A clear view about Quantitative and research methods in business

1. Research:
Redman and Mory define research as a “systematized effort to gain new knowledge”.
According to Clifford Woody,
“ research comprises defining and redefining problems, formulating hypothesis or
suggested solutions; collecting, organising and evaluating data; making deductions and
reaching conclusions; and at last carefully testing the conclusions to determine whether
they fit the formulating hypothesis”.
MOTIVATION IN RESEARCH
In simple terms, why research ?
❖ To get a research degree along with its consequential benefits;
❖ To face the challenge in solving the unsolved problems,
❖ i.e., concern over practical problems initiates research;
❖ To get intellectual joy of doing some creative work;
❖ To be of service to society;
❖ To get respectability.
❖ To understand causal relationships, social thinking and awakening, and the like
may as well motivate (or at times compel) people to perform research operations
OBJECTIVES OF RESEARCH
The purpose of research is to discover answers to questions through the application of
scientific procedures.
The main aim of research is to find out the truth which is hidden and which has not
been discovered as yet.
To gain familiarity with a phenomenon or to achieve new insights into it.
exploratory or formulative research.
To portray accurately the characteristics of a particular individual, situation or
a group
descriptive research
To determine the frequency with which something occurs or with which it is
associated with something else.
diagnostic research
To test a hypothesis of a causal relationship between variables
hypothesis-testing research
Q R M - S E M I N A R
T E A M 1
R a m e s h k
N i t h i s h k u m a r R
B h u v a n e s w a r i B

2. Nature and scope of research :
Scope varies depending on the department its being employed.
Production Management: The research performs an important function in product
development, diversification, introducing a new product, product improvement, process
technologies, choosing a site, new investment etc.
Personnel Management: Research works well for job redesign, organization
restructuring, development of motivational strategies and organizational development.
Marketing Management: Research performs an important part in choice and size of
target market, the consumer behavior with regards to attitudes, life style, and influences
of the target market. It is the primary tool in determining price policy, selection of
channels of distribution and development of sales strategies, product mix, promotional
strategies, etc.
Financial Management: Research can be useful for portfolio management, distribution
of dividend, capital raising, hedging and looking after fluctuations in foreign currency and
product cycles.
Materials Management: It is utilized in choosing the supplier, making the decisions
relevant to make or buy as well as in selecting negotiation strategies.
General Management: It contributes greatly in developing the standards, objectives,
long-term goals, and growth strategies
TYPES OF RESEARCH :

3. Descriptive VS Analytical:
Descriptive research
Includes surveys and fact-finding enquiries of different kinds.
The major purpose of descriptive research is description of the state of affairs as
it exists at present.
In social science and business research we quite often use the term Ex post facto
research for descriptive research studies.
The main characteristic of this method is that the researcher has no control over
the variables; he can only report what has happened or what is happening.
Most ex post facto research projects are used for descriptive studies in which
the researcher seeks to measure such items as, for example, frequency of shopping,
preferences of people, or similar data.
Ex post facto studies also include attempts by researchers to discover causes
even when they cannot control the variables. The methods of research utilized in
descriptive research are survey methods of all kinds, including comparative and
correlational methods.
Analytical research
Here, researchers have to use facts or information already available, and analyze
these to make a critical evaluation of the material.
Applied vs. Fundamental:
Research can either be applied (or action) research or fundamental (to
basic or pure) research.
FUNDAMENTAL RESEARCH APPLIED RESEARCH
Expand the already existing scientific
knowledge base.
Focuses of solving real life problems
Purely theoretical. Practical approach.
Primary concern is to develop scientific
knowledge and predictions.
Primary concern is to stress on the
development of technology and technique
with the help of basic science.

4. Quantitative vs. Qualitative:
Quantitative research is based on the measurement of quantity or amount. It is
applicable to phenomena that can be expressed in terms of quantity.
Qualitative research, on the other hand, is concerned with qualitative phenomena,
i.e., phenomena relating to or involving quality or kind.
Conceptual vs. Empirical:
Conceptual research
It is related to some abstract idea(s) or theory.
It is generally used by philosophers and thinkers to develop new concepts or
to reinterpret existing ones.

5. Empirical research
This type of research relies on experience or observation alone, often without
due regard for system and theory. It is data-based research, coming up with conclusions
which are capable of being verified by observation or experiment. We can also call it an
experimental type of research.
Other Types of Research:

6. Research approach:
Research approaches are broadly classified
On the basic note it is Quantitative and Qualitative.
Qualitative:
Qualitative approach to research is concerned with subjective assessment of
attitudes, opinions and behaviour.
Research in such a situation is a function of researcher’s insights and
impressions.
Such an approach to research generates results either in non-quantitative form
or in the form which are not subjected to rigorous quantitative analysis.
Generally, the techniques of focus group interviews, projective techniques and
depth interviews are used.

7. Variables
Webster says that a variable is “a thing that is changeable” or “a quantity that may
have a number of different values.”
According to D’Amato (1970) variables may be defined as those
attributes of objects, events, things and beings, which can be measured.
Types of variable
Qualitative or quantitative.
Whereas qualitative variables differ in type, quantitative variables differ in amount.
In other words, qualitative = what kind, and quantitative = how much.
Discrete or continuous.
Discrete variables are those in which their associated measures do not have an
infinite number of values between them. The number of children a person has is a discrete
variable;
Eg:a person can have one child or two children, but not 1.5 children.
Continuous variables do take on an infinite number of values.
Independent or dependent.

8. Independent variables are the presumed causal factor in experiments, whereas
Dependent variables are the presumed effect.
Independent variable takes various names as they participate in the research.
They include,
➔ Situational variables are those that are under the direct control and
manipulation of the experimenter (drug, placebo).
➔ Subject variables are those that naturally exist in participants (age, gender).
➔ Background variable -indirect influence.
Extraneous Variable : Most studies concern the identification of a single
independent variable and the measurement of its effect on the dependent variable.
But still, several variables might conceivably affect our hypothesized
independent-dependent variable relationship, thereby distorting the study. These variables
are referred to as extraneous variables.
Constructs:
They are underlying, hypothetical characteristics or processes that are not directly
observed but instead are inferred from measurable behavior or outcomes (i.e., depression,
self-esteem, intelligence). One cannot see constructs but can infer them based on behavior.
Mediator variables :
Mediator variables are those variables that provide a causal link in the sequence
between the independent and dependent variables and help explain “why” a behavior
occurs.
Moderator variables:
Those that alter the strength or direction of the relation between an independent
and dependent variable and help explain “when” and “for whom” a behavior occurs.
Suppressor Variable
In many cases, we have good reasons to believe that the variables of interest have a
relationship within themselves, but our data fail to establish any such relationship. Some
hidden factors may be suppressing the true relationship between the two original variables.
Such a factor is referred to as a suppressor variable because it suppresses the actual
relationship between the other two variables.

9. Incase of scale of measurement , the variable is classified as follows.
***************************************************************************************