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Introduction to Business Research Methods

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Introduction to Business Research Methods

  1. 1. Sub Code: 21MBA214 Sub Name: Business Research Methods Faculty: Dr. Noor Firdoos Jahan Dr. Noor firdoos Jahan, RVIM 1
  2. 2. MODULE 1: INTRODUCTION TO RESEARCH, TYPES OF RESEARCH, DESIGN AND DEFINING RESEARCH PROBLEM 05HRS • What is Research • Objectives & motivations for research • Types of Research- Introduction to Qualitative Research, Quantitative Research • Defining Business Problem- Problem Formulation, Techniques involved in defining a problem Dr. Noor firdoos Jahan, RVIM 2
  3. 3. Definition of Business Research According to McDaniel and Gates___” Business research is the planning, collection, and analysis of data relevant to business decision-making and the communication of the results of this analysis to management”. According to Zikmund___” It is a management tool that companies use to reduce uncertainty. It is a manager’s source of information about organizational and environmental conditions, and covers topics ranging from long-range planning to the most ephemeral tactical decisions”. Dr. Noor firdoos Jahan, RVIM 3
  4. 4. Business Research Defined Business research is defined as the systematic and objective process of gathering, recording and analyzing data for aid in making business decisions. Dr. Noor firdoos Jahan, RVIM 4
  5. 5. Nature of business research • Clearly defined objectives • Choose the right methodology • Promoting business • Covers region in which business operates • Judging problems • Flexibility • Help determine how to produce the product Dr. Noor firdoos Jahan, RVIM 5
  6. 6. Importance of BR/ Managerial Value of Business Research • Product-Oriented firms: Prioritizes decision making that emphasizes the physical product design trendiness or technical superiority. Research focuses on technicians and experts in the field. • Production-Oriented firms: Prioritizes efficiency and effectiveness of the production processes in making decisions. Research focuses on line employees, engineers and other efficiency experts. Dr. Noor firdoos Jahan, RVIM 6
  7. 7. • Marketing-Oriented firms: Focuses on how the firm provides value to customers. Research focuses on customers Dr. Noor firdoos Jahan, RVIM 7
  8. 8. • Decision making process: 1)Indentifying problems or opportunities: 2)Diagnosing and Assessing problems or opportunities. 3)Selecting and implementing a course of action 4) Evaluating the course of action. Dr. Noor firdoos Jahan, RVIM 8
  9. 9. NEED OF BUSINESS RESEARCH • Time constraints: If the decision does not need to be taken immediately then research is needed otherwise not. • Availability of data: If the required data to conduct the research is available then research should be conducted otherwise it is not possible to undertake a research. • The nature of decision to be made: Deciding about the need of research also depends upon the nature of the decision to be made. If the decision is not a routine decision and needs high investment then research should be undertaken otherwise not. • Benefits versus Costs: Deciding about the research also depends upon the benefits and costs associated with the underlying project. In order to conduct a research for a project, the project’s benefit must be higher than its cost. Dr. Noor firdoos Jahan, RVIM 9
  10. 10. MAJOR TOPICS FOR RESEARCH IN BUSINESS • General Business Conditions and Corporate Research • Financial and Accounting Research • Management and Organizational Behavior Research • Sales and Marketing Research • Information Systems Research • Corporate Responsibility Research Dr. Noor firdoos Jahan, RVIM 10
  11. 11. Dr. Noor firdoos Jahan, RVIM 11
  12. 12. Types of Business Research Dr. Noor firdoos Jahan, RVIM 12
  13. 13. Basic research is “experimental and theoretical work undertaken to acquire new knowledge without looking for long-term benefits other than the advancement of knowledge.”  It Attempts to expand the limits of knowledge.  It is not directly involved in the solution to a pragmatic or real life problem.  Basic research is conducted to test theory or to discover more about a concept.  It focuses on generating fundamental knowledge BASIC RESEARCH Dr. Noor firdoos Jahan, RVIM 13
  14. 14. Basic Research Example  Is executive success correlated with high need for achievement? Dr. Noor firdoos Jahan, RVIM 14
  15. 15. Applied Research Applied research is research undertaken to solve practical problems rather than to acquire knowledge for knowledge sake.  It is conducted when a decision must be made about a specific real-life problem.  Focuses on real-world questions and applications Dr. Noor firdoos Jahan, RVIM 15
  16. 16. Applied Research Examples  Should McDonalds add Italian pasta dinners to its menu?  Business research told McDonald’s it should not? Dr. Noor firdoos Jahan, RVIM 16
  17. 17. THEORY Goals of theory: 1)Understanding: 2) Predicting The meaning of Theory: A coherent set of general propositions used to explain the apparent relationships among certain observed phenomena. Theories allow generalizations beyond individuals facts or situations. Dr. Noor firdoos Jahan, RVIM 17
  18. 18. CONCEPT • A concept (or construct) is a generalized idea about a class of objects, attributes, occurrences, or processes that has been given a name. • Concepts are the building block of a theory • Concepts abstract reality. That is, concepts are expressed in words, letters, signs, and symbols that refer to various events or objects. For example assets, liabilities, customer equity, raw material etc. Dr. Noor firdoos Jahan, RVIM 18
  19. 19. CONCEPT • Ladder of abstraction Assets Plant Machinery Punch Press Reality Dr. Noor firdoos Jahan, RVIM 19
  20. 20. CONCEPT • Concepts are abstractions of reality Observations of objects and events (reality) Concepts Abstract Level Empirical level Dr. Noor firdoos Jahan, RVIM 20
  21. 21. Nature of PROPOSITIONS • Concepts are the basic units of theory development. However, theories require an understanding of the relationship among concepts. Thus, once reality is abstracted into concepts, the scientist is interested in the relationship among various concepts. Propositions are statements concerned with the logical relationships among concepts. A proposition explains the logical linkage among certain concepts by asserting a universal connection between concepts. Dr. Noor firdoos Jahan, RVIM 21
  22. 22. The Scientific Method • Definition: The Scientific Method is a set of prescribed procedures for establishing and connecting theoretical statements about events for analyzing empirical evidence and for predicting events yet unknown. • Following are the steps involved in the application of the scientific method 1.Assessment of relevant existing knowledge of a phenomenon 2.Formulation of concepts and propositions 3.Statement of Hypothesis 4.Design of research to test the hypothesis 5.Acquisition of meaningful empirical data 6.Analysis and evaluation of data 7.Proposal of an explanation of the phenomenon and statement of new problems raised by the research. Dr. Noor firdoos Jahan, RVIM 22
  23. 23. Theory building is a process of increasing abstraction Increasingly more abstract Theories Propositions Concepts Observation of objects and events (reality) Dr. Noor firdoos Jahan, RVIM 23
  24. 24. An example of a theory Labor market conditions, number of organizations, personal characteristics,and other partial dterminantas of ease of movement Perceived ease of movement (e.g. expectation of finding alternatives, unsolicited opportunities) Perceived desirability of movement (e.g job satisfaction) Equity of pay, job complexity, participation in decision making and other partial determinants of desirability of movement Job performance s Intention to quit Voluntar y job turnover Dr. Noor firdoos Jahan, RVIM 24
  25. 25. Generation of Theory • Deductive reasoning: The logical process of deriving a conclusion about a specific instance based on a known general premise or something known to be true. For example: we know that all professors are human beings. If we also know that Mr.Ahmad is a professor, then we can deduce that Ahmad is a human being. • Inductive reasoning: The logical process of establishing a general proposition on the basis of observation of particular facts. For example: All professors that have ever been seen are human beings; therefore all professors are human beings. Dr. Noor firdoos Jahan, RVIM 25
  26. 26. Verifying theory • In order to make predictions on the basis of theory, the theory must be tested and verified first. Once the theory is verified, we can utilize it to make predictions. Dr. Noor firdoos Jahan, RVIM 26
  27. 27. • Decision making: The process of resolving a problem or choosing among alternative opportunities. • Every decision-making situation can be classified based on whether it best represents a problem or an opportunity and where the situation falls on continuum from absolute ambiguity to complete certainty. Dr. Noor firdoos Jahan, RVIM 27
  28. 28. • Certainty: Complete certainty means that the decision-maker has all information needed to make an optimal decision. • Uncertainty: Uncertainty means that the manager grasps the general nature of desired objectives but the information about alternatives is incomplete. • Ambiguity: Ambiguity means that the nature of the problem itself is unclear. Objectives are vague and decision alternatives are difficult to define. Dr. Noor firdoos Jahan, RVIM 28
  29. 29. TYPES OF BUSINESS RESEARCH • Exploratory research: It is conducted to clarify ambiguous situations or discover ideas that may be potential business opportunities. Exploratory research is usually conducted when the researcher does not know much about the problem and needs additional information or desires new or more recent information. It is the Initial research conducted to clarify and define the nature of a problem. it Does not provide conclusive evidence. Subsequent research expected. • Descriptive Research: It describes characteristics of objects, people, groups, organizations or environments tries to“paint apicture” about a given situation. Dr. Noor firdoos Jahan, RVIM 29
  30. 30. TYPES OF BUSINESS RESEARCH Descriptive research is undertaken to provide answers to questions of who, what, where, when, and how. Describes characteristics of a population or phenomenon Some understanding of the nature of the problem Dr. Noor firdoos Jahan, RVIM 30
  31. 31. TYPES OF BUSINESS RESEARCH • Causal Research: It allows causal inferences to be made, seeks to identify cause-and-effect relationships. • Causal inference: A conclusion that when one thing happens, another specific thing will follow. A causal inference can only be supported when very specific evidence exists. Three critical pieces of causal evidence are: 1)Temporal Sequence: It deals with the time order of events, i.e. the cause must occur before the effect. 2)Concomitant Variance: It occurs when two events “covary” or correlate meaning they vary systematically. 3)Nonspurious Association: It means that A cause and an effect is true and not simply due to some other variable. For example if murder rates increase with increase in ice cream rates, we cannot say that there is a causality between the two variables. They may be under effect of a third variable like weather. Dr. Noor firdoos Jahan, RVIM 31
  32. 32. Degrees of Causality • Absolute causality: Means the cause is necessary and sufficient to bring about the effect. • Conditional causality: Means that a cause is necessary but not sufficient to bring about an effect. • Contributory causality: Means the cause need be neither necessary nor sufficient to bring about an effect. Dr. Noor firdoos Jahan, RVIM 32
  33. 33. STAGES IN THE RESEARCH PROCESS Dr. Noor firdoos Jahan, RVIM 33
  34. 34. Define Research Problem & Research Objective [II] Review concepts and theories [II] Review previous research finding [IV] Design research (Including Sample design) [V] Collect data (Execution) [VI] Analyze Data (Test Hypothesis) [VII] Interpretation and Implications [III] Formulate Hypothesis FF F F FF F [VIII] Actionable Proposition [IX] Report preparation Dr. Noor firdoos Jahan, RVIM 34
  35. 35. (I) Defining the Research Problem “ A problem well defined is half solved “ Two steps are involved defining the research problem a. Understanding the problem thoroughly and b. Rephrasing the same into meaningful terms from analytical point of view Techniques for preliminary investigation a. Situation Analysis b. Informal investigations Researcher can review two types of literature a. The conceptual literature b. The empirical literature Dr. Noor firdoos Jahan, RVIM 35
  36. 36. (II) Review of theories, concepts and previous research finding •Background of the study •Research questions •Formulation of Hypothesis Dr. Noor firdoos Jahan, RVIM 36
  37. 37. (III) Development of Working Hypothesis Working hypothesis is tentative assumption made in order to draw out and test its logical or empirical consequences Approach 1.Discussion with colleagues and experts 2. Examination of data and records 3. Review of the same 4. Exploratory personal investigation which involves original field interviews Dr. Noor firdoos Jahan, RVIM 37
  38. 38. (IV) Research Designs (including sample design) Research Design is the basic framework which provides guidelines for the rest of the research work. It is a map or a blueprint according to which the research is to be conducted. Dr. Noor firdoos Jahan, RVIM 38
  39. 39. Research design categories a. Exploratory research designs b. Descriptive research designs c. Causal research designs Dr. Noor firdoos Jahan, RVIM 39
  40. 40. Following points must be considered while selecting any of the research designs available 1. The means of obtaining the information 2. The availability and skills of the researcher and his staff 3. Time available 4. Cost factor 5. sampling plan Dr. Noor firdoos Jahan, RVIM 40
  41. 41. Sample design A sample design is a definite plan determined before any data is actually collected for obtaining a sample from a given population It provides answer to the following four questions; 1. What sampling unit should be studied ? 2. What should be the sample size? 3. What sample procedure should be used? 4. What contact method should be used Dr. Noor firdoos Jahan, RVIM 41
  42. 42. (IV) Data collection A. Primary Data Collection Tools 1. By observation 2. Through personal interview 3. Through telephone interviews 4. Through Schedules 5. By mailing questionnaire B. Secondary Data Collection Tools 1. Printed information 2. Already available information in other forms Dr. Noor firdoos Jahan, RVIM 42
  43. 43. (V) Analysis of data The researcher should classify the raw data into some purposeful and usable categories. Three operations have to de done before the raw data is brought in a form to be analyzed further. a. Coding b. Editing c. Tabulation Dr. Noor firdoos Jahan, RVIM 43
  44. 44. After successful completion of above operations following three steps are there to follow to complete Data analysis 1. Hypothesis Testing a. Chi Square b. F- test c. Z test 2. Generalization 3. Interpretation Dr. Noor firdoos Jahan, RVIM 44
  45. 45. (VII) Interpretation and Implications (VIII) Actionable Implications (IX) Report Preparation Dr. Noor firdoos Jahan, RVIM 45
  46. 46. Dr. Noor firdoos Jahan, RVIM 46
  47. 47. Thank You Dr. Noor firdoos Jahan, RVIM 47