MCOM_BRM_Sem3_Unit1_(3)_jan2023.pdf

UNIT INTRODUCTION TO RESEARCH Names of Sub-Units Introduction, Business Research, Objectives of research, Types of Research, Research Approaches, Significance of Research, Research Methods versus Methodology, Research Process, Research Application in Business Dec...

UNIT INTRODUCTION TO RESEARCH Names of Sub-Units Introduction, Business Research, Objectives of research, Types of Research, Research Approaches, Significance of Research, Research Methods versus Methodology, Research Process, Research Application in Business Decisions Overview Research is a part of any systematic knowledge. It has occupied the realm of human understanding in some form or the other from times immemorial. The thirst for new areas of knowledge and the human urge for solutions to the problems, has developed a faculty for search and research and re-research in him/her. Research has now become an integral part of all the areas of human activities. Research in common parlance refers to a search for knowledge. It is an endeavor to discover answers to problems (of intellectual and practical nature) through the application of scientific methods. Research, thus, is essentially a systematic inquiry seeking facts (truths) through objective, verifiable methods in order to discover the relationship among them and to deduce from them broad conclusions. It is thus a method of critical thinking. It is imperative that any type of organization in the globalized environment needs systematic supply of information coupled with tools of analysis for making sound decisions which involve minimum risk. In this Unit, we will discuss at length the need and significance of research, types and methods of research, and the research process JGI JAIN DEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research Learning Objectives In this Unit you will learn –  Understand the meaning of research  Distinguish between different kinds of researches  Understand the importance,  need and significance of the research  Types of Research  Research methods  Research Approaches  Significance of Research  Research process  Application in Business decisions Learning Outcomes At the end of this unit, you would:  Explain the meaning of research,  Differentiate between Science and Knowledge,  Discuss the need for research in business,  Classify research into different types,  Narrate different methods of research,  List the difficulties in business research, and  Explain the business research process and its role in decision making Pre-Unit Preparatory Material  Research Methodology: The Aims, Practices and Ethics of Science https://books.google.co.in/books?id=IMWCDQAAQBAJ&printsec=frontcover&dq=li nks+for+research+methodology&hl=en&newbks=1&newbks_redir=1&sa=X&ved= 2ahUKEwicgbCylKH8AhVn4DgGHfPcCJoQ6AF6BAgGEAI 2 UNIT 1: Introduction to Research JGI JAIN DEEMED-TO-BE UNIVERSIT Y 1.1 Introduction Research is an academic activity and as such the term should be used in a technical sense. According to Clifford Woody research comprises 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. D. Slesinger and M. Stephenson in the Encyclopedia of Social Sciences define research as “the manipulation of things, concepts or symbols for the purpose of generalizing to extend, correct or verify knowledge, whether that knowledge aids in construction of theory or in the practice of an art.”Research is, thus, an original contribution to the existing stock of knowledge making for its advancement. It is the pursuit of truth with the help of study, observation, comparison and experiment. In short, the search for knowledge through objective and systematic method of finding solution to a problem is research. The systematic approach concerning generalization and the formulation of a theory is also research. As such the term ‘research’ refers to the systematic method 1.2 Objectives of Research The main goal of research is to improve the quality and level of living in the society. The purpose of a research study is to find out the hidden facts about a business phenomenon. The obvious function of research is to add new knowledge to the existing store. It serves the government and the business organizations in forming their future policies. The objectives of a research study are listed below: 1.2.1 Understanding a Business Problem The first and foremost objective of any study is to understand, analyze and explore a business problem. Once complete familiarity with the phenomenon is achieved, it is easier to decompose the complex problem into smaller once. 1.2.2 Understanding the cause and effect relationship Individuals form groups, and groups form organizations. They are interdependent. It is very important for a researcher to identify the functional relationships among various components 3 JGI JAINDEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research of an organization. A scientific investigation is necessary in studying the cause and effect relationship of variables involved in a business phenomenon. 1.2.3 To Innovate New Ideas One of the objectives of a researcher is to bring constant improvement in the techniques of his trade. Apart from verifying and testifying the existing assumptions, one of the functions of a research is to add new knowledge to the state of the art. Research invokes the innovation of new concepts, theories and idea in a business study. Apart from this, research also removes and discards worthless theories that are prevalent in the society. 1.2.4 To improve the quality The whole exercise of any activity is done for the improvement of quality of a product, machinery, or life of human beings. For a business organization it is at most important to improve the quality of its products. This can be achieved by a systematic and critical investigation i.e. research. 1.3 Types of Research 1.3.1 Research is a multidimensional Activity It comes in various forms and is used in all social, behavioral, educational, and economical and management sciences. According to the approach and method involved in a research, one can classify the following types of research. Descriptive v/s Analytical Research Descriptive research basically describes what is. It mainly involves collection, recording, describing and analyzing the facts related to the study. It tries to find the existing status, trend and state of affairs in a phenomenon. Descriptive research involves surveys, but they are not merely data collection as they also involve measurement, classification, analysis, comparison and interpretation. In this type of research the variable under study are uncontrollable. One can only observe and report what is happening in a situation. Analytical research, on the other hand deals with what will be. In this type of research, the variables involved are carefully and scientifically controlled and manipulated. Analytical research is also known as experimental research and is a very sophisticated technique. This 4 UNIT 1: Introduction to Research JGI JAIN DEEMED-TO-BE UNIVERSIT Y kind of research is based on four important characteristics namely; control, manipulation, observation and replication. 1.3.2 Applied v/s Fundamental Research Applied research is action oriented or solution oriented. The main goal of an applied research is to obtain an immediate, specific and practical solution of a problem that a business organization is facing right now. It gives here and now solutions in actual problem situations. It involves scientific investigations but the methods are not so rigorous as in fundamental research. It finds solutions to be applied in local environment and they may not be universally acceptable. Applied research does not promise to add new knowledge to the discipline. Fundamental research is carried out to scientifically enhance the organized body of knowledge of a discipline. Also known as basic research, it is concerned with formulation of theory and generalizations of principles. To evaluate and expand a formulated theory it may use empirical data. Basic research involves systematic, highly sophisticated scientific techniques. Fundamental research may not suggest the solutions of immediate problems, it rather draws long term conclusions. 1.3.3 Quantitative & Qualitative Research Quantitative research is based on quantitative variables, which can be measured in appropriate units. These involve objects and individuals that vary in size, quantity, amount, scale or degree. For example, prices of commodity can be measured in rupees, weight of a product is measured in kilograms and the mileage of vehicle is measured in kilometers per liter. Qualitative research, on the other hand, is based on qualitative variables, which vary in quality of type. These variables cannot be measured on a scale or in any units. Social scientists use qualitative research for studying human behavior. In market research surveys qualitative research is carried out to investigate the likes and dislikes of customers. It helps in understanding the current pattern of demand of a company’s products. 1.3.4 Conceptual v/s Empirical Research Conceptual research involves the development of new theories, abstract ideas, and generalized principles. Philosophers, intellectuals and thinkers carry out this kind of research. 5 JGI JAIN DEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research On the basis of their conceptual knowledge they build theoretical models. Conceptual research is an intellectual process to develop and verify knowledge. Empirical research is based on observation and experimentation. The information collected in the form of facts develops the conclusions and theories about a phenomenon. The models, so developed, can again be verified by a replication of data collection. To test a given hypothesis empirical research is most popular and powerful tool in the modern world. 1.3.5 Other types of Research Any research study is derivation of one or the other of above four types of research. One can further classify a research on the basis of its purpose, time taken and the discipline of knowledge it relates to. For example, Historical research is the study of past events, historical documents, remains and relics. Clinical research is employed to study the effects of a new drug. Market research is performed to forecast the potential demand of a product. One- time research is carried out on a small scale in short period with a specific purpose. Educational research is directed towards the study and development of educational system. Social research is concerned with the social problems of the society. Field research is done by going out in the field or market, where as Laboratory research is carried out with in four walls of a laboratory. 1.4 Research Approaches The above description of the types of research brings to light the fact that there are two basic approaches to research, viz., quantitative approach and the qualitative approach. The former involves the generation of data in quantitative form which can be subjected to rigorous quantitative analysis in a formal and rigid fashion. This approach can be further sub-classified into inferential, experimental and simulation approaches to research. The purpose of inferential approach to research is to form a data base from which to infer characteristics or relationships of population. This usually means survey research where a sample of population is studied (questioned or observed) to determine its characteristics, and it is then inferred that the population has the same characteristics. Experimental approach is characterized by much greater control over the research environment and in this case some variables are manipulated to observe their effect on other variables. Simulation approach involves the construction of an artificial environment within which relevant information and data can be generated. This permits an observation of the dynamic behavior of a system (or its sub- system) under controlled conditions. The term ‘simulation’ in the context of business and social sciences applications refers to “the operation of a numerical model that represents the 6 UNIT 1: Introduction to Research JGI JAIN DEEMED-TO-BE UNIVERSIT Y structure of a dynamic process. Given the values of initial conditions, parameters and exogenous variables, a simulation is run to represent the behavior of the process over time. Simulation approach can also be useful in building models for understanding future conditions. Qualitative approach to research is concerned with subjective assessment of attitudes, opinions and behavior. Research in such a situation is a function of researcher’s insights and impressions. Such an approach to research generates results either in non- quantitative form or in the form which are not subjected to rigorous quantitative analysis. Generally, the techniques of focus group interviews, projective techniques and depth interviews are used. 1.5 Significance of Research In any scientific inquiry research has been the most powerful tool for knowledge seeking people. Research is a kind of power with which one can foresee the implications of a particular phenomenon. Research is all pervading and is used in every discipline of study. Some of the applications of research are listed below. 1.5.1 In psychology: Research is done to study psychological, cultural and motivational factors of different types of persons. 1.5.2 In Sociology: Research studies are performed to analyze changing relationships among age and sex groups, emerging class patterns, social mobility and social values etc. 1.5.3 In Economics: planned development of a country and an organization is achieved through research. It helps us in deciding the wages, salaries of all employees, profit and risk involved in a business activity, and the effects of government policies on the economic structure. 1.5.4 In Geography: research is used to study environmental control, climatic complexities, geographical appraisal of a country’s foreign policy, and geographical patterns of changes in agricultural wastelands. 5. In education, research helps in the improvement of teaching methods, interrelationship of teachers and students, expenditure share of primary, technical and higher education. 7 JGI JAIN DEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research 1.5.5 In Medical Science: clinical trials are performed to study the effects of medicine. No medicine or medical treatment is accepted by medical associations without completing a thorough research process on the medicine or treatment. 1.5.6 In the field of Business Management: marketing research is the backbone of marketing a product. Before launching a new product, market surveys are conducted to identify the needs and satisfaction level of customers. It helps not only in solving existing problems but also in identifying new opportunities. In every manufacturing industry there is a research and development section, which is involved in improving the quality of products. Research is carried out in production units to decide the amount, time and potential customers of its products. Research methods are applied in statistical quality control and maintaining the optimum inventory level. For a human resource manager, it is important to have the knowledge of its employee’s, salary structure, and satisfaction level, cost of living performance appraisal. The HR department achieves the objective through research studies 1.5.7 The government – cannot function without having clear and true picture of what is happening in its state with its subjects. Every government department has a research officer with separate section on research. The collection of data is done round the year in every department and the government policies, budget, development programs take shape on the basis of these research surveys. 1.6 Research methods v/s Methodology Research methods may be understood as all those methods/techniques that are used for conduction of research. Research methods or techniques*, thus, refer to the methods the researchers use in performing research operations. In other words, all those methods which are used by the researcher during the course of studying his research problem are termed as research methods. Since the object of research, particularly the applied research, it to arrive at a solution for a given problem, the available data and the unknown aspects of the problem have to be related to each other to make a solution possible Keeping this in view, research methods can be put into the following three groups: 8 UNIT 1: Introduction to Research JGI JAIN DEEMED-TO-BE UNIVERSIT Y 1.6.1. In the first group we include those methods which are concerned with the collection of data. These methods will be used where the data already available are not sufficient to arrive at the required solution; 1.6.2. The second group consists of those statistical techniques which are used for establishing relationships between the data and the unknowns; 1.6.3. The third group consists of those methods which are used to evaluate the accuracy of the results obtained. 1.6.4. Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. In it we study the various steps that are generally adopted by a researcher in studying his research problem along with the logic behind them. It is necessary for the researcher to know not only the research methods/techniques but also the methodology. Researchers not only need to know how to develop certain indices or tests, how to calculate the mean, the mode, the median or the standard deviation or chi-square, how to apply particular research techniques, but they also need to know which of these methods or techniques, are relevant and which are not, and what would they mean and indicate and why. Researchers also need to understand the assumptions underlying various techniques and they need to know the criteria by which they can decide that certain techniques and procedures will be applicable to certain problems and others will not. All this means that it is necessary for the researcher to design his methodology for his problem as the same may differ from problem to problem. For example, an architect, who designs a building, has to consciously evaluate the basis of his decisions, i.e., he has to evaluate why and on what basis he selects particular size, number and location of doors, windows and ventilators, uses particular materials and not others and the like. Similarly, in research the scientist has to expose the research decisions to evaluation before they are implemented. He has to specify very clearly and precisely what decisions he selects and why he selects them so that they can be evaluated by others also. From what has been stated above, we can say that research methodology has many dimensions and research methods do constitute a part of the research methodology. The scope of research methodology is wider than that of research methods. Thus, when we talk of research methodology we not only talk of the research methods but also consider the logic behind the methods we use in the context of our research study and explain why we 9 JGI JAIN DEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research are using a particular method or technique and why we are not using others so that research results are capable of being evaluated either by the researcher himself or by others. 1.7 Research Process: Research is a search for knowledge. It helps in taking appropriate decisions. Research involves asking a question and then trying to find an answer to it. Research is essentially a systematic, scientific and structured inquiry seeking facts through objective methods. Therefore a research must have a clearly defined step-by-step process. A knowledge of the research process is essential both for those who conduct the research and for those who wish to be benefited by the conclusions drawn from the research. A meaningful knowledge should have a definite purpose and direction. In developing a research process, one would like to list the sequence of step-by step activities. In a research process these steps are inter- dependent and may overlap each other. They may not follow a strict sequence and the researcher has to be vigilant of their order continuously throughout the research process. However, one can broadly enlist the main steps involved in a research process as a procedural guideline to the researcher. These steps are:  Problem formulation  Literature survey  Development of hypothesis  Research design  Choice of sample design  Data collection  Analysis and interpretation of data  Hypothesis testing  Interpretation of results  Report writing 1.7.1 Problem formulation: Formulation of a problem is the first and foremost step in a research process. It is not always easy to identify and define a problem in an ever-changing business environment. A researcher not only discovers and defines a problem area but also a specific problem within 10 UNIT 1: Introduction to Research JGI JAIN DEEMED-TO-BE UNIVERSIT Y that area concerning his interest in business. The problem should be clearly and precisely stated. The statement of the problem must be complete. The problems in a business may sometimes be obvious and one can pinpoint them. Many a problem is not so apparent and needs explorations. Thus, first of all one has to identify a problem specifically and thoroughly, and then it has to be expressed in scientific terms so that statistical analysis can be performed on that problem. 1.7.2. Literature survey: After the formulation and identification of a problem, the next important step is the review of literature survey. An exhaustive and critical review of professional literature familiarizes the researcher with the current state of knowledge. It helps in understanding of the problems and hypothesis that others have studied. It clarifies the concepts, theories, major variables involved, operational definitions and research methods used in the past. This contributes to the cumulative nature of scientific knowledge. Every year thousands of articles, books and monographs are published in any field of study. Therefore, it is important to sort out the relevant literature connected with the field of one’s interest. It is best to begin any search for literature with one of the guides to published literature. These guides are increasingly computerized and include bibliographies, indexes and abstracts. 1.7. 3. Development of hypothesis: Once a problem is defined and a review of literature is made, the next step is to define clearly the hypothesis in a research problem. A hypothesis is a tentative assumption in a research problem, which has to be tested empirically with the help of observed data. When formulating a hypothesis, a researcher does not know whether it will be rejected or accepted. A hypothesis is constructed and tested; if it is rejected, another one is formulated; if it is accepted, it is incorporated in the scientific body of knowledge. One should arrive at a clear and specific working hypothesis for which research methods already exist. A good hypothesis states a research problem in concise and precise terms so that the researcher is focused on the problem at hand. 1.7.4. Research design: A research design is a well-defined plan of action. It is a planned sequence of the entire research process. It is a blue print of research activity. In a big business scenario designing a research study is very complex. Therefore, a research design may change during the operation of a project. A good research design must use minimum of resources like time, 11 JGI JAIN DEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research money and manpower. A research design must be able to translate the general scientific model into a practical research operation. A scientifically developed research design possess the characteristics like (i) objectivity (ii) Reliability ( iii) Validity (iv) Generalization. 1.7.5. Choice of sample design: In any investigation the group of all items, objects or individuals under study is called ‘population’ or ‘universe’. For all purpose of determining population characteristics, instead of enumerating entire population, some items of the population, called a sample, are observed. Then the sample characteristics are utilized to approximately determine or estimate the population. For example, on examining the sample of particular product, we arrive at a decision of purchasing or rejecting that product. There will be surely some error in such an approximation and is inherent and unavoidable in any and every sampling scheme. But samples result in considerable gains in terms of time, money, accuracy and efforts. Drawing a sample of some predetermined size from an entire population is not a child’s play. These have to be a systematic plan to choose the sample items. This plan or a technique of drawing a sample is known as sample design or sample plan or sampling technique. Researchers have suggested various sample designs. One research situation may be different from another, therefore, simple random sample, though most popular, may not be suitable in each case. Depending on the requirement of a situation one can choose one of the following sample designs: 1. Purposive or Judgment Sampling 2. Simple Random Sampling 3. Stratified Random Sampling 4. Systematic Sampling 5. Cluster Sampling 6. Area Sampling 7. Multi-stage Sampling 8. Multi-phase Sampling. 1.7.6. Data collection: Once a sample design is formulated, the next step in a research process is the collection of relevant data. There can be two sources of data (i) internal data that refers to the happenings and functions of a business organization. For example, the sale purchases details of a company. (ii) External data, which is related to outside sources and external agencies. There are two types of data (a) Primary data (b) Secondary data. Primary data are those observations, which are collected by an investigator for the first time, Secondary data are already available in the records and have been collected by some other researcher for the purpose of studying a similar problem. 12 UNIT 1: Introduction to Research JGI JAIN DEEMED-TO-BE UNIVERSIT Y 1.7.6.1. Methods of collecting primary data are: (i) by direct observation and experimentations (ii) by direct personal interview (iii) by direct interviews through phone, SMS and Email. (iv) By indirect personal interview (v) by mailed / emailed Questionnaire (VI) by schedules through enumerator 1.7.6.2. Methods of collecting secondary data: (i) International organizations like WHO, UNO etc. (ii) Government publications like economic survey, CSO, NSSO. (iii) Journal and Newspapers (iv) Research articles (v) Reports of business organization and financial institutions. A method and source of data collection is chosen by an investigator taking into account the objectives and requirements of the inquiry. The adopted method should incur minimum cost and time should have a reasonable level of accuracy and unbiasedness. 1.7.7. Analysis and interpretation of data: After the collection of data, what we have is a huge chunk of observations and numerical values. The data at the beginning are in raw form. For the purpose of applying further statistical techniques, one has to put the raw data in a useful form by classification, tabulation and categorization of data. If one has to feed the data in a computer, the data should bear the same form as required by the software used. This kind of processing of data involves one or more of the following activities: (i) coding (ii) labeling (iii) editing (iv) tabulation (v) classification. 1.7.8. Hypothesis testing: After analyzing and processing of data, it is time now to test the hypothesis that were formed in step 3 of the research process. A hypothesis is skeptically formulated regarding the relationship between phenomena and variables involved in a study. Then by empirical investigation the hypothesis is tested for possible acceptance or rejection. In other words, the researcher decides on the basis of the observed facts that he has collected, whether or not an assumption is valid. A hypothesis is tested by making use of a predefined decision rules established in statistical methods. Some of the popular statistical tests are, Z- test, Chi- square test, t- test and F- test. In a situation where no hypothesis is formulated in a study, the observations are made on the data directly and conclusions are drawn to formulate new generalizations and assumptions for future purpose. 1.7.9. Interpretations of results: 13 JGI JAIN DEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research After the data collection and testing of hypothesis one has to reach to the conclusions of the research study. These conclusions are the most vital outcomes of the study and have to be dealt with very carefully. On the basis of findings of the research work done we draw inferences about the phenomenon under study. This is a useful activity as without any outcome a research study is fruitless. The results obtained from the analysis of data are to be interpreted skillfully. A wrong interpretation my lead to wrong decisions. Interpretation may also lead to generalizations of the phenomena understudy. It may also help in developing new theories and can suggest new research problems to be explored in future. 1.7.10. Report writing: Last but not the least is the step of reporting the facts and findings of the research study. A report is a summary of the whole research process. The layout of a report must be attractive. The words used in the text must be easily comprehensive to a reader. Even a non- technical person understands a good report. In the beginning of the report one should give the title, time period of work, acknowledgement and preface. In the main text an introduction to the problem, summary of findings, results and inferences, and then the recommendations of the researcher are given. The report should conclude with appendices, bibliography and a subject or / and author indexes. 1.8 Applications of Research in Business Decisions 1.8.1. The role and significance of research in aiding business decision is very significant. Business managers in each field— whether human resources or production, marketing or finance—are constantly being confronted by problem situations that require effective and actionable decision making. Most of these decisions require additional information or information evaluation, which can be best addressed by research. While the nature of the decision problem might be singularly unique to the manager, organization and situation, broadly for the sake of understanding, it is possible to categorize them under different heads. 1.8.2 Marketing function This is one area of business where research is the lifeline and is carried out on a vast array of topics and is conducted both in-house by the organization itself and outsourced to external 14 UNIT 1: Introduction to Research JGI JAIN DEEMED-TO-BE UNIVERSIT Y agencies. Broader industry- or product-category-specific studies are also carried out by market research agencies and sold as reports for assisting in business decisions. Studies like these could be: Market potential analysis; market segmentation analysis and demand estimation. Market structure analysis which includes market size, players and market share of the key players. Sales and retail audits of product categories by players and regions as well as national sales; consumer and business trend analysis—sometimes including short- and long-term forecasting. 1.8.3 Personnel and Human Resource Management Human Resources (HR) and organizational behaviour is an area which involves basic or fundamental research as a lot of academic, macro-level research may be adapted and implemented by organizations into their policies and programmes. Applied HR research by contrast is more predictive and solution-oriented. Though there are a number of academic and organizational areas in which research is conducted, yet some key contemporary areas which seem to attract more research are as follows: Performance Management, Employee Selection and Staffing: Organizational Planning and Development, Incentive and Benefit Studies, Training and Development: Other Areas etc. 1.8.4. Financial and Accounting Research The area of financial and accounting research is so vast that it is difficult to provide a pen sketch of the research areas. In this section, we are providing just a brief overview of some research topics: Asset Pricing, Corporate Finance and Capital Markets: The focus here is on stock market response to corporate actions (IPOs or Initial Public Offerings, takeovers and mergers), financial reporting (earnings and firm specific announcements) and the impact of factors on returns, e.g., liquidity and volume. Financial Derivatives and Interest Rate and Credit Risk Modeling: This includes analysing interest rate derivatives, development and validation of corporate credit rating models and associated derivatives; analysing corporate decision- making and investment risk appraisal. Market Based Accounting Research: This includes analysis of corporate financial reporting behaviour; accounting-based valuations; evaluation and usage of accounting information by investors and evaluation of management compensation schemes. Auditing and Accountability Financial Econometrics, Other Areas. 15  JGI JAIN DEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research 1.8.5. Production and Operation Management This area of management is one in which quantifiable implementation of the research results takes on huge cost and process implications. Research in this area is highly focused and problem specific. The decision areas in which research studies are carried out are as follows:  Operation planning which includes product/service design and development; resource allocation and capacity planning. Demand forecasting and decision analysis. Process planning which includes production scheduling and material requirement management; work design planning and monitoring. Quality estimation and assurance studies which include Total Quality Management (TQM) and quality certification analysis. 1.8.6. Cross-Functional Research  Business management being an integrated amalgamation of all these and other areas sometimes requires a unified thought and approach to research. These studies require an open orientation where experts from across the disciplines contribute to and gain from the study. For example, an area, such as new product development requires the commitment of the marketing, production and consumer insights team to exploit new opportunities. Other areas requiring cross-functional efforts are:  Corporate governance and ethics—the role of social values and ethics and their integration into a company’s working is an area that is of critical significance to any organization. Technical support systems, enterprise resource planning systems, knowledge management, and data mining and warehousing are integrated areas requiring research on managing coordinated efforts across divisions. 1.9 Conclusion Research is a part of any systematic knowledge. It is essentially a systematic investigation to discover answers to problems, seeking facts / truth. The word Science can be understood in two senses. – Science as an organized body of knowledge and science as a method leading to knowledge. All sciences are knowledge, but all knowledge is not science. Empirical studies have a great potential for they lead to inductions and deductions. Induction is the process of reasoning to arrive at generalizations Introduction to Business Research 23 from particular facts. Deduction is a way of making a particular inference from a generalization. Research is very useful to business organizations and their managers in a number of ways. It facilitates timely and objective decisions. It helps in solving business problems. It helps in 16 UNIT 1: Introduction to Research JGI JAIN DEEMED-TO-BE UNIVERSIT Y providing answers to many business questions. It is of immense use to business in its functional areas. Marketing research, personnel research, production management research, financial management research, accounting research are examples. Research can be classified into different types for the sake of better understanding. Several bases can be used for this classification such as branch of knowledge, nature of data, coverage, application, place of research, research methods used, time frame etc., and the research may be known as that type. The research has to provide answers to the research questions raised. For this the problem has to be investigated and relevant data has to be gathered. The procedures adopted for obtaining the data and information are described as methods of research. There are six methods viz., Survey, Observation, Case, Experimental, Historical and Comparative methods. Survey is a fact finding enquiry conducted in a natural setting/field, soliciting responses from people known to have knowledge about the problem under study. Observation is a systematic viewing of a specific phenomenon in its proper setting for gathering information. A comprehensive or in-depth study of an element of research is called a case study. Experimentation is a research process used to observe cause and effect relationship under controlled conditions. Historical research depends on past observations or past data and hence is a post facto analysis. The comparative method is an evolutionary method employed to trace the evolution, similarities and differences between the elements under study. The business researcher in India has to face certain difficulties such as lack of scientific research training, paucity of competent researchers and research supervisors, non-encouragement of research by business organizations, small business organizations are not able to afford R & D departments, lack of scientific orientation in business management, insufficient interaction between industry and university, funding problems, poor library facilities, delayed availability of published data etc. The business research process involves a number of stages such as selection of a researchable problem, review of previous work on that problem, specification of the problem, formulation of hypotheses / objectives, identifying sources of data, construction of data collection instruments and their pre-testing, collection of data, processing and analysis of data and finally interpretation and Report writing. 17  JGI JAIN DEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research Summary:  Research originates in a decision process.  Usually a research is said to begin with a question or a problem.  In research process, management problem is converted into a research problem which is the major objective of the study.  Research question is further subdivided, covering various facets of the problem that need to be solved.  The role and scope of research has greatly increased in the field of business and economy as a whole.  The study of research methods provides you with knowledge and skills you need to solve the problems and meet the challenges of today is modern pace of development.  Basic research (also called fundamental or pure research) has as its primary objective the advancement of knowledge and the theoretical understanding of the relations among variables. The ultimate aims of research are to generate measurable and testable data, gradually adding to the accumulation of human knowledge. Ancient philosophers believed that all answers could be achieved through deduction and reasoning, rather than measurement. A research problem is the situation that causes the researcher to feel apprehensive, confused and ill at ease. It is the demarcation of a problem area within a certain context involving the WHO or WHAT, the WHERE, the WHEN and the WHY of the problem situation. Self-Assessment Questions Short type questions: 1. Define research with two definitions. 18  UNIT 1: Introduction to Research JGI JAIN DEEMED-TO-BE UNIVERSIT Y 2. What are the objectives of research? 3. State the characteristics of research. 4. Write short notes on research methods. 5. What are the different types of research approaches? Medium type questions: 1. What is research? Explain its importance and limitations. 2. Analyze descriptive approach to research. 3. Write short notes on Research Methodology. 4. What is qualitative research? Illustrate with one example. 5. What is quantitative research? Give two examples. Long type questions: 1. Explain the various types of Research. 2. Explain the steps involved in Research process. 3. Explain the Applications of Research in Business Decisions. 4. Discuss the scope of research and its Significance in Business. 5. State the significance of research, what is the importance of knowing how to do research? 1.10 POST-UNIT READING MATERIAL  Creswell, John W. 2002. Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. London: Sage Publications Inc.  Booth, Wayne, Gregory G. Colombo and Joseph M. Williams. 1995. The Craft of Research. Chicago: University of Chicago Press.  Bryman,Alan and Emma Bell. 2015. Business Research Methods. 4th Edition. United Kingdom: Oxford University Press.  Gupta, S.L. and Hitesh Gupta. 2012. Business Research Methods. New Delhi: Tata McGraw Hill Education Private Limited.  Harris, C. W., (1960) Encyclopedia of Educational Research, American Educational Research Association, Macmillan, New York. 19 JGI JAIN DEEMED-TO-BE UNIVERSIT Y UNIT 1: Introduction to Research  Kerlinger, Fred, N., (1973) Foundations of Behavioral Research, New York: Rinehart and Winston. Purpose, Nature and Scope 30 Introduction to Research in Distance Education  Lee, Y., Driscoll, M.P., & Nelson, D. W. (2004) the past, present and future of research in distance education: Results of a content analysis, American Journal of Distance Education,  18(4). Panda, S. et al (eds), (1996) Open and Distance Education Research: Analysis and Annotation, Warangal, Idea.  Parhar Madhu. (2003) Trends in Contemporary Research in Open and Distance Education in Media and Technology for Human resource Development, AIAET, Vol. 14, No. 3&4.  Rourke, L. & Szabo, M. (2002) A content analysis of the Journal of Distance Education 1986-2001, Journal of Distance Education, 17(1). Travers, 20