Business research methods (basic concepts )
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Research begins with identifying a problem or question. It requires a plan to address the main problem through sub-problems. Research seeks direction through hypotheses and assumptions to study facts and their meanings in a circular process. It can be basic or applied, using deductive or inductive approaches with quantitative or qualitative methods. A hypothesis guides the research by suggesting a statement to test through relevant facts and an appropriate design.
Business research methods (basic concepts )
- 1. Research begins with a problem in the form of a question in the mind of the researcher. Research demands the identification of a problem, stated in clear terms. Research requires a plan. Research deals with the main problem through appropriate sub problem . Research seeks direction through appropriate hypothesis and is based upon obvious assumptions. Research deals with facts and their meaning. Research is circular.
- 2. Basic Research Applied Research
- 3. Deductive research approach – Works from the more general to the more specific. Sometimes it is called “Top down approach” Conclusion follows logically from premises (available facts)
- 5. Inductive reasoning works the other way, moving from specific observations to broader term / general. Sometimes we call this ‘bottom up approach’ Conclusion is likely based on premises Involve a degree of uncertainty
- 7. Designed to solve the practical problem of the world. The goal of applied research is to improve the human condition. This research is generally conducted on large scale basis, it is expensive. It is often conducted with the support of some financing agency like government, public corporation and world bank etc.
- 8. It is collecting, analyzing and interpreting data by observing what people do and say. Much more subjective and use different method of collecting information. The Qualitative method investigates the WHY and HOW of decision making not just WHAT WHERE and WHEN
- 9. Measure the quantity or amount and compare it with past records and tries to project for future. Quantitative research involve the use of structured questions, where the response question have been pre-determined and large number of respondent is involved.
- 10. A hypothesis (H) is an unproven statement about a factor or proposition phenomenon that is of interest to the researcher. When a manager makes a statement or an assumption that he/she believes to be true and wants research to determine if there is support for that statement, we call this statement a hypothesis.
- 11. Guides the direction of the study Identifies facts that are relevant Suggests which form of research design is appropriate Provides a framework for organizing the conclusions that result
- 12. No relationship between two measured phenomena. Never proven either rejected or fail. Alternative Hypothesis (H1) The hypothesis to be accepted if the null hypothesis is rejected.