Meaning and definition of research

Day 3 (4/6/2020 Thursday)

Meaning of  research

•        Search of searched (To elicit some facts out of known things)

•        Intensive search for knowledge 

•        Systematic Investigation  to establish  facts and reach new conclusions

•        An art of scientific and systematic investigation for pertinent information on a specific topic.

•        Movement from known to unknown

•        Study into a specific problem, concern or issue using scientific method.

Definition of research

•        L V Redman and A V H Mory define research as “a systematic effort to gain new knowledge.

•        W S Monero defines research as “a method of studying of problems whose solutions are to be derived partly or wholly from facts.”

Youtube Class: https://youtu.be/rNb0MnjdBfc

https://www.youtube.com/watch?v=Zs9IWGragFs

Business Research

•     Systematic study  of the problems encountered by business organisations with a view to finding solutions to the problems  in the interest of the stakeholders.

•        According to Mc Daniel and Gates, Business Research is the planning, collection and analysis of data relevant to business decision making and communication of the results of this analysis to management.

•        Continuous search for improving organisational performance through increased effectiveness and efficiency.

Significance of Research in Business

            In the absence of research, business decisions are based on the manager’s intuition. It has been proved that many of the intuitions are biased. It affect the quality of the managerial decisions.

• ·     large business -Trial and error method is not suitable  due to heavy loss of mistakes-  Hence the decisions should be objective that means based on facts and realities.(Rely on research and research findings)
• ·       A number of alternatives- right choice  to attain the organisational objectives.
• ·       Business problems are quantifiable – logical analysis.
• ·       Helps to make predictive judgements
• ·       Helps the management to discharge its managerial functions of planning, forecasting, co-ordinating, motivating, controlling and evaluation effectively.
• ·  Provides accurate information about the business environment in which the business organisations operate (locates threats and opportunities. Hence it helps to formulate appropriate business policies and strategies)
• ·       Survival, growth and expansion depends on R & D activities
• ·       Increases the efficiency of the management
• ·       Product development, invention or adoption of new technologies, cost reduction, enhancing product quality, simplification of work , performance improvement etc
• ·       Suitable policies regarding where to buy, when to buy, how much to buy at what price to buy.
• ·       Marketing research helps to take  right market decisions
• ·       Human resource management policies
• ·       Adoption of fluctuation in the economy and changes in the government policies require rigorous research
• ·       Managing change requires a very high level of research activities.