01. Introduction to Business Research

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Introduction to

Business Research

Chapter 1

References:

Business Research Methods (William G. Zikmund)

Research Methods For Business (Uma Sekaran)

Internet

Resource Person: Furqan-ul-haq Siddiqui


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How do managers make Decision

Experience based decisions

Sixth sense and decision making

Luck and accurate decision

Research based decision

?


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What is Research!


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Research

Literally, research (re-search) -search again. Research is simply process of finding solutions to a

problem after a thorough study and analysis of

situational factors. Its series of steps designed & followed with the

goals of finding answers to the issues of concerns.

The entire process by which weattempt to solve the problem is called

RESEARCH.


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WHAT IS RESEARCH

Research is an organized, systematic, data-based,critical, scientific inquiry or investigation into a

specific problem, undertaken with the objective of

finding answers or solutions to it.


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What is the value of research?

Research offers the pleasure of solving a puzzle.

Generating TheoriesModels

Identifying problems and solutions

Research helps to develop new methodologies.

Modification, improvement, innovation &

rectification of old ones

We are surrounded by research


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Business Research is a systematic and objectiveprocess of gathering, recording and analyzing data

for aid in making business decisions.

Business research is conducted to resolve

problematic issues in the area of finance,

management, and marketing etc.

Research provides needed information that

guides managers to make informed

decision

Business Research


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Why is it important for managers to

know about research?

Diagnosis and assessment

Solve problems

Decision making tool

Competition

Risk

Investment Improvement

Hire and monitor researchers and consultants more

effectively


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When Should Business Research be Undertaken?

Is sufficient timeavailable?

Is informationinadequate?

High importanceof decision?

Research benefitsgreater than costs?

Yes

Yes

Yes

Undertake Business Research

NO Do notundertake Business Research


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SCIENTIFIC RESEARCH

Scientific Research focuses on solving problems and

pursues a step-by-step logical, organized and thorough

method to identify the problems, gather data, analyze

them and draw valid conclusions. Scientific research is

not based on hunches, experience and intuition.

It is more objective than subjective

Science is a way to produce knowledge, involving

systematized observation and experiment havinguniversally accepted findings in similar environments

Art is the process or product of deliberately arranging elements in a way

that appeals to the senses or emotions. It encompasses a diverse range

of human activities, creations, and modes of expression, The meaning of art isex lored in a branch of hiloso h known as aesthetics.
http://en.wikipedia.org/wiki/Aestheticshttp://en.wikipedia.org/wiki/Aesthetics


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Hall Marks of Scientific Research

Purposiveness Rigor

Testability

Objectivity

Replicability

Gerenalizability

Precision and

Confidence

Parsimony

Each of thesecharacteristics can beexplained in the context offollowing example.

A researcher isinvestigating about howemployees commitment tothe organization can be

increased


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Purposiveness

Research must have some definite

purpose, aim or/and benefit

Focus be increase in commitment ofemployees

Increased commitment results less

turnover, less absenteeism, increasedperformance

Benefit to the organization


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Rigor

Good theoretical base & sound

methodological design would add rigor toa purposive study.

Rigor means carefulness & thoroughRigorous research involves a good

theoretical detailed base & and a carefully

thought out methodology.Lets manager draws conclusions on the

bases on just by taking sample of 10

employees out of 200


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If solely on the basis of their responses the managerreaches several conclusions then it would lack rigor forthe following reasons:

1. Based on few employees

2. Bias and incorrectness

3. There might be other influences on commitment

which are ignored and are important for aresearcher to know

Thus, Rigorous involves good theoretical base andthought out methodology.

These factors enable the researcher to collect theright kind of information from an appropriatesample with the minimum degree of bias andfacilitate suitable analysis of the data gathered.

This supports the other six too.


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Testability Hypothesis must be testable by applying

certain statistical tests to data collected.

Several other tests be involved like Chi square

test, T-tests etc. Hypothesis must be logical

Eg. The researcher may hypothesize that

those employees who perceive greateropportunities of promotion in organization arehighly committed. This hypothesis can betested after data collection.


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Replicability

The results are repeated & replicated insimilar circumstances

Our hypothesis should not be supported by

chance The more replicable the hypothesis results

are the more authentic the results are. Lets our research proves that greater opportunities

of promotion in organization leads to employeecommitment, if similar finding are drawn from otherorganizations in similar circumstances then ourresearch will be more valid.


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Precision & Confidence

Precision refers to the closeness of findings tothe reality based on a sample

Precision reflects the degree of accuracy or

exactitude of the result on the basis of sample.E.g. Confidence interval in stats

Confidence refers to the probability that our

estimates are correct. E.g. confidence level. it is important that we can confidently claim that

95% of the time our results would be true and

there is only a 5% chance of our being wrong.


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Objectivity

Conclusions must be based on the facts offindings

Derived from actual data

Not on our own subjective or emotional values The more objective the interpretation of data

the more scientific the research becomes.

Lets research proves that promotion chances has norelation with organizational commitment even then ifresearcher emphasis on it then research would not bevalid.


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Generalizability

Scope of applicability The wider the applicability more

effective and useful the research is

Not many researches are generalizable

Lets promotion chances are proven to

be true in a verity of organizations thenresearch may be called moregeneralizable


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Parsimony

Simplicity in explaining the phenomena orproblem

Avoid complex research models

Parsimony be achieved with goodunderstanding of the problem

Simplicity is always preferred to complex

research frameworks that unmanageablenumber of factors.


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Obstacles to Conduct Scientific

Research in the Management &Behavioral Area

Problems in the measurement and collection ofdata in the subjective areas like feelings,emotions, attitudes, and perceptions.

Difficulties in obtaining a representative sample.

Its always not possible to conduct result that is

100% scientific The more hallmarks achieved by research, the

more it will be accurate


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Types of Research

Applied Research

When research is done with the intention of

applying the results of findings to solve thespecific problem currently being experiencedby organization.

It is conducted when a decision must be made

about a specific real-life problem Solution of current problem oriented


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Applied Research Examples

UoB conducts research on Should faculty bepromoted on the bases of seniority or on

merit/educational base in UoB?

Should ufone introduce a new post pay package? A product is not selling in the market ,to check the

reasons & rectifying them.

SBP conduction research on how to control inflationin country

OPEC conducting research on how to control the

prices of petrol around the glob.


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Fundamental/Pure/Basic Research

Not solution Oriented

Expends a body of knowledge.

It does not directly involve the solution to aparticular pragmatic problem.

Just to consider how different problems that occurin organizational setup can be solved.

Knowledge gained by the findings of basicresearch can be used by others.

Verify the acceptability of a given theory


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Basic Research Example

Is executive success correlated with high need forachievement?

Are members of highly cohesive work groups more

satisfied than members of less cohesive workgroups?

Do consumers experience cognitive dissonance in

low-involvement situations? Causes of Inflation in Pakistan


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Difference Between Applied &

Fundamental Research

Applied Research is aimed at solving current

problem.

Fundamental Research has more general

objective of generating knowledge &

understanding of organizational problems.

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01. Introduction to Business Research

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