1. Lecture 20 Business Research MethodsBy
Aziza Munir

2. What we will Learn? To classify Business research
Business research and decision making
Link decision making alternatives available for researcher at each stage in decision making

3. Decision Making
Decision making is a process of resolving a problem or choosing among alternatives opportunity.
The key to decision making is to recognize the nature of problem or opportunity.
To identify how much information is available and recognize what information is needed.
Every business problem or decision making situation can be classified on a continuum ranging from complete certainty to complete ambiguity

4. Complete Certainty Certainty Absolute Ambiguity

5. Certainty
Complete certainty means that the decision maker has all the information that he or she needs. The decision maker knows the exact nature of the business problem or opportunity. Eg an airline may need to know the demographic characteristics of its pilots. The firm knows exactly what information it requires and from where it can find it. If a manager is so completely certain about the problem or opportunity and future outcomes, then research may not be needed at all. However perfect certainty about future is rare

6. Uncertainty
It means that all the managers grasp the general nature of the objectives they wish to obtain, but the information about the alternatives is incomplete. Predictions about the forces that will shape future events are educated guesses. under conditions of uncertainty, effective managers recognize potential value in spending additional time gathering information to clarify the nature of problem.

7. Absolute Ambiguity
Ambiguity means that the nature of problem to be solved is unclear. The objectives are vague and the alternatives are difficult to decline. This is so far considered as the ost difficult situation of taking decision. As the situation moves farther along the scale towards ambiguity, the need to spend additional time on business research becomes more compelling

8. Types of business research
Business research produces information that reduce uncertainty.
It helps focus decision making
Business researchers exactly know what their problems are and design studies to test specific hypothesis.
Eg a soft drink company introducing a new iced coffee might want to know whether a gold or silver label would make packaging more attractive

9. Eg a manager identifies a drastic increase in absenteeism, which has greatly affected the productivity but not fully aware of all the possible causes of absenteeism

10. Types of research
Because of variety of research activity, it will be helpful to categorize the business research.
Business research can be classified on the basis of either techniques or functions.
Experiments, surveys, and observational studies are common research techniques
Classification on the basis of functions allow us to understand how nature of problem influences the choice of research methods.
The nature of problem indicates if it is:

11. Exploratory research
Descriptive research
Causal research

12. Exploratory Study
Initial research conducted to clarify and define the nature of problem

13. Descriptive research
A research designed to describe characteristics of a population or phenomenon

14. Diagnostic Analysis
Ensuing analysis used to understand findings such as explanations respondents give for a behavior or attitude

15. Causal Research
Research conducted to identify cause and effect relationships among variables where the research statement has already been defined narrowly

16. Combined look of examples
Exploratory
Descriptive
Causal
Absenteeism is increasing and we don’t know why
Would people be interested in our new product idea
What should be the specific leadership traits which solve problems of our labor union
What kind of people favor trade protectionism
Last year product sale affects company’s stock price
People are interested in buying saving certificates from past decade
Which of two training programs are more effective
Will buyers buy more of our products if we change our package
Smoking cause cancer

17. Flow chart of research process
Problem discovery and Definition
Problem Discovery
Research Design
Selection of basic research method
Sampling
Selection of Sample Design

18. Selection of Exploratory Research Technique
Problem Discovery
Selection of Exploratory Research Technique
Secondary Data
Pilot Study
Experience Survey
Case Study
Problem Definition (Statement of Research Objectives)

19. Selection of basic research method
Survey
Interview Questionnare
Experiment
Lab Feild
Observation
Secondary data Search
Selection of Sample Design

20. Probability
Non Probability
Data Collection
Editing and Coding
Data Processing
Interpretations
Report

21. Problem Definition
The indication of specific business decision area that will be clarified by answering some research questions

22. Secondary Data
Data that have been collected previously for some project other than in hand
Primary data is assembled primarily and specifically for the problem in consideration

23. Pilot Study
Any small scale exploratory research technique that uses sampling but doesnot apply rigorous standards
Serves as a guide for large study
Informal and lacks in precision
Future extensive work is required

24. Research Project
A specific research investigation: that completes or plan to follow research process through identified research objectives

25. Research design

26. Survey / Experiment Most common method of generating primary data
A research technique in which data is collected through questionnaire
Interviews, personalized or self administered also solves the purpose
Use of experiments allows to analyse the impact of change in one variable over other.
Conducted in controlled environment
Results are restricted in given conditions

27. Sampling
Any procedure that includes small number of items or that uses parts of population to make conclusions regarding whole population.
Sample is a subset of population
Sample should hold a characteristic of providing right estimate of population
Sampling units are catagorized as probability or non probability

28. Data Collection, and investigation
Primary
Secondary means
Questionnaire
Interviews
Observations
Focus group
Empirical work

29. Editing and Coding
Collected data should be converted into the format of answer to decision making
Editing involves checking the data collection forms for omissions, legibility and consistency in classification
It correct problems and errors during research
Coding process facilitates computer or hand tabulations, for verification and analysis

30. Report Generation Formal document Communicate research findings
Assumptions and limitations are secified
Proper language and format should be followed
Comprises of necessary tabulations, charts and graphical analysis
Easy to understand and interpret

31. Research Process and Research Program
Research is a continuous process rather one shot approach
An ongoing series of research projects defined to supply an organization’s continuing informational needs

32. Conclusion Exploratory Descriptive Causal Research Problem definition
Primary and secondary data
Pilot study
Research project
Research design and
Research program