Research methodology

reason for conducting research-to develop and evaluate concepts and theories Basic/pure research-attempts to expand the limits of knowledge Basic research-to verify the acceptability of a given theory/ to discover more about a certain concept

Applied research- studies undertaken to answer questions about specific problems/ to make decisions about a particular course of action/policy Procedures and techniques utilised by both applied and basic research - scientific methods Scientific methods-techniques and procedures that help the researcher to know and

Understand business phenomena Scientific method- requires systematic analysis and logical interpretation of empirical evidence to confirm/ disprove prior conceptions Scientific method in basic research – testing prior conceptions / hypothesis- making inferences and conclusions about the phenomena-

Establishment of general laws about the phenomena Scientific method in applied research – assures objectivity in gathering facts and testing creative ideas for alternative business strategies

Managerial value of business research Reduces uncertainty by providing information-improves decision making Decision making process associated with the development and implementation of a strategy involves four interrelated stages:

-identifying problems/ opportunities - diagnosing and assessing problems/ opportunities -selecting and implementing a course of action - evaluating the course of action

Identifying problems/opportunities business research- help mangers plan strategies by: -determine the nature of the situation - identifying the existence of problems - identifying opportunities present in the organisation

Diagnosing and assessing problems/ opportunities Managers need to gain insight about the underlying facts causing the situation Problem- need to specify what happened and why Opportunity-need to explore, clarify and refine the nature of the opportunity Multiple opportunities-research may be conducted to set priorities

selecting and implementing a course of action Business research conducted to obtain specific information -aid in evaluating the alternatives-selecting the best course of action Evaluated through the use of various performance criteria

Evaluating the course of action Business research serve as a tool- whether planned activities were properly executed-whether they accomplished what they were expected to accomplish Evaluation research- formal, objective measurement and appraisal of the extent to which a given activity, project or program has achieved its objectives, measuring the extent

to which completed programs achieved their objectives /whether continuing programs are presently performing as projected Performance – monitoring research- specific type of evaluation research that regularly provides feedback for the evaluation and control of recurring business activity- integral aspect of TQM

TQM- stresses continuous improvement of product quality and service

Need of business research Time constraint Availability of data- lack adequate information- research must be considered Nature of decision Benefit versus costs