research methodology- 1st week

8/4/2019 Research Methodology- 1st Week

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(Business Research Methods)

1st Week


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Course Highlights

Introduction to researchmethodology

Research Terminology and theScientific Method

Designing and implementing aresearch project

Ethics in Research

Types of Research

Measurements in Research

Primary and Secondary Data

Analyzing primary and secondarydata (quantitative techniques)

Communicating Research Results

Undertaking Research Project bythe course participants


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What is Business Research? Business Research may be defined as the systematic

and objective process of gathering, recording andanalyzing data for aid in making business decisions

(Zikmund, Business Research Methods, 2002, p. 6)

Systematicness and Objectivity are its distinguishingfeatures of Business Research, which is important tool

for managers and decision-makers in corporate andnon-corporate organizations


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When is Business Research Used?Typically, business research methods are used insituations of uncertainty, that is, when decision-makers face two or more courses of action and seek to

select the best possible alternative under thecircumstances. Business Research is hence aimed atimproving the quality of decision-making which, inturn, benefits the organization and helps ensure its

continuity and efficiency


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Research Methods Vs Research

methodology Research methods usually refers to specific activities

designed to generate data (e.g. questionnaire, survey,interviews, group discussion)

Research Methodology is more about attitude to andyour understanding of research and the strategy you

choose to answer the question.Dr. sue Greener (2008)


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Typical Users of Business Research

Methods Businesses and Corporations

Public-Sector Agencies

Consulting Firms

Research Institutes

Non-Governmental Organizations

Non-Profit Organizations

Independent Researchers and Consultants


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Methods vs Methodology

Mehtod Techniques(i) Analysis of historical records(ii) Analysis of documents

Recording of notes, Content analyslistening and analysisStatistical compilations and manipulaabstract guides, contents analysis.

(i) Non- participant direct observations(ii) ParticipANT

(iii)Mass observation

(iv) Mail Questionnaire

(v) Personal Interview

(vi) Telephone survey

(vii)Case study

(i) Observational behavioural scales, uetc.

(ii) Interactional recording, possible usphoto graphic techniques.(iii) Recording mass behaviour,

independent observers in public places.(iv) Identification of social and econorespondents.(v) Interviewer uses a detailed schedclosed questions.(vi) Used as a survey technique for infor

discerning opinion; may also be used asquestionnaire


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Common Business Research Methods & Techniques

Surveys

Interviews

Observation Experiments

Archival and Historical Data

Qualitative Analysis

Quantitative Analysis


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Fields Where Business Research is

Often Used

(1)General Business Conditions and

Corporate Research

Short- & Long-Range Forecasting, Business and Industry Trends

Global Environments Inflation and Pricing Plant and Warehouse Location Acquisitions

Management and Organizational

Behaviour Research

Total Quality Management Morale and Job Satisfaction Leadership Style Employee Productivity Organizational Effectiveness Structural ssues Absenteeism and turnover Organizational Climate

Financial and AccountingResearch

Forecasts of financial interestrate trends,

Stock,bond and commodity

value predictions capital formation alternatives mergers and acquisitions risk-return trade-offs portfolio analysis impact of taxes research on financial institutions expected rate of return capital asset pricing models credit risk cost analysis


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Contd....

Sales and MarketingResearch

Market Potentials Market Share Market segmentation Market characteristics Sales Analysis Establishment of sales quotas Distribution channels

New product concepts Test markets Advertising research Buyer behaviour Customer satisfaction Website visitation rates

Information Systems Research

Knowledge and information needsassessment

Computer information system use andevaluation

Technical suppot satisfaction Database analysis Data mining Enterprise resource planning systems Customer relationship management

systems

Corporate Responsibility Research Ecological Impact Legal Constraints on advertising and

promotion Sex, age and racial discrimination /

worker equity Social values and ethics


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Basic and Applied ResearchBasic Research aims to expand the frontiers of science and knowledge by

verifying or disproving the acceptability of a given theory or attempting to

discover more about a certain concept (non-specificity)

Example: How does motivation affect employee performance?

Applied Research focuses on a real-life problem or situation with a view tohelping reach a decision how to deal with it (Specificity)

Example: Should Corporation X adopt a paperless office environment?


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The Essence of the Scientific Method

Characteristics of the Scientific Method

Objectivity

Systematic Analysis

Logical Interpretation of Results

Elements of theScientific Method

Empirical ApproachObservations

QuestionsHypothesesExperiments

AnalysisConclusionReplication

Basic

Research

AppliedResearch

Scientific

Method

General Laws

Information orIdeas for alternative

Courses of action


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Hallmarks of Scientific Research Purposiveness

Rigor

Testability Replicability

Precision and Confidence

Objectivity

Generalizability

Parsimony


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The Value of Business Research for Managers

(1)Reduction of uncertainty and improvement inthe quality of decision-making with severalconsequent advantages (e.g. strategic,operational) and benefits for organizations

Business Research Methods can be employed ineach of the following four stages:

(1) Identification of problems and/or opportunitiesUseful for strategy planning, analysis of internal andexternal organizational environment


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Contd..

(2) Diagnosing and Assessment of problems and/oropportunities

Its purpose is to gain insight into the underlyingreasons and causes for the situation. If there is aproblem, it asks what happened and why? If there isan opportunity, it seeks to explore, clarify and refinethe nature of the opportunity and, in the case ofmultiple opportunities, seeks to set priorities

(3) Selection and Implementation of Courses of Action

After alternative courses of action have beendetermined, selection of the best possible course.


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Contd.

An important consideration is the quality offorecasting which is an essential tool of research

(4) Evaluating the Course of Action

Business Research Methods are used after a course ofaction has been implemented in order to determine

whether activities have been properly implementedand have accomplished what they intended to do


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Contd

Evaluation Research It is the formal objective measurementand evaluation of the extent which an activity, project orprogramme has achieved its goal, and the factors whichinfluence performance (e.g. audits). It is also the formalobjective measurement and evaluation of the extent to whichon-going activities, projects or programmes are meeting theirgoals (performance-monitoring research)

Examples of performance-monitoring research:

(1) Are railway passengers satisfied with the level of service therailway company is providing? If not, then research may

need to be undertaken to ascertain the reasons forcustomer dissatisfaction and propose corrective measures(2) What are the trends in retail and wholesale sector? Can

research suggest new ways to improve efficiency inpurchase transactions?


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When Should Business Research be Undertaken?

yes

Is information inadequate?

Is sufficient time available?

yes High importance of decision?

Research benefits greater than costs?

No Do not undertake BR

Better to optfor

undertakingbusinessresearch


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Value

Decreased Uncertainty

Higher Likelihood ofCorrect Decisions

Better Businessperformance

Higher Profits

Better Reputation

Value and Costs of Undertaking Business Research

CostResearch Costs

Delay in MakingBusiness Decisions

Disclosure ofInformation to Rivals

Possibility of Error


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Data and Information Sources for Business Researchers

(Pakistan) Federal and provincial ministries of commerce, industries and production

Federal, provincial and city Chambers of Commerce and Industry

State Bank of Pakistan, Pakistan Banking Council, local and foreign banking

institutions

Stock Exchanges

National Investment Board

Export Promotion Bureau

Manufacturers, Traders and Exporters Associations

Research Institutes (e.g. Pakistan Institute of Development Economics) Newspapers and Magazines (e.g. Business Recorder, Pakistan and Gulf Economist)

Business and Trade Directories

Internet (e.g.:www.forexpk.com)

Data bases and Software (IFS, WB, SPSS, Eviews, STATA)
http://www.forexpk.com/http://www.forexpk.com/


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THANKS FOR YOUR PATIENCE

research methodology- 1st week

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