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CHAPTER-1

INTRODUCTION TO RESEARCH METHODOLOGY

By

DR. PRASANT SARANGI

Key concepts:

Introduction Problems of decision-making Steps of decision-making process What is a research? Objectives of research Features of research Factors required for a scientific/good research Types of research Scopes of research Conclusion Summary

In recent years, exploring the research output particularly in the areas of


humanities (management studies) and social sciences (economics, commerce, history, sociology, etc.) have been treated as an increasing concern among the researchers. The pre-occupation with methodology is largely peculiar to any discipline of research, particularly in humanity and social science research in India.

Decision-making
Decision-making problem requires a choice among alternative course of
action so as to achieve the objective (s). The word problem, in a general meaning, reflects that something has gone wrong. There are numbers of alternative course of action among which choice has to made are often called in management discipline as management strategy and in economics as economic decision-making. Presently, the business applications of economics and commerce are attracting more and more intellectuals to its fold.

Steps of decision-making:

Analyzing the Objectives Defining the Problem Identifying Possible Alternative Solutions Evaluating Alternative Course of Action Validation of the Results

Management of decision-making problem Requires principles and theories of different areas like Economics, Marketing, Finance, Production, HR, Operations, IT, etc.

Find out alternatives by search of facts called as research

Statistical technique, models, Optimization techniques, Multivariate analysis and computer with different available statistical and econometrics packages.

Gets number of alternatives- select that one which is within the limit of the executive in terms of availability of time, finance, experienced persons etc.

Take decision-making on the existing problem & hence, solves the problem Thus decision is taken

Figure-1.1: Decision Making Flow Chart

What is Research?
For a common human being research means a detailed study of a subject
especially in order to discover (new) information or reach a new findings. Research is a careful inquiry or examination in seeking facts or principles, a diligent investigation to ascertain something. (Clifford Woody)

What is Business Research?


A systematic Inquiry whose objective is to provide information to solve
managerial problems.

Objectives of Research

To find out truth that is hidden. To gain familiarity with a phenomenon or to achieve new insights into the study. To understand/investigates the characteristics of a particular Individual/groups situation(s). To formulate and test hypothesis that narrates casual relationships between variables. To gate decision making through problem solving.

What is Good/Scientific Research?


Purpose clearly defined Research process detailed

Research design thoroughly planned


Limitations frankly revealed High ethical standards applied

Unbiased analysis of results


Conclusion should be justified Adequate analysis for decision-makers needs Findings presented unambiguously Researchers experience reflected

Purpose of Research
To increase knowledge within a discipline or an area of study. To increase knowledge as a consumer of research and to understand
research within a discipline or area of study.

When Research should be Avoided?



When information cannot be applied to a critical managerial decision When managerial decision involves little risk When management has insufficient resources to conduct a study When the cost of the study outweighs the level of risk of the decision

Increasing Knowledge within a Discipline or Area of Study


For Theory Development Practical Application Developing Research Tools

Types of Research
1. Exploratory Research Survey of Literature Experience Survey Study of Case 2. Conclusive Research Descriptive Research Experimental Research 3. Modelling Research Symbolic Model Mathematical Model

4. Applied Research
5. Fundamental Research

Scopes of Research
1. Natural Sciences or Physical Science Research 2. Social Science Research, and 3. Management Research

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