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UNIT I Intro to business research methods
Business Research Definition: Business research is a systematic inquiry that
provides information to guide managerial decisions. it is a process of planning,
acquiring, analyzing, and disseminating relevant data, information, and insights
to decision makers in ways that mobilize the organization to take appropriate
actions that, in turn, maximize performance. Business Research Significance:1)
It allows to gather new knowledge 2) To enables to find solutions to operational
and planning problems of business 3) It aids the enterprise to enhance
productivity, reduce cost, save time and maintain expertise of their core
competencies through research discovery 4) Helps in creating benchmarks to
measure business progress 5) Early research identifies holes in the services and
regular research indicate whether advancements can be made in business.
The research process: Stage 1: Exploration: Clarifiying the research question
Discover the management dilemma, Define the management question, Define
the research question(s), Refine the research question(s). Stage 2: Research
proposal. Stage 3: Research design Strategy (type, purpose, time frame, scope,
environment) Data collection design, sampling design, Instrument development
& pilot testing. Stage 4: Data collection & preparation. Stage 5: Data analysis and
interpretation. Stage 6: Research reporting. Stage 7: Management decision.
Types of Research: 1)Reporting - provides a summation of data, often recasting
data to achieve a deeper understanding or to generate statistics for comparison.
The task may be quite simple and the data readily available. At other times, the
information may be difficult to find. A reporting study calls for knowledge and
skill with information sources and gatekeepers of information sources. Such a
study usually requires little inference or conclusion drawing. 2) Descriptive -tries
to discover answers to the questions who, what, when, where, and, some- times,
how. The researcher attempts to describe or de ne a subject, often by creating a
pro le of a group of problems, people, or events. Such studies may involve the
collection of data and the creation of a distribution of the number of times the
researcher observes a single event or characteristic (known as a research
variable), or they may involve relating the interaction of two or more variables. 3)
Explanatory - goes beyond description and attempts to explain the reasons for
the phenomenon that the descriptive study only observed. Research that studies
the relationship between two or more variables is also referred to as a
correlational study. The researcher uses theories or at least hypotheses to
account for the forces that caused a certain phenomenon to occur. 4) Predictive
this study is rooted both in theory and in explanation, It helps in providing
plausible explanation for an event after it has occurred and it is desirable to be
able to predict when and in what situations the event will occur.
Exploratory Research:Exploration is particularly useful when researchers lack a
clear idea of the problems they will meet during the study. Through exploration
researchers develop concepts more clearly, establish priorities, develop
operational definitions, and improve the nal research design. Exploration may
also save time and money.Phases: 1) Discovery and analysis of secondary sources
published studies, document analysis, retrieval of information from orgs
database. 2) Expert interviews 3) Interviews with individuals involved with the
problem 4) GD with individuals involved with the problem. Objectives to
accompolish: 1) Expand your understanding of the management dilemma 2)
Gather background information on your topic to refine the research question. 3)
Identify information that should be gathered to formulate investigative
questions.
4) Identify sources for and actual questions that might be used as measurement
questions. 5) Identify sources for and actual sample frames (lists of potential
participants) that might be used in sample design.
Causal Research:Its also called explanatory research. It is the investigation of
(research into) cause-and-effect relationships. In order to determine causality, it
is important to observe variation in the variable that is assumed to cause the
change in the other variable(s), and then measure the changes in the other
variable(s).There are two research methods for exploring the cause-and-effect
relationship between variables:Experimentation (e.g., in a laboratory)
andStatistical research.
Theoretical research:The term theoretical is sometimes informally used in lieu of
hypothetical to describe a result which is predicted by theory but has not yet
been adequately tested by observation or experiment.Theories are formulated to
explain, predict, and understand phenomena and, in many cases, to challenge
and extend existing knowledge within the limits of critical bounding
assumptions.The theoretical framework is the structure that can hold or support
a theory of a research study.
Empirical Research: It is to denote observations and propositions based on
sensory experience and/or derived from such experience by methods of inductive
logic, including mathematics and statistics. Researchers using this approach
attempt to describe, explain, and make predictions by relying on information
gained through observation.It is the design f procedures to collect factual
information about hypothesized relationships that can be used to decide if a
particular understanding of a problem and its possible solution are correct.
Cross-sectional Research: It carried out once and represent a snapshot of one
point in time. It is opposite to Logitudinal research which is repeated over an
extended period. While longitudinal research is important, the constraints of
budget and time impose the need for cross-sectional analysis. Some benefits of a
longitudinal study can be revealed in a cross-sectional study by adroit
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questioning about past attitudes, history, and future expectations. Responses to
these kinds of questions should be interpreted with care, however.
Time-series Research:A time series design introduces repeated observations
before and after the treatment and allows subjects to act as their own controls.
The single treatment group design has before-after measurements as the only
controls. There is also a multiple design with two or more comparison groups as
well as the repeated measurements in each treatment group.The time series
format is especially useful where regularly kept records are a natural part of the
environment and are unlikely to be reactive. The time series approach is also a
good way to study unplanned events in an ex post facto (meaning investigators
have no control over the variables and they cant manipulate it) manner.
Research Questions/Problems:Research question is the hypothesis that best
states the objective of the research; the question(s) that focuses the researchers
attention. Research question is an alternative action that management might
take to solve the management dilemma. Usually the most plausible action or the
one that offers the greatest gain using fewer resources, is researched first.
Research Problem:Defining a research problem is the fuel that drives the
scientific process, and is the foundation of any research method and
experimental design, from true experiment to case study.It is one of the first
statements made in any research paper and, as well as defining the research
area, should include a quick synopsis of how the hypothesis was arrived at.
Research Objectives:The research objectives address the purpose of the
project/investigation. These objectives may be research questions and associated
investigative questions.
Research Hypothesis & Characteristics: Research hypothesis is a proposition
which is formulated for empirical testing. As a declarative statement about the
relationship between two or more variables, a hypothesis is of a tentative and
conjectural nature. Hypotheses have also been described as statements in which
we assign variables to cases. A case is defined in this sense as the entity or thing
the hypothesis talks about. The variable is the characteristic, trait, or attribute
that, in the hypothesis, is imputed to the case. Aproposition as a statement
about observable phenomena (concepts) that may be judged as true or false. A
descriptive hypothesesstate the existence, size, form, or distribution of some
variable. Researchers often use a research question rather than a descriptive
hypothesis. Relational hypothesesdescribe a relationship between two variables
with respect to some case. Correlational hypotheses state that the variables
occur together in some specified manner without implying that one causes the
other. explanatory (causal) hypotheses, there is an implication that the existence
of or a change in one variable causes or leads to a change in the other variable.
Role of Hypothesis:It guides the direction of the study. It identifies facts that
are relevant and those that are not. It suggests which form of research design
is likely to be most appropriate. It provides a framework for organizing the
conclusions that result. Strong Hypothesis:It should fulfill 3 conditions
Adequate for its purpose, Testable, Better than its rivals.
A concept is a generally accepted collection of meanings or characteristics
associated with certain events, objects, conditions, situations, and behaviors.
Classifying and categorizing objects or events that have common characteristics
beyond any single observation creates concepts. A construct is an image or
abstract idea specifically invented for a given research and/or theory-building
purpose. We build constructs by combining the simpler, more concrete concepts,
especially when the idea or image we in- tend to convey is not subject to direct
observation. Dictionary Definition is a concept defined with a synonym. An
operational definition is a definition stated in terms of specific criteria for testing
or measurement. In practice, the term variable is used as a synonym for
construct, or the property being studied. In this context, a variable is a symbol of
an event, act, characteristic, trait, or attribute that can be measured and to which
we assign values. Predictor or Independent Variable (IV)is manipulated by the
researcher, and the manipulation causes an effect on the dependent
variable.Criterion or Dependent Variable (DV)is measured, predicted, or
otherwise monitored and is expected to be affected by manipulation of an
independent variable. A moderating or interaction variable (MV) is a second
independent variable that is included because it is believed to have a significant
contributory or contingent effect on the original IVDV relationship. infinite
number of extraneous variables (EVs) exists that might conceivably affect a given
relationship. Some can be treated as IVs or MVs, but most must either be
assumed or excluded from the study. Control variables (CV) might influence the
DV, but their effect is not at the core of the problem which is investigated but still
it is included so that results arent biased. Extraneous variables can also be
confounding variables (CFVs) to thehypothesized IVDV relationship, similar to
moderating variables. Intervening Variable (IVV) can be defined as a factor that
theoretically affects the DV but cannot be observed or has not been measured.
Research in an evolutionary perspective: Descriptive, predictive, and normative
models are found in business researchs evolutionary perspective. Descriptive
models are used frequently for more complex systems. They allow visualization
of numerous variables and relationships. Predictive models forecast future
events. Normative models are used chiefly for control, informing us about what
actions should be taken. Models may also be static, representing a system at one
point in time, or dynamic, representing the evolution of a system over time.
The role of theory in research:A theory is a set of systematically interrelated
concepts, definitions, and propositions that are advanced to explain and predict
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phenomena (facts). In this sense, we have many theories and use them
continually to explain or predict what goes on around us. To the degree that our
theories are sound and t the situation, we are successful in our explanations and
predictions.