Definition of
research
Different
authors have defined research as follows:
Ø Research is carrying out a diligent inquiry or a critical
examination of a given phenomenon.
Ø Research involves a critical analysis of existing conclusions or
theories with regard to newly discovered facts i.e. it’s a continued search for
new knowledge and understanding of the world around us.
Ø Research is a process of arriving at effective solutions to problems
through systematic collection, analysis and interpretation of data.
What is Business
Research?
It is a
systematic inquiry whose objective is to provide information to solve
managerial problems (Cooper and Schindler, 2003).
Research and Scientific Method
The scientific
method encourages a rigorous, impersonal mode of procedure dictated by the
demands of logic and objective procedure. It is based on the following basic
postulates:
Ø It relies on empirical evidence
Ø It utilizes relevant concepts
Ø It is committed to only objective considerations
Ø It presupposes ethical neutrality i.e. it aims at nothing but making
only adequate and correct statements about population objects
Ø It results into probabilistic predictions
Ø Its methodology is made known to all concerned for critical scrutiny
and for use in testing the conclusions through replication.
Ø It aims at formulating most general axioms or what can be termed as
scientific theories.
Purpose of
Research
Ø To discover new knowledge
Ø To describe a phenomenon
Ø To enable prediction.
Ø To enable control i.e. the ability to regulate the phenomenon under
study.
Ø To enable explanation of a phenomenon i.e. accurate observation and
measurement of a given phenomenon.
Ø To enable theory development and validation of existing theories.
Theory development involves formulating concepts, laws and generalizations
about a given phenomenon.
Ø Research provides one with the knowledge and skills needed for the
fast-paced decision-making environment
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