


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Measurement

The rating scale

Have several response catagories

Likert scale is designed o exermine how strongly subjectagree or disagree with statements on a 5-point scale

Ranking scale

Are used to tap preferences between two or more objects

or items Goodness of measure: reliability,validity


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Data collection methods

Data can be collected in a variety ways ,data sourcescan be primary or secondary.

Data collection methods such as: interview(face-to-face,telephone,computer-assisted

interviews),

Questionaires

Observation Motivational techniques


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Sampling

A sample is a subset of the population.

Sample is the process of selecting a sufficient number ofelements from the population.

Studying a sample rather the entire population issometimes to lead to more reliable results, mostly becausefatigue is reduced,resulting in fewer errors on collectiondata. (time, cost,human resources)

Surveys are useful and powerful in finding answers toresearch question but if data are not collected from thepeople or objects that can provide the correct answerstosolve the problem, the survey will be in vain.


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Data Analysis and Interpretation

The data analysis involves three major steps, done inroughly this order:

Cleaning and organizing the data for analysis

Describing the data

Testing Hypotheses and Models


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The Research Report

Researh proposal

Research report

Research presentation


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Summary

Business research:- reduces uncertainty by providing information

on a given subject

A classification of business research on the basis of itsfunction (purpose)

1. Exploratory research- initial research conducted to clarify and define the nature of aproblem

- sometimes the general problem is realized but a betterunderstanding is needed before a detailed research

Examples:Absenteeism is increasing and we dont know whywould people be interested in our new product idea?

- methods: interviews, basic statistical calculations


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Summary2. Descriptive research

- research designed to describe the characteristicsof a phenomenon

- who? what? when? where? how?

Examples:

What kind of people prefer Big Mac hamburgers?

What are the characteristics of students in this class?- methods: surveys, analysis of already existing

data

3. Causal research

- research conducted to identifycause-and-effect

relationships among variablesExamples:

the influence of price and advertising on sales

Which of two training programs is more effective?

- methods: experiments, econometric analyses


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I keep six honest serving men,

(they taught me all I knew).

Their names are What, and Why, and When,

and How, and Where, and Who.

(R. Kipling)

The formulation of a problem is often more essential than its

solution.

(A. Einstein)

Citations related to the topic


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Thank You

Role of Research in Business

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