Business Research Review 1

1. Business Research Review 1

2. Introduction To be a responsible individual, he/she has to understand the environment and the nature of the phenomena it presents. This can be understood as finding a solution to it. In this case, there must be something missing or there is a gap between what we understand/know and what it should be.

3. Process In order to achieve this, we go through several processes from collecting information to selecting alternatives.

4. Importance of Business Research Research is important to any business organization: To stay competitive in the market To accurately identify or understand its customers To scrutinize its rivals in the industry To analyze and emulate key strategies To keep abreast on all aspects of the business

5. Business research covers a wide range of phenomena. Problems may occur in any areas of business No clear demarcation on the classification of problems on the basis of areas Integration of problems related to two and moreareas External environment facing the business Scope of Business Research

6. Intellectual application of the investigation of a matter Used for discovering, interpreting and developing methods and systems for the advancement of human knowledge. What is Research?

7. An organized, systematic, data-based, critical andobjective, scientific enquiry or investigation into a specific problem, undertaken with the purpose of finding answers and solutions to it. Defining Business Research

8. Comprises four stages First stage: Problem identification Second stage: Gather the relevant information Third stage: Critically analyze the information Fourth stage: Provide solution to the existing problem

9. Basic research (also called fundamental or pure research) Primary objective of the advancement of knowledge and theoretical understanding Not undertaken to solve any specific problem Is often the foundation for further applied research Types of Business Research: Applied and Basic Research

10. Types of Business Research: Applied and Basic Research Applied research Use knowledge (research findings) for practical concerns Solve a current problem faced by the organization in the work setting Application of known theories to the actual operational field

11. To make right decisions in timely manner Well informed and up-to-date in their own area of specialization Recent developments in particular industries Understand, predict and control the environment of the organization Managerial Value of Business Research

12. When is Business Research Needed? The manager’s decision as to whether or not research should be conducted for a problem encountered in the organization depends on various factors: • Time constraints • Availability of data • Nature of decision • Benefit versus costs

13. Ethical Consideration in Research The goal of ethics in research is to ensure that no one is harmed or suffers adverse consequences while following any stage of research.

14. Ethical Consideration and the Sponsor Honestly assess their capabilities Research must be conducted in a professional manner with a systematic, organized, and scientific approach Research project/results will remain confidential Submit the research report to the sponsoring company at the agreed time

15. Ethics and Target Respondents Target respondents who provide information Information collected should not be misused for any other purpose Participation is voluntary Confidentiality of the replies Not to embarrass respondents/informants

16. Researcher and Team Members Design a project that is safe for everyone involved Impartial and unbiased to accurately record all necessary data

17. Characteristics of a Scientific Research A scientific research has eight hallmarks: • purposive • rigour • testability • replicability • accuracy • objectivity • generalizability • parsimony

18. Should have a good theoretical base and sound methodological design Rigorous research means that it applies the appropriate instruments to meet the stated objectives of the investigation for the level of precision in the analysis Rigour

19. Developing a set of research questions or hypotheses to be tested, must be testable and analysable Testability

20. Results of the test of research objectives should be supported again and again when the same type of research is being repeated in other similar circumstances Replicability

21. Helps the management know the customers’ expectation as well as perception in terms of critical factors in delivering services Provides insights as to what areas need to be emphasized Provides guidelines to develop proper strategies and react to the changes Purposive

22. Research should be designed in such a manner that it ensures findings are very close to reality Accuracy

23. Objectivity Conclusion drawn for the study should be based on the facts derived from the results of data analysis, and not based on one’s own subjective or emotional values

24. Generalizability Refers to the applicability of research in one organizational setting to other settings.

25. Parsimony Simplicity in explaining complex situations or statistical analysis is always preferred to complex and complicated results and findings

26. Approaches to Research Two different thought processes: • Reasoning • Induction (Inductive Reasoning)— general principles are inferred from specific observations to arrive at valid conclusions. • Fact 1: X students of the BRM course is punctual. • Fact 2: Y students of the BRM course is punctual. • Fact 3: Z students of the BRM course is punctual. • Fact n: N students of the BRM course is punctual. • Conclusion: All students of the BRM course are punctual.

27. Inductive—Bottom Up Approach Conclusion Hypothesis Premise SpecificObservation

28. Approaches to Research (cont.) • Deduction (Deductive Reasoning)—deductive reasoning relies on specifics are inferred from general principles/theory to arrive at valid conclusions. • Premise 1: All regular employees can be trusted not to steal. • Premise 2: Mr. Khairul is a regular employee. • Conclusion: Mr. Khairul can be trusted.

29. Deductive—Top Down Approach Theory Hypothesis Obvervation Confirmation

30. Quantitative vs Qualitative Research Quantitative research focuses on statistical analysis of numerical data collected through the use of large-scale survey research, using methods such as questionnaire or structured interview.

31. Quantitative vs Qualitative Research (cont.) Qualitative research attempts to explore and understand people’s beliefs, experiences, attitudes, behaviour and interactions through methods such as interviews or focus group discussions.

32. Both have their strengths and weaknesses One of the advantages of quantitative research is that of generalisation of research findings to the population through the statistical analysis On the other hand, the qualitative research does not necessarily seek to choose the sample that is representative of the target population. However, it provides in-depth information which is not possible with quantitative data

33. Business Research Process: An Overview Defining research objectives Opportunity and information need felt Designing research method Managerial decision and action Diagrammatic Representation of the Business Research Process Plan and do primary research Report writing and presentation Plan and do secondary research Tabulation and analysis

34. Problem Identification Desires to find information needed to fulfil a need. In this context, a research is needed to address a problem. If there is no problem then there is no need for a research.

35. Defining the Research Objective • Need to be very focused to identify the research objectives • Four to five objectives are considered adequate

36. Research Design • Provides the framework to be used as a guide in collecting and analysing data • Match a research problem with appropriate research design • Exploratory research design • Descriptive research design • Causal research design

37. Exploratory research design Is to generate hypotheses for further study Provide insight on how to do more conclusive research

38. Descriptive research design • Can be either (a) longitudinal or (b) cross-sectional. • Longitudinal: taking multiple measures from the same sample over an extended period of time—from a few months to a few years

39. Cross-sectional Takes place at a single point in time No manipulation of variables Aims to describe the relationship between variables

40. Causal /experimental research design Seeks to establish the cause and effect relationship among the variables of interest

41. Designing Research Methodology Major parts of research methodology are: • Research method: primary/secondary • Method of data collection • Sampling plan • Fieldwork plan • Analysis plan

42. Budget and Cost Estimation Three basic parameters which provide an estimate of how much a study is going to cost. • Sample size. • How difficult it is to find the sampling units (respondents) and their geographical dispersion? • Who will do the fieldwork?

43. Presentation, Report and Decision-making A business research starts with problem identification and ends with an actionable/formal report.

44. Preliminary Information Gathering and Problem Definition

45. Broad Problem Area First step in the research process is the identification of a broad problem area Broad problem area refers to the general or entire situation where research and problem–solving might be needed

46. Broad Problem Area (cont.) Broad problem area can be identified in ways such as: Recognition of existing problems Desire to improve the status quo Planning for the future

47. Preliminary Information Gathering Gathering phase is an early stage of soliciting information regarding the problem of interest to enable a researcher to gain a wider understanding and perspective of the problem.

48. Literature Review The term “literature” in a literature review means published or unpublished research articles that others have conducted in the areas that are relevant to the study. There are a few concerns that need to be addressed.

49. Literature Review (cont.) This includes: What is a Literature Review? The Purpose of a Literature Review Sources of Literature Writing-up the Literature Review

50. Defining the Problem Defined as a clear and concise statement that describes the symptoms of the specific issues that a researcher wishes to investigate. In a sense, literature review has assisted the researcher to be more focused and specific compared to the early stages of the research.