The document discusses various research approaches, emphasizing the significance and processes of research in both business and social sciences. It outlines the distinctions between research methods and methodologies, detailing the steps involved in conducting research, from selecting a problem to interpreting results. Additionally, it describes inductive and deductive methods, highlighting their roles in generating knowledge and solving problems.

1. Lectures 2 and 3
Research approaches - Significance of research -
Research process - Research methods versus Research
Methodology- Inductive and Deductive methods of
Research

2. Research Approaches
Quantitative
Inferential
Experimental
Simulation
Qualitative

3. Significance of research
 Research includes scientific and inductive thinking
and it promotes development of logical habits of
thinking and organization
 The role of research in several fields of applied
economics whether related to business or the economy
as a whole has greatly increased in modern times
 Research provide the basis for nearly all government
policies in our economic system

4.  Research has its special significance in solving various
operational and planning problems of business and
industry
 Research is equally important for social scientists in
studying social relationships and seeking answers to
various social problems

5. Research methods Research methodology
All those methods that are used in
performing research operations
Research methods refers to behavior
and instruments used in selecting and
constructing research technique
Research technique refers to behavior
and instruments we use in performing
research operations
It is a way to systematically solve the
research problem
Research methods are part of research
methodology.

6. Research process
It consists of series of actions or steps necessary to
effectively carry out research
The following order concerning the various steps provide
useful procedure guidelines
 Selection of research problem
 Extensive literature survey
 Formulation of hypothesis
 Preparing the research design
 Determining sample design- deliberate .simple
random, systematic , stratified, quota, multistage,
sequential

7.  Collecting the data-by observation , through personal
interviews and telephone interviews, by mailing
questionnaires, through schedule
 Execution of project
 Analysis of data
 Hypothesis testing
 Generalization and interpretation
 Preparing of report and results

8. Inductive research method Deductive research method
It s also known as historical or empirical
or posterior or ascending method
Here the researchers proceed there
research from particular to general
This method facts are generated
through surveys. .i.e. it is realistic
method based on facts
It is costly and time consuming
It is also known as analytical or abstract
or apriori or descending method
Here the researchers proceed there
research from general to particular
This method is based on theoretical
abstractions derived from real world
With these abstractions and hypotheses
we make logical conclusions.