Business Research Methodology Complete Notes [PDF]

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What is BRM? Research means finding the answer to our questions. It is the systematic search for the truth. Research allows to generate new and original information by thinking logically and combining our theories and ideas with facts by using our imagination and creativity. This is done by following a Systematic set of rules and procedures and repeating a number of steps to produce reliable and valid results and thus research is a collection/set of methods used systematically to produce knowledge

Why is research important for business? Research is very important for a business to stay competitive in the market. The top function of research is to provide an outlet for the business to correctly determine their customers. Undertaking Research is business management is important as it aids the business plan for the future, If an organization has performed effectively in earlier times, they could do research on everything they did right and how they could continue doing that to stay viable in the future Business Research is defined as a systematic and organized effort to identify a problem that occurred in the work settings , that needs a solution

Importance of Research to a business 1) 2) 3) 4) 5)

Testing of new products Guaranteeing adequate distribution Inhouse research to identify training needs of their works To avoid future failure Study the competition

Steps of Business Research 1) To identify the problematic areas in the organization 2) To state the problem in the most well defined and correct way possible 3) To gather data and collect information, analyze it then develop a corrective solution to solve the problem

Characteristics of Research: 1) Research aims to provide a solution to a problem 2) Research empathizes on the development of generalization of principles and theories to help predict future occurences 3) Research data can be collected either through empirical evidence or observational experience 4) Research data demands accuracy in observation and description 5) Research data can be either primary which is original data or secondary which is data that has already been collected but is now used for another purpose 6) Research activities are often carefully designed and involve rigirous analysis to provide reliable and valid results 7) Research requires expertise ie skills to carry out the research itself, to collect the data and to understand and analyze the data 8) Research is objective and logical and it provides validation for all methods employed, data collected and conclusions reached 9) Research requires patience and unhurriedness 10) Research needs courage 11) Research is carefully recorded and reported Features of Research 1) 2) 3) 4) 5)

Research needs patience Research needs accurate observation Research needs expertise Research needs courage Research needs to be carefully recorded and reported

Objectives of Research 1) 2) 3) 4) 5)

Development of Knowledge Scientific study of social life Welfare of Humanity Social Control and Prediction Classification of facts

Essential Qualities of Research 1) Validity 2) Reliability 3) Representativeness

Essential Qualities of Researcher 1) 2) 3) 4) 5)

Curiosity Scholarship Patience Objective Courage

The 2 main types of Research are: 1) Pure/Basic Research and Applied Research 2) Qualitative and Quantitative Research

Pure/Basic Research This is any kind of research that involves generating a pool of knowledge that could be used by a manager to sollve a problem at a later instance. This could be any theoretical information that is taught by professors in business schools such as theories of motivation, strategic management, digital marketing All of these concepts were derived from pure research and are now being taught in universities

Applied Research This is any research that is used by the manager to solve a problem currently encountered in the work setting. This could be any scenario such as a fall in sales or reduction in market share, where a researcher could *apply* his knowledge to carry out the research and find the solution.

Differences between Basic Research and Applied Research 1) For Basic Research, you are free to choose any topic but for applied research, the topic depends upon the need of the sponsor or the employer 2) For Basic Research, the research methodology is rigorous and internallly consistent, but for applied research, the standards and rigor of the research depend on the need of the research, it may have to be comleted quickly 3) For BasicResearch, the success of the research depends upon the journal in which it is published and the citations it receives but for applied research, the success depends on the use for the sponsorer, practical payoffs determine success 4) basic research Aims to contribute to the theory and techniques of the discipline but applied research aims to solve a problem 5) basic research studies a problem from the focus of just one discipline but for applied research we study a problem from the focus of various disciplines

6) basic research requires only technical judgement but applied research requires paying attention to what the situation and personalities can bear 7) basic research is restricted to just research but applied research involves action and administration not just research 8) basic research seeks generalizations while applied research seeks to report al the individual perspectives of a situation or a problem 9) basic research is reported in the technical language of the discipline while applied research is reported in common language 10) basic research answers the question why things happen while applied research answers the question how can things be changed 11) In basic research, we look for small differences that are statisticallly significant, but in applied research, we only look for the important differences

Qualitative and Quantitative Research Qualitative research is the type of research that is carried out through conversational methods such as open ended questions. The responses are usually non-numerical. Qualitative Research seeks to understand what ppl think and why do they think that way Quantiative Research is the type of research that is either in the form of numbers or some other measurable form. It uses a systematic of investigating events or data. It answers questions justifying relationships between existing variables to either explain, control or predict a certain phenomenon

Research and the manager Research is defined as the process of studing and analyzing issues based on the situational factors Managers in a business constantly engage themselves in studying and analyzing and thus they are also undertaking some form of research activity and then making decisions When managers make good decisions, the problem is solved When managers make bad/poor decisions, the problem persists The difference between good and bad managers is how they undertake the decision making process Managers constantly have small and big decisions everyday in the workplace which is why research is also an essential part of the business. It can be used to solve problems in all areas of a business such as Accounting, Human Resource And marketing Managers who have knowledge about research have a significant advantage. In the current situation where modern business organizations are complex systems, there is a constant need for troubleshooting Managers with knowledge of research can identify issues before they get out of hand. For small issues the managers can do their own research and solve the problems, for big problems they can call external researchers  

Knowledge of research also helps the manager communicate effectively with the external researchers Managers with knowledge of research can identify issues before they get out of hand   for small issues the managers can do their own research and solve the problems, for big problems they can call external research   Knowledge of research also helps the manager communicate effectively with the external researchers   The advantages of having internal researchers   1. they have a higher chance of being readily accepted by the team 2. they're already aware of the organizational culture and profile of the organization 3. they will still be around for implementation of all their findings 4. and they will cost significantly less than external researchers   the disavantages of having internal researchers are 1. They might lack the fresh ideas and perspectives tha the external research team might have 2. there is scope for the findings to be heavily biased or influnced by the organization itself 3. it is also possible for the management to not take their findings seriously as they are internal to the business 4. it is possible that their findings are biased, thus making them less scientific and less objective     Advantages of having external researchers   1. they have a wealth of experience from having solved the problem in various departments and organizations 2. they have a lot more knowledge of modern problem solving models from their training programs   The disadvantages of having some researchers or consultants are 1. they cost a lot more 2. they take a lot of time to understand the organization they are working with 3. they rarely get a warm welcome meaning they are not readily accepted by the employees 4. and they charge extra for sticking around for the evaluation and implementation phase   The characteristics of good research are 1. the members that sponsored the research do it in good faith and taking into account the organizational needs other than own needs 2. ethical conduct should be observed by the people conducting the investigation, the participants providing the information,analysts working to provide the results and the full team who would interpret the results and provide alternate solutions   Language of the research  

Theory There is a very interesting debate concerning theory in research. The argument is whether research stems first or theory. in reality they are both connected and they stem from each other On one hand research can be inductive meaning you take a particular research anf you use it to form a theory and on the other hand research can be deductive which is where the research is formed from the theory   however it's also possible that inductive research (which is creating a theory) can also become deductive research because that theory will then need to be tested, And the results from that research will then become inductive again to form a theory and as such both of these types are interrelated   So what is theory ? Theory is defined as an explanation that offers to classify, organize, explain predict or understand the occurrence of a specific phenomena. Theory is a statement that helps us understand the reality but what is the reality the reality is any phenomenon that we can identify recognize and observe for example we know if I throw a ball, the reality is that it will fall down but why does it fall down that question is answered by theory the theory of gravity   Concept A concept can be described as an abstract label that represents an aspect of reality. This is the beginning point for all research endeavors. They are the base of all theories and serve as a means to communicate iintroduce classify and build thoughts and ideas   Operationalization After we have operationalization, where we convert our concrete concepts into measurable variables. These variables are of 2 types Dependent and independent variables   Dependent variables These are the variables that can only be influenced or changed by other factors. The research himself cannot influence or control these variables, he can only try to explain the cause or predict the outcome of these variables In a cause and effect scenario, these variables are the effect     Independent Variables These are the variables that cause or influence change in dependent variables. The research can control and influence these variables and then try to measure the effect/outcome on the dependent variables In a cause and effect scenario, these variables are the cause   Once, we've finished operationalizing and we now have our independent and dependent variables, we can then form our hypothesis  

Hypothesis Is a specific statement that describes the expected relationship between our dependent and independent variables Three types of hypothesis are 1. Research hypothesis 2. Null hypothesis 3. Rival hypothesis   Research hypothesis Research hypothesis is the hypothesis that describes the expected relationship between our dependent and independent variables. This can be either be a positive or negative relationship   Null Hypothesis Null hypothesis states that there is no relationship between our dependent and independent variables. The main goal of research is to disprove the null hypothesis   Rival hypothesis When a hypothesis is neither research nor null, it can be termed as a rival hypothesis, a rival hypothesis signifies a different kind of relationship than the one mentioned in our research hypothesis Hypothesis are educated guesses about a certain concept but on the other hand assumptions are claims that have very little evidence. Rival hypothesis are often formed from assumptions. Further research is requred to test assumptions   Population This is described as the entire group or class of people from which we will be collect information   Sample This is a small group of people that will be representing the entire population   The different sampling methods are:   Random Sampling This is where everyone in the population has an equal chance of being selected for the sample   stratified sampling this is a sampling method where we breakdown the population into groups also known as strata, every person in a strata has an equal chance of being selected   snowball sampling this is a sampling method where we take the reference of one person, and then we use his references to find other people   cluster sampling this is a sampling method where we will be randomly selecting groups instead of individuals   Purposive sampling this is a sampling method where researcher looks for specific people that he is confident will have the required information

 UNIT 2 The research process: The steps of a research process are: 1) 2) 3) 4) 5) 6) 7)

Define research problem Review literature Formulate the hypothesis Prepare research design Data collection Data analysis Interpretation and Writing the report

1) Define research problem The research problem is the specific issue, difficulty, contradiction or gap in your knowledge that is going to be addressed in the research   Without a research problem, your work will be unfocused and unmanageable. You may end up repeating what other people have already said. The research problem is the first step to understanding what and why you are doing The components of a research problem are: 1) The relevance of the study 2) The title 3) The definitions of the operational variables 4) The objectives of the research 5) The delimitations of the research 6) The scope and limitations of the research The common sources of research problem are as follows. 1. Personal experience. 2. Practical experience. 3. critical appraisal of literature. 4.Previous research. 5. existing theories. 6. Social issues. 7. Brainstorming. 8. Intuition. 9. Folklores. 10. Exposure to field situation. 11. Consultation with experts.

Designing the study

This is the stage where the researcher needs to think about sampling methods, data collection and data analysis. He needs to prepare himself to answer questions about 1) What kind of data will be collecting 2) What techniques should we use to collect the data 3) Where would we find the data 4) Where will the data be collected 5) How will the study be analysed 6) How would we minimisize the expenditure of time, effort and money This is the stage where the researcher needs to prepare for overcoming difficulties inorder to meet his objectives without straying too much into unnecessary details. The researcher needs to think about Techniques for data collection, their reliability and validity, methods of picking a sample, its size, organization and analysis of the data that is collected Population and sample Population is defined as the entire group of people that we will be collecting information from Sample is defined as the specific people that we will be collecting information from the population Sampling frame is defined as the actual list people the sample will be drawn from, usually this includes the entire population ( and nobody who is not in the population) Sample design This is the stage where the researcher needs to think about sampling methods He needs to prepare himself to answer questions about 1) What kind of data will be collecting 2) What techniques should we use to collect the data 3) Where would we find the data 4) Where will the data be collected 5) How would we minimisize the expenditure of time, effort and money This is the stage where the researcher needs to prepare for overcoming difficulties inorder to meet his objectives without straying too much into unnecessary details. The researcher needs to think about Techniques for data collection, their reliability and validity, methods of picking a sample, its size,

Sampling Methods It is rarely possible to collect information from the whole population. This is why its easier to ask a specific group of people from that population to provide the information. These people are the sample. They represent the entire population There are 2 methods of sampling 1) Probability sampling This involves random selection, allowing you to make strongs statistical inferences about the whole group Probability Sampling involves random sampling, system sampling, stratified sampling, cluster sampling

2) Non-probability sampling This involves convenience of the researcher or some other criteria for selecting the sample Non-probability involves quota sampling, purposive sampling, convenience sampling, snowball sampling, consecutive sampling

Resource Allocation Allocation problems deal with distribution of resources among competing alternatives inorder to minimise costs and maximize return. The components of an allocation problem are: 1) Resources that have to be allocated 2) Jobs that have to be allocated to each resource 3) Total costs or return involved by distributing each job to each resource When allocating resources or jobs, if the resources exceed the jobs, then its most efficient to not be wasteful and save the extra resources and if the jobs exceed the resources, its best figure out hat jobs not to carry out When allocating resources or jobs, if both jobs and resources are easily divisible meaning they both use the same units on the scale, it’s a transportation/ distribution problem But if they cannot be expressed as the same units easily then it’s a general allocation problem Budgetary Allocation Budgetary Allocations are an integral part of an organization’s financial plan or budget. They indicate the level of resources to be allocated to each particular department/activity. They help limit the expenditure inorder to prevent any financial shortfalls Budget is defined as a financial plan used to estimate the revenue and costs for an organization Budget Allocation is defined as the amount of funding allocated for each expenditure line. It designates the maximum amount of spending a company is willing to spend on a program or item Budget Allocation and Resource Planning If you or your organization is planning to apply for funding for a project, then there a couple of sections and forms that have to be filled, in these forms and sections, you need to provide details about all your incomes and expenditure. These details are what sets the difference between success and failure for your project. While local funding is the most sustainable for a project, it is best to include both local and outside sources in your application A budget is defined a pattern of income and expenditure over the lifecycle of your project, a budget is also the estimate of all the costs and incomes youre going to incur, when making a budget, Realistic planning of the expenses is key for successful implementation. You also need to be clear and transparent and professional when applying for funds from banks and international agencies

The budget has 2 objectives 1) It tries to estimate as close as possible to the costs that will be incurred to complete the objectives of the project. The agencies will use this information to decide if the project is economically feasible 2) It is also used as a means to measure the financial activities of a project over its lifecycle. It is a benchmark to measure the progress of the project based on the expenditure and revenue being incurred

Pilot testing Pilot testing is a rehearsal of your research allowing you to test your research study on a small number of applicants before you conduct the full Scale research Pilot testing is conducted to identify to evaluate - Duration - Feasibility - Costs - Adverse events And improve upon the final design before conducting the full scale research The sample size of a pilot study should be 12 to 30 subjects Advantages of Pilot study are 1) It helps establish the validity of the research as the research methods and the study design are carefully evaluated and tested in this stage 2) It also a great source of feedback on your research and its methods Disadvantages of pilot study are 1) It takes a lot of time, that could be used for the research itself 2) Since this is an additional step towards the actual research, it can cause a delay to the research findings.

Ethics in Business Research Ethics in Research are a set of guidelines that ensure a responsible conduct of research. It educates and monitors scientists/researchers on how to maintain a high ethical standard These guidelines are 1) Honesty Honestly report all data, procedures, activitiesm publication status etc. Do not fabricate, falsify or misinterpret any information 2) Objectivity Strive to avoid any bias in experiment design, data collection, data analysis, data interpretration, peer review, personnel writing, expert testimony and all the other aspects of research 3) Integrity Always keep all your promises and agreements, work with sincerity, be consistent with your thoughts and actions 4) Carefulness Strive to avoid any negligence and carelessness, carefully and critically evaluate your work and the work of your peers. Keep good record of your research activities 5) Openness Share data, results, tools and ideas. Be open to new ideas and criticisms 6) Confidentiality Protect all kinds of confidential information such as research and grant applications, employee records, trade and military secrets, patient records 7) Discrimination Do not ever discriminate any employee or peer based on their gender,race, ethnicity or any other factor. Always distinguish your employee only on the basis of their qualifications and competence 8) Comptence Strive to be competent throughout your lifelong education and research 9) Legality Always obey all instituitional, national and international laws in your research 10) Human Subjects Protection Always try to minimise any risk and maximise any return when experiments with human beings. Always Take their privacy, safety, dignity and autonomy into account

Research Design Research design is a specific presentation of all the various steps conducted in a research These steps are 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12)

     

Identification of research problem Presentation of research problem Formulation of hypothesis Conceptual clarity Research methodology Literature review and survey Bibliography Data collection Testing of hypothesis Data interpretation Presentation Writing the report