Research Methodology in Commerce
Research Methodology in Commerce
2. Objectives of Research.
Ans.
Meaning: Research means search for facts in order to find answers to certain questions or to find solutions to certain
problems.
Comparison: Research often referred to as „scientific inquiry‟ or „scientific investigation‟.
Definitions: William C. Emory in his book ‘Business Research Methods’ defines research as_
“Any organized inquiry designed and carried out to provide information for solving problems.”
Objectives of research are
1. To find solutions to problems.
2. To verify and test existing laws or theories.
3. To obtain information.
4. To extend knowledge.
5. To establish general laws.
6. To predict events.
7. To analyse inter – relationships.
8. To develop new tools, concepts and theories.
3. Types of Research.
Ans.
Meaning: Research means search for facts in order to find answers to certain questions or to find solutions to certain
problems.
Comparison: Research often referred to as „scientific inquiry‟ or „scientific investigation‟.
Definitions: William C. Emory in his book ‘Business Research Methods’ defines research as_
“Any organized inquiry designed and carried out to provide information for solving problems.”
Types of research are
1. Applied and Fundamental Research.
2. Descriptive and Analytical Research.
3. Quantitative and Qualitative Research.
4. Conceptual and Empirical Research.
5. Field Research or Laboratory Research.
6. One – Time research Or multi – period research.
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7. Conclusion – oriented research or decision – oriented search.
8. Historical research or current situation research.
Research Design.
Design a Questionnaire.
Designing a sample
Collection of Data.
Organisation of Data.
Testing of Hypothesis.
Follow - up of Report.
Definition: Clover and Balsley define “Scientific method is a systematic step – by – step procedure following
the logical process of reasoning”.
7. Types of Inductions.
Ans.
Meaning: Induction is one of the scientific methods. It involves logical method of reasoning. It is a systematic
process in which the researcher arrives at universal generalisation from particular facts.
Meaning: Induction is one of the scientific methods. It involves logical method of reasoning. It is a systematic
process in which the researcher arrives at universal generalisation from particular facts.
Meaning: Induction is one of the scientific methods. It involves logical method of reasoning. It is a systematic
process in which the researcher arrives at universal generalisation from particular facts.
Meaning: According to John Best, the deductive method establishes a logical relationship between a major premise, a
minor premise and a conclusion.
Where: A major premise is a previously established generalization.
Where: A minor premise is a particular case related to the major premise.
Where: The logical relationship of the major and minor premises leads to a conclusion.
For e.g.
Major Premise: All human beings are animals.
Minor Premise: Mr. A is a human being.
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Conclusions: Mr. A is an animal.
Meaning: According to John Best, the deductive method establishes a logical relationship between a major premise, a
minor premise and a conclusion.
Where: A major premise is a previously established generalization.
Where: A minor premise is a particular case related to the major premise.
Where: The logical relationship of the major and minor premises leads to a conclusion.
For e.g.
Major Premise: All human beings are animals.
Minor Premise: Mr. A is a human being.
Conclusions: Mr. A is an animal.
1. Deduction is relatively simple and less time consuming compared to inductive method.
2. It is precise and accurate in generalisation as it makes use of logic and mathematical tools analysis.
3. In social science, where there is limited scope for experimentation, this method becomes the only method for the
development of generalisation.
1. It may result in inaccurate generalizations, if the premises are incorrect or partially correct.
2. This method is abstract. Therefore, if a large amount of abstraction were used in generalizations, then such
generalization would become useless.
It is often asked what the method of science is. Whether induction or deduction? The right answer is both. In this
connection, H.A. Larrabee states, “If extreme rationalist (deductionist) is like a spider spinning out theories
from within, the extreme empiricist (inductionist) is to be compared to an ant which piles useless heaps
of facts. Better than either the spider or the ant is the bee, which selectively gathers pollen from flowers
and transforms it into honey.”
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Therefore, in actual scientific research, both induction and deduction are combined in intricate ways.
1. Problem of accuracy.
2. Problem of uniformity.
3. Problem of Bias.
4. Problem of sampling.
5. Problem of Respondents.
6. Problem of verification.
7. Problem of Laboratory experiments.
8. Problem of segregating cause – effect relationship.
Definition: Pauline Young, states, “Social science seeks to find explanations to unexplained social
phenomena to clarify the doubtful, and correct the misconceived facts of social life.”
Meaning: Science is a systematic body of knowledge, which is universally accepted. The science is broadly divided into two
groups.
a. Physical Science
b. Social Science
The physical sciences like physics, chemistry, mathematics, biology, etc are exact and accurate in nature, as they deal with
physical phenomena. Whereas social sciences like history, geography, sociology, economics, psychology, civics, economics,
etc are neither exact nor accurate in nature, as they deal with complex human behaviours, which changes from place to
place, from time to time, from situation to situation, from person to person etc. Controlled laboratory experiments are
possible in Natural Science and are not possible in Social Science. This is because the behaviour of human beings is
influenced by biological, psychological, socio – cultural, temporal and environmental factors.
Definition: Pauline Young, states, “Social science seeks to find explanations to unexplained social
phenomena to clarify the doubtful, and correct the misconceived facts of social life.”
Objectives.
1. To find solutions to problems.
2. To verify and test existing laws or theories.
3. To obtain information relating to human or social aspects.
4. To extend knowledge.
5. To establish generalization and general laws.
6. To predict events.
7. To analyse inter – relationships.
8. To develop new tools, concepts and theories.
1. Economic planning.
2. Social welfare.
3. Control over social phenomena.
4. Helps to solve problems.
5. Helps to predict events.
6. Verifies and tests existing laws.
7. Extends knowledge.
8. Develops new tools and theories.
Definition: Pauline Young, states, “Social science seeks to find explanations to unexplained social
phenomena to clarify the doubtful, and correct the misconceived facts of social life.”
1. Problem of accuracy.
2. Problem of uniformity.
3. Problem of Bias.
4. Problem of sampling
5. Problem of respondents
6. Problem of verification.
7. Problem of verification.
8. Problem of Laboratory experiments.
9. Problem of segregating cause – effect relation ship.
Definition: Pauline Young, states, “Social science seeks to find explanations to unexplained social
phenomena to clarify the doubtful, and correct the misconceived facts of social life.”
Objectivity means conducting research without any bias or personal prejudice on the part of the
researcher.
Meaning: Objectivity means conducting research without any bias or personal prejudice on the part of
the researcher.
Factors affecting objectivity: Objectivity to a greater extent is possible in the case of physical science research. However, in
the case of social science research, it is difficult to achieve objectivity due to certain factors, such as.
Although, it is difficult for social science researcher to be objective in his research work, yet it is possible to attain a
reasonable level of objectivity consistent with logical and systematic thinking. Important measures for achieving
objectivity are
1. Broadmindedness.
2. Patience and self – control.
3. Use of standardised concepts.
4. Use of quantitative techniques.
5. Proper sampling.
6. Trained Investigators.
7. Proper questionnaire.
8. Appropriate assumptions.
Definition: Research is closely related to theory. In the words of James Black, “Theory is a systematically related
propositions specifying causal relationships among variables.”
1. Components of theory
The major components of theory are as follows.
a. Assumptions and Ideas.
b. Concepts
c. Frames of Reference.
d. Variables.
e. Propositions.
The research problem can be located from various sources. Some important sources from which one can locate the
problem(s) are as follows.
1. Intuition.
2. Research studies.
3. Brain storming sessions.
4. Investing suggestions.
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5. Consultants
6. Daily experiences
7. Field surveys.
8. Academic discussions
9. Reading.
a. Internal factors.
b. External factors.
Internal Factors: -
i. Researcher‟s interest
ii. Researcher‟s competence.
iii. Availability of resources.
External Factors: -
i. Quality of Research Problem.
ii. Availability of Facilities.
iii. Social Relevance.
iv. Research Personnel.
v. Urgency and importance of the problem.
vi. Feasibility of the research.
There are certain conditions conducive to the formulation of research problem. The conditions must be fulfilled in order to
formulate important research problems. The conditions are
1. Systematic involvement in the subject matter.
2. Study of Relevant Literature on the subject.
3. Discussions with experienced persons.
Meaning: - The research design is the conceptual structure within which the research is conducted. It constitutes the
blue print for the collection, measurement and analysis of data. It provides the guidelines in which the research process is
conducted. It is the logical presentation of the process of reach project.
Definition: - According to David and Nachmias, “Research design actually constitutes the blue print for the collection,
measurement and analysis of data.”
Whatever may be the nature of research problem, all research design should contain he answers to the following
questions.
Meaning: - The research design is the conceptual structure within which the research is conducted. It constitutes the
blue print for the collection, measurement and analysis of data. It provides the guidelines in which the research process is
conducted. It is the logical presentation of the process of reach project.
Definition: - According to David and Nachmias, “Research design actually constitutes the blue print for the collection,
measurement and analysis of data.”
Whatever may be the nature of research problem, all research design should contain he answers to the following
questions.
Meaning: - The research design is the conceptual structure within which the research is conducted. It constitutes the
blue print for the collection, measurement and analysis of data. It provides the guidelines in which the research process is
conducted. It is the logical presentation of the process of reach project.
Definition: - According to David and Nachmias, “Research design actually constitutes the blue print for the collection,
measurement and analysis of data.”
Whatever may be the nature of research problem, all research design should contain he answers to the following
questions.
Definition: - According to David and Nachmias, “Research design actually constitutes the blue print for the collection,
measurement and analysis of data.”
Whatever may be the nature of research problem, all research design should contain he answers to the following
questions.
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1. Provides guidelines.
2. Facilitates organising of resources.
3. Timely execution of research work / task.
4. Facilitates collection of relevant data at proper time.
5. Advance notification about research work.
6. Monitoring expenses.
7. Provides training to field staff.
8. Enables selection of prober technique and methods.
9. Achievement of research objectives.
Definition: - According to David and Nachmias, “Research design actually constitutes the blue print for the collection,
measurement and analysis of data.”
Whatever may be the nature of research problem, all research design should contain he answers to the following
questions.
Meaning: - The research design is the conceptual structure within which the research is conducted. It constitutes the
blue print for the collection, measurement and analysis of data. It provides the guidelines in which the research process is
conducted. It is the logical presentation of the process of reach project.
Definition: - According to David and Nachmias, “Research design actually constitutes the blue print for the collection,
measurement and analysis of data.”
Whatever may be the nature of research problem, all research design should contain he answers to the following
questions.
On the basis of information to be collected the research design may be classified as follows.
1. Exploratory research
2. Descriptive research
3. Diagnostic research
4. Experimental research / hypothesis testing research
5. Action research
6. Case study
7. Surveys
1. Exploratory research: The exploratory study is a preliminary study of an unfamiliar problem about which the
researcher may have little or no knowledge. An exploratory study is often used as an introductory phase of a large
study and the results are used in developing specific techniques for large study.
Such type of research is useful under the following situations:
1. To formulate a problem for more precise and detailed investigation.
2. To select the possible causes out of a number of alternatives.
3. To establish priorities among research problems for further research.
4. To understand such problems about which no prior information is available.
5. To assist in formulating hypothesis.
Exploratory research is the starting point of all research projects. It helps to define the problem in precise terms,
gather information on the problem, identify and generate alternative courses of action, etc.
According to D. Katz,
“Exploratory study represents the earlier stage of science”
Path breaking exploration is a complex affair. One has to start from the scratch, without guide posts or yardsticks.
One has to develop his own guide posts and yardsticks.
He must decide what to look for and what to ignore.
What to record and what to omit.
Which clues to follow and which to abandon?
Though the exploratory research have unlimited freedom, it is often terrifying.
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2. Descriptive Research: - Descriptive research is a fact – finding investigation with adequate interpretations. It
is the simplest form of research and more specific than exploratory study. It is designed to gather descriptive
information of the problem under study. Data is collected using one or more of the following appropriate data
collecting methods such as
Observation
Personal interview
Questionnaire
It is designed to describe the present situation or the characteristics of the population, group, community or users
of a particular product etc.
For instance, a study of a community of people in terms of percentage of members who are in high income group
and low income group, age structure, sex ratio, etc.
Most studies of this nature are based on survey research and secondary data.
It is useful for
1. Collecting demographic information like age, sex, income etc.
2. It can be applied directly for research as the data is collected from different media.
3. It can be used for making specific predications.
4. It discovers and tests the relationship between certain variables.
For example, whether the rate of saving is high among low income group than the high income coup of people?
Descriptive study is simple to start. However, if it is conducted without clear objectives and planning, the data
collected proves to be of no value to the researcher.