Business research methods note

1. Business Research and
Methodology
Berihun Muchie (Phd)
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2. COPYRIGHT NOTICE
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Copyright © 2021
Yardstick International College

3. CHAPTER
ONE
Introduction
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4. Introduction
1. Meaning of Research
● Literally, research means to “search again”
● Is a quest driven by a specific question that needs an answer.
● Is a systematic attempt to obtain answers to questions about events
● Is a systematic inquiry aimed at providing information to solve problems.
● Is a scientific and systematic search for pertinent information on a specific
topic.
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5. Introduction
1. Meaning of Research
● Science is characterized by logic or rationality and observation of
empirical facts.
● Research is scientific because it is just a search for knowledge through
recognized methods of data collection, analysis, and interpretation.
● The purpose of research is to discover answers to questions through the
application of scientific procedures.
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6. Cont...
● Clifford Woody research comprises defining and redefining problems,
formulating hypothesis or suggested solutions; collecting, organizing and
evaluating data; making deductions and reaching conclusions; and at last
carefully testing the conclusions to determine whether they fit the
formulating hypothesis.
● Research is, thus, an original contribution to the existing stock of
knowledge making for its advancement.
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7. 2. Methods of acquiring Knowledge
• There are five methods of acquiring knowledge: -
● Authority: When knowledge is obtained from individuals who are qualified
producers of knowledge.
● ii. Tradition: When we accept without questioning the traditions, customs
or culture of our forefathers or the society.
● iii. Experience: Our personal experience or our observation of the
experiences of other people
● iv. Reasoning: Knowledge can be obtained based on some rules and forms
of logic.
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8. 2. Methods of acquiring Knowledge
A. Deductive reasoning:- is a thinking process in which one will go from
general statements to specific statements.
B. Inductive reasoning:- is to go from specific to general ideas.
Deductive: Every mammal has lungs.
All rabbits are mammals.
Therefore, every rabbit has lungs.
Inductive: Every rabbit that has ever been observed has lungs.
Therefore, every rabbit has lungs.
• In scientific method, knowledge is obtained through a step by step process
of collecting data, analyzing it and reaching
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9. Significance Of Research
• The increasingly complex nature of business and government
• Research, as an aid to economic policy.
• Research certainly facilitates the decisions of the policy maker.
• Research has its special significance in solving various operational and
planning problems of business and industry.
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10. Contd...
• Market research is for formulating efficient policies for purchasing,
production and sales.
• Operations research for solution of business problems of cost
minimisation or of profit maximisation
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11. Contd...
• In addition, the significance of research can also be understood keeping in
view the following points:
• To students
• To professionals
• To philosophers and thinkers
• To analysts and intellectuals
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12. • The possible motives for doing research may be either one or more of the
following:
a) Desire to get a research degree
b) Desire to face the challenge in solving the unsolved problems,
i.e., concern over practical problems initiates research;
c) Desire to get intellectual joy of doing some creative work;
d) Desire to be of service to society;
e) Desire to get respectability.
Motivation In Research
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13. a) The purpose of the research should be clearly defined and
common concepts be used.
b) The research procedure used should be described in sufficient
detail
c) The researcher should report with complete frankness
d) Methods of analysis used should be appropriate.
e) The validity and reliability of the data should be checked
carefully.
f) Conclusions should be confined to those justified by the data of
the research
Criteria of Good Research
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14. • The qualities of a good research as under:
• Good research is systematic: research is structured with specified steps to
be taken
• Good research is logical: research is guided by the rules of logical
reasoning and the logical process of induction and deduction
• Good research is empirical: deals with concrete data that provides a basis
for external validity to research results.
• Good research is replicable: research results to be verified by replicating
Contd...
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15. 4. Types of Research
• Generally, there are three Categories of research:
i. Pure Vs Applied Research
• Pure Research: adds new knowledge to the existing body of knowledge.
• Applied Research: Carried out to solve an immediate and practical
problem.
Types of Research
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16. Quantitative Vs Qualitative Research
Quantitative Research: - Research based on the measurement of quantity or
amount.
b. Qualitative Research: Research concerned with qualitative phenomenon.
Types of Research
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17. Descriptive vs. Analytical:
Descriptive research:
Includes surveys and fact-finding enquiries of different kinds.
is description of the state of affairs as it exists at present.
analytical research:
The researcher has to use facts or information already available, and analyze
these to make a critical evaluation of the material.
Types of Research
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18. iii. Conceptual Vs Empirical Research
Conceptual Research: - related to abstract ideas or theories.
- Philosophers and thinkers generally use it to develop new concepts.
b. Empirical Research: - relies on experience or observation alone.
- It is data based research coming up with conclusions
Both applied and pure research are basically problem solving based but in
different senses.
Types of Research
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19. CREDITS: This presentation template was created by
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images by Freepik
QUESTION TIME
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What steps(process) the research would
involve?

20. 5. Research Process
• The basic steps in the research process are:
1. Define the research problem
2. Review of literatures
3. Formulation of working hypothesis
4. Determine research design
5. Identify information types and sources
6. Determine methods of data collection
Research Process
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21. 7. Design data collection forms (Questionnaire)
8. Determine sampling design and size
9. Collect data
10. Analyze data
11. Draw conclusions and report the final result
Establish the need for research
Research May not be needed if: -
o Information is already available
o There is insufficient time for Research
o Resources are not available
o Cost Outweigh the value of Research
Research Process
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22. Define the Research Problem: reflects a gap in understanding
Research problem can be identified from personal observation, theory,
professional literatures and discussion with experts.
Review of Literatures: is to undertake extensive literature survey connected
with the problem.
Two types of literatures can be reviewed:-
Conceptual: - is concerned with related concepts and theories.
Empirical: - are studies made earlier which are similar to the one proposed.
Research Process
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23. Formulation of Working Hypothesis: is tentative assumption made in order to
draw out and test its empirical consequences.
There are two types of hypothesis:
i. Null Hypothesis: - is a default position.
- It hypothesizes that there is no relationship between two variables.
ii. Alternative Hypothesis: - is the opposite of null hypothesis
- Hypothesize s that there is r/ship between two variables .
Research Process
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24. Determine the Research Design: is the methods and approaches which will
best achieve the research objectives.
Identify information types and sources: two types of information are
available to a researcher i.e. primary and secondary.
Determine Method of data Collection: includes telephone surveys, mail
surveys, personal interviews, observations, mail intercept studies and etc.
Design Data collection forms: is a form that is used to ask and record this
information.
Research Process
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25. Determine sample design and size: is decision on the way of selecting a
sample for a study.
Samples can be either probability samples or non-probability samples.
Collecting the Data (Execution): Collecting the required data to solve the
research problem.
Primary data can be collected either through experiment or through survey.
In the case of a survey, data can be collected through: -
o Observation
o Personal interview
o Telephone interviews
o Questionnaires
Research Process
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26. Analysis of Data (Including Test of Hypothesis): - involves:
Entering data in to computer
Inspecting it for errors
Running tabulation and various statistical tests.
Drawing Conclusions and Report the final result: is making generalizations
The conclusions must be based on the data and the analysis within the
framework of the research study
Communicating the result or solution of the problem to the intended
audience
Research Process
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27. 6. Characteristics of a Good Research
● Clearly defined research purpose and problem
● The research procedures should be described in sufficient detail for
replication.
● The procedural design of the research should be carefully planned to
yield objective results.
● The researcher should report with complete frankness, imperfections
● Appropriate method of analysis should be used
● Conclusions should be confined to those justified by the data
Research Process
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28. THANK YOU!
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End of Chapter One