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7/31/2019 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/Aesthetics7/31/2019 01. Introduction to Business Research
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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.