research methodology

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G:\Education\EMBA _University of Dhaka\Department of Finance\3rd Semester\BRM\Basic concepts of BRM.doc 1 Research Methodology: Introduction Research is a process of identifying the status of a phenomenon through deploying various methods in a systematic manner. Research is a systematic process of Identifying the problems, defining the research questions and objectives, identifying the variables/attributes indicators to address the objectives, collecting, compiling, processing and analyzing data to assess the inherent characteristics of the phenomenon under study and to Identify the objective basis for arriving at a correct/reliable decision. Methodology is a combination of methods Methods are individually applicable. By variable we mean the characteristics which can be measured and numerically expressed and the magnitude of which varies from individuals to individuals, item to item. Profit, sales, age + continuous; family member – discontinuous (discrete) The characteristic which cannot be expressed numerically but indicates a difference in the quality of the phenomenon is unknown as an attribute. For example, Efficiency (Efficient/inefficient), Skill (skilled/unskilled). Indicator – The parameter, information/data on which cannot be collected directly but can be estimated based on the data or information collected on other variables and attributes. Population and Sample A population is the complete set of all items in which an investigator is interested. A population is the set of all of the outcomes from a system or process that is to be studied. N represents population size. Examples of Populations Names of all registered voters in the United States. Incomes of all families living in Daytona Beach. Annual returns of all stocks traded on the New York Stock Exchange. Grade point averages of all the students in your university. Sampling A sample is an observed subset of population values with sample size given by n.

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G:\Education\EMBA _University of Dhaka\Department of Finance\3rd Semester\BRM\Basic concepts of BRM.doc 1

Research Methodology: Introduction

Research is a process of identifying the status of a phenomenon through deploying various methods in a systematic manner. Research is a systematic process of

Identifying the problems, defining the research questions and objectives, identifying the variables/attributes indicators to address the objectives, collecting, compiling, processing and analyzing data to assess the inherent characteristics

of the phenomenon under study and to Identify the objective basis for arriving at a correct/reliable decision.

• Methodology is a combination of methods • Methods are individually applicable.

By variable we mean the characteristics which can be measured and numerically expressed and the magnitude of which varies from individuals to individuals, item to item.

Profit, sales, age + continuous; family member – discontinuous (discrete) The characteristic which cannot be expressed numerically but indicates a difference in the quality of the phenomenon is unknown as an attribute. For example, Efficiency (Efficient/inefficient), Skill (skilled/unskilled).

Indicator – The parameter, information/data on which cannot be collected directly but can be

estimated based on the data or information collected on other variables and attributes.

Population and Sample A population is the complete set of all items in which an investigator is interested. A population is the set of all of the outcomes from a system or process that is to be studied. N represents population size.

Examples of Populations

Names of all registered voters in the United States. Incomes of all families living in Daytona Beach. Annual returns of all stocks traded on the New York Stock Exchange. Grade point averages of all the students in your university.

Sampling A sample is an observed subset of population values with sample size given by n.

G:\Education\EMBA _University of Dhaka\Department of Finance\3rd Semester\BRM\Basic concepts of BRM.doc 2

Data, Information, Knowledge

1. Data: specific observations of measured numbers. 2. Information: processed and summarized data yielding facts and ideas. 3. Knowledge: selected and organized information that provides understanding, recommendations,

and the basis for decisions.

• Operational definition: The definition of a concept in terms of the operations to be carried out when measuring it, i.e., operational definition means assigning measurable criteria to the variables/ indicators used in the research study. For example- A person is considered as literate if s/he can write a letter in any language is known as the operational definition of literacy.

M.K.M Protttoy EMBA 23rd batch, Department of Finance www.facebook.com/prottoykm

Research Method VS Methodology

Research methods-

All methods or techniques used for conducting research

Belongs to three groups-

First group- methods dealing with collecting data, used where data are already

available but not sufficient to arrive at solution

Second group- techniques used for assessing the existing scenario and establishing

relationship between data groups

Third group- methods used to evaluate accuracy of the results obtained

First two groups belong to analytical tools.

Research methodology-

Methodology is the combination of all methods and also the philosophy behind

using or not using a particular method.

When we talk about research methodology we not only talk about methods but also

consider the logic behind using the methods we use in the context of our research study and

explain why we are using particular methods and why we are not using others so that

research results are capable of being evaluated either by researcher himself or by others.

Why a research study has been undertaken, how the research problem has been

defined, in what way and why the hypothesis has been formulated, what data have been

collected, what methods have been adopted, why a particular technique for analyzing data

has been used and a host of similar questions are answered when we talk about research

methodology.

A way to systematically solve the problems

A science of studying how research is done scientifically

Includes steps adopted in studying research problem with logic

Research methods are the part of research methodology

Wider scope

Reformed by: M.K.M Prottoy www.facbook.com/prottoykm

Criteria of a good Research

Whatever may be the types of research works and studies, one thing that is important is that they all meet on the common ground of scientific method employed by them. One expects scientific research to satisfy the following criteria:

(1) The purpose of the research should be clearly defined and common concepts be used. (2) The research procedure used should be described in sufficient detail to permit another

researcher to repeat the research for further advancement, keeping the continuity of what has already been attained.

(3) The procedural design of the research should be carefully planned to yield results that are as objectives as possible.

(4) The researcher should report with complete frankness, flaws in procedural design and estimate their effects upon the findings.

(5) The analysis of data should be sufficiently adequate to reveal its significance and the methods of analysis used should be appropriate. The validity and reliability of the data should be checked carefully.

(6) Conclusions should be confined to those justified by the data of the research and limited to those for which the data provide an adequate basis.

(7) Greater confidence in research is warranted if the researcher is experienced, has a good reputation in research and is a person of integrity.

In other words, we can state the qualities of a good research as under:

1. Good Research is Systematic: It means that research is structured with specified steps to be taken in a specified sequence in accordance with the well defined set of rules. Systematic characteristic of the research does not rule out creative thinking but it certainly does reject the use of guessing and intuition arriving at conclusions.

2 Good Research is Logical: This implies that research is guided by the rules of logical

reasoning and the logical process of induction and deduction are of great value in carrying out research. Deductive approach means theory guides research, while inductive approach means theory is an outcome of the research. In fact, logical reasoning makes research more meaningful in the context of decision making.

3 Good Research is Empirical: It implies that research is related basically to one or

more aspects of a real situation and deals with concrete data that provides a basis for external validity to research results.

4 Good Research is Replicable: This characteristic allows research to be verified by

replicating the study and thereby building a sound basis for decisions.

The purpose of the research should be clearly defined and common concepts be used. The research procedure used should be described in sufficient detail to permit another researcher to repeat the research for further advancement, keeping the continuity of what has already been attained.

Reformed by: M.K.M Prottoy EMBA 23rd batch, Department of Finance

Contact: 01716600333

1

Research Process & Steps

Ref: M. Saunders & others

Research philosophy:

Depends on the way of thinking about development of knowledge Three views-positivism, realism, Interpretivism

Deciding on the research approach and choosing a research strategy

Objectives of the study- To outline the key assumptions of the positivist, interpretive and realist

research philosophies To identify the main research strategies and explain why these should not be

thought as mutually exclusive To explain the benefits of adopting a multi-method approach to the conduct

of research To explain the concepts of validity and reliability and identify the main treats

to validity and reliability To understand some of the main ethical issues implied by the choice of

research strategy

Different approaches to research-

Fig: the research process

Positivism

Deductive

Experiment Survey Case Study

Grounded theory

Ethnography

Action research

Cross section

Longitud

Sampling, secondary data, observation, interviews, questionnaires

Research philosop

Research approach

Research strategy

Time horizon

Data collection method

Interpretivism

Realism

Reformed by: M.K.M Prottoy EMBA 23rd batch, Department of Finance

Contact: 01716600333

2

Positivism- Influences to adopt the philosophical stance of the natural scientist

Interpretivism-

Rich insights into the complex world are lost if complexity is reduced entirely to a series of law like generalizations

Realism-

Based on the belief that a reality exists that is independent of human thoughts and beliefs Choosing a research approach: Approach 1: Deduction-testing theory Steps for the approach-

Deducting a hypothesis form theory Expressing the hypothesis in operational terms, which propose a relationship between two specific

variables Testing the operational hypothesis Examining the specific outcome of the inequity Modifying the theory in the light of findings (if necessary)

Characteristics of the approach-

A search to explain casual relationship between variables Allowance the testing of hypothesis Use of highly structured methodology Support for researcher’ independence Operationalised concepts for quantitatively measured facts Reductionism and Generalization

Problem- tendency to conduct rigid methodology that does not permit alternative explanations of what is going on

Approach 2: Induction-building theory …………..

Importance of selecting approach-

Assists in taking more informed decision for research design Assists in thinking about research approaches which are required and which are not Enables in adapting research design to cater for constraints

Combining approaches to research- Deductive approach-

Starting with hypothesis Deciding research population Administering questionnaire Being careful about definition Standardizing

Major differences between inductive and deductive approaches- Deductive emphasis

Scientific principles Moving from theory to data The need to explain casual relationships between variables The collection of quantitative data The application of controls to ensure validity of data The operationalisation of concepts to ensure clarity of definition A highly structured approach Researcher independence of what is being researched The necessity to select samples of sufficient size in order to generalize conclusions

Reformed by: M.K.M Prottoy EMBA 23rd batch, Department of Finance

Contact: 01716600333

3

Inductive emphasis

Gaining an understanding of the meanings humans to events A close understanding of the research context The collection of qualitative A more flexible structure to permit changes of research emphasis as the research progress A realization that the researcher is part of the research process Less concern with the need to generalize

The need for a clear research strategy

General plan of how you will go about answering the set research questions Contains objectives, sources of data and constraints Focuses on why a particular strategy is selected, why a particular organization and departments

have been selected for research, why a particular group has been selected to talk with

Strategy and tactics- Strategy deals with overall approach Tactics deals with details of data collection and analysis methods

Different research strategies-

Experiment Survey Case study Grounded theory Ethnography Action research Cross-sectional and longitudinal studies Explanatory, descriptive and explanatory studies

Experiment

Classical form of research Owes much to the natural sciences It features much strongly in much social science research, particularly psychology Typically involves in-

Definition of a theoretical hypothesis Selection of samples of individuals from known population Allocation of samples to different experimental conditions Introduction of planned change on one or more of the variables Measurement on a small number of the variables Control of other variables

Survey

Usually associates with deductive approach Popular and common strategy in business and management Allows collection of large amount of data through questionnaire Data are standardized and allows easy comparison Allows more control Time consuming Not wide-ranging data

Case study

Involves an empirical investigation of a particular contemporary phenomenon within its real life context

Deals with questions-why, what, how Data collection through questionnaire, interviews, observation, documentary analysis A very worthwhile way of exploring existing theory

Grounded theory

Best example of inductive approach, but combines both inductive and deductive approaches Data collection without an initial theoretical framework Generation of data from observation and then prediction

Reformed by: M.K.M Prottoy EMBA 23rd batch, Department of Finance

Contact: 01716600333

4

Ethnography

Supports inductive approach Emanates from anthropology Purpose-interpreting the social world the research subjective inhibit in the way in which they interpret Time consuming Needs to be flexible and responsive

Action research

Focuses on the purpose/action of research Relates to the involvement of practitioners in research Have implications beyond the immediate projects Strengths- change, monitoring, recognition that time needs to be devoted to reconnaissance,

evaluation and involvement of employees Focus- aims to fulfill agenda and stars with the need of the sponsors and involves those

undertaking the research in the sponsor’s issues

Cross-sectional studies

Employ survey strategy Describes the incidence of phenomenon or to compare the factors of different organizations Also uses qualitative method Based on interviews and for short term period

Longitudinal studies

Has capacity to study change and development Long-term period arrangement but can be used with time constraints

Exploratory studies

Valuable means of finding out what is happening, to seek new insights, to ask questions and to Asses phenomena in a new light

Useful to clarify problem Principal ways-a search of literature, talking to experts in the subject, conducting focus group

interviews Flexible and adaptable to change Broad initial focus and then narrower as progress

Descriptive studies

Objective- to portray a accurate profile of persons, events or situations A type of explanatory research Sometimes too descriptive

Explanatory studies

Establishes casual relationship between variables Uses quantitative data

Practitioner-researcher Familiarity has some problems-

Being conscious about conceptions and preconceptions carried around with the researcher Asking less questions

Advantage of familiarity-

Asking proper questions Understanding complexity

Problem of status

Junior-senior conflicts

Reformed by: M.K.M Prottoy EMBA 23rd batch, Department of Finance

Contact: 01716600333

5

Problem of time-

Using multi methods- advantage

Use of different methods for different purposes Triangulation for taking place

Methods have different strengths and weakness. So select considering their effects.

Credibility of research findings

Reliability Threat to reliability Validity Threat to validity Generalisability Logic leaps and false assumptions

Reliability Will the measures yield the same results on the other occasions? Will similar observations be reached by other observations? Is there transparency in how sense was made from the raw data?

Threats to reliability

Subject or participant error Subject or participant bias Observer error Observer bias

Validity

Concerned with whether the findings are really about what they appear to be

Threats to validity

History Testing Instrumentation Mortality Maturation Ambiguity and casual direction

Generalisability

Also known as external validity Focus on whether the findings are equally applicable to other research settings

Logic leaps and false assumptions

Decisions based on false assumptions Four-logic leaps-

Identification of the research problem-is it logical to assume that the way you are collecting your data is going to yield valid data?

Data collection-is it logical to assume that the way you are collecting your data is going to yield valid data?

Data interpretation- is it logical to interpreter in a particular way and is the interpretation valid?

Developments of conclusions- do my conclusions stand up to the closest scrutiny?

Reformed by: M.K.M Prottoy EMBA 23rd batch, Department of Finance

Contact: 01716600333

6

Ethics of research design

Choice of topic should be ethical. Research design should be consistent with the ability of data collection. Data should be collected from proper source.

Steps in Research.

1. Problem identification & Hypothesis formulation. 2. Literature review / Library search / Content analysis. 3. Developing research Qs and objectives of the study / Research 4. Identifying the variables / attributes / Indicators 5. Giving operational definitions to some of the important variables 6. Identifying sources of data 7. Choosing an appropriate sample design 8. Development of data collection instruments. 9. Conducting field survey 10. Processing of data 11. Analytical framework 12. Preparation of report and presentation of the findings.

Reformed by: M.K.M Prottoy EMBA 23rd batch, Department of Finance

Contact: 01716600333

7

The Research Process

Exploration Exploration

Discover the management dilemma

Define the management question

Define the research question (s)

Refine the research question (s)

Research Proposal

Research Design

Design Strategy (Type, Purpose, Time Frame, Scope, Environment)

Data Collection Design

Sampling Design

Question & Instrument Pilot Testing

Instrument Revision

Data Collection & Preparation

Data analysis & Interpretation

Research Reporting

Management Decision

Reformed by: M.K.M Prottoy Cont: 01716600333

1

• Objectives of Business Research: 1. To gain familiarity with the present status of the business. 2. To measure the frequency of occurrences of various parameters/indicators. 3. To reveal the trend and tendencies in the business, i.e., to assess the growth or

expansion potential of the business. 4. To identify the influencing factors or determinants of business parameters. 5. To test the significance and validity and reliability of the results.

Steps of turnings research ideas into research projects- Writing research questions Writing research objectives

Writing research questions

Question is sufficiently involved to generate the sort of project that is consistent

with the standards expected by the researcher. Beware of research question that are too easy.

The questions may be difficult and beware of that; over-reaching yourself in the

definition of research questions is a danger.

Avoid asking questions that will not generate new insights.

Begin with one general focus research question that flows from research idea; it may

lead to several more detailed questions or the definition of research objectives (table-

1).

Take help from other people (especially project tutor) to avoid pitfalls of the questions

that are too easy or too difficult or have been answered before and to make the

question clearer.

Perform a brainstorming (open discussion) prior to discussion with project tutor.

Turning research ideas into research projects

Reformed by: M.K.M Prottoy Cont: 01716600333

2

Examples of research ideas and their derived focus research questions- Table-1

Writing research objectives

Developed based on research questions

Leads to greater specify than research or investigative questions (table2)

Requires more rigorous thinking, which derives from more formal language.

Explanation for table-2

• Objective leads to greater specify than research questions. Ex-1

• Second and third objectives match research questions by introducing the notion of

explicit effectiveness criteria.

• Fourth and fifth objectives are specific about factors that lead to effectiveness in

question four.

• Fifth question becomes sixth objective. They are similar but differ in the way that

the objective makes clear that a theory will be developed that will make a casual

link between two sets of variables: effectiveness factors and team briefing success

Research ideas General focus research questions

Job recruitment via Internet How effective is recruiting for new staff via the internet

in comparison with traditional method?

Advertising and share price How does the running of a TV advertising campaign

designed to boost the image of a company affect its

share price?

The use of aromas as a marketing device

In what ways does the use of specific aromas in

supermarkets affect buyer behavior?

The future of trade union What are the strategies that trade unions should adopt

to ensure their future viability?

Reformed by: M.K.M Prottoy Cont: 01716600333

3

Phrasing research questions as research objectives-

What is theory?

A formulation regarding the cause and effect relationships between two or more

variables, which may or may not have been tested (Gill and Johnson)

If A is defined as situation, B is consequence.

It is evident that if we have the expectation that by doing A, B will happen, then by

manipulation the occurrence of A we can begin to predict and influence the occurrence of B.

in other words, theory is clearly enmeshed in practice since explanation enables prediction

which in turn enables control. (Kerlinger and Lee)

It is different from intelligence gathering means gathering of facts, also called

descriptive research.

Research question Research objectives

1) Why have organizations introduced team briefing?

To identify organizations’ objectives for team briefing

schemes

2) How can the effectiveness of team briefing schemes be measured?

To establish suitable effectiveness criteria for team

briefing schemes

3) Has team briefing been effective? To describe the extent to which the effectiveness criteria

for team briefing have been met

4) How can the effectiveness of the team briefing be explained?

• To determine the factors associated with the

effectiveness criteria for team briefing being met

• To estimate whether some of those factors are

more influential than other factors

5) Can the explanation be generalized?

To develop an explanatory theory that associates certain

factors with the effectiveness of team briefing schemes

The importance of theory in writing research questions and objectives

1

Types of Research

1. Descriptive Vs Analytical 2. Applied Vs Fundamental 3. Quantitative Vs Qualitative 4. Conceptual Vs Empirical 5. Special types of research

(Longitudinal Research; Action Research)

• Descriptive Vs. Analytical:

Descriptive Research-

Includes surveys and fact finding enquires of different kinds

Purpose- description of the state of affairs as it exists at present

Termed as Ex post facto research in social science and business research where

Researcher has no control over variables, can only report what has happened or what is

happening and discover causes

Methods- survey of all kinds including comparative and correlational methods

Example- frequency of shopping, preference of shopping, or similar data

Analytical Research-

Uses already available information or facts

Analyzes facts or information to evaluate the materials

• Applied Vs. Fundamental:

Applied Research-

Aims at finding a solution for an immediate problem facing a society or organization

Also known as action research

Purpose- to discover a solution for some practical problems

Example- research on solving social or business problem

2

Fundamental Research-

Concerned with generalizations and with the formulation of theory

Also known as basic or pure research

Focuses on finding information that has a broad base of application and adds to the

already existing organized body of scientific knowledge

Example- research on natural phenomenon or pure mathematics, human behavior for

making generalization about human behavior

• Qualitative Vs. Quantitative:

Quantitative Research-

Based on the measurement of quality or amount

Applicable to phenomenon expressible in quantity

Qualitative Research-

Deals with Qualitative phenomenon

Example- Motivation Research which aims at discovering the underlying motives and

research for human behavior

Technique- interview, association test, sentence completion test, story completion test,

etc

Important for behavioral science that deals with motives of human behavior

Demands guidance from experimental psychologists

Application is difficult

Analyzes motivating factors to behave in a particular manner or make something liked

or disliked

• Conceptual Vs. Empirical:

Conceptual Research-

Related to some abstract ideas or theories

Used by philosophers or thinkers to develop new concept or reinterpret existing ones

3

Empirical research-

Relies on experience or observation alone, often without due regard for system and

theory

Data based research

Conclusions can be verified by observation or experiment

Also known as experimental type of research

Appropriate when proof is sought that certain variable affects other variables in some

way

Requires developing hypothesis or probable results first and then facts to prove or

disprove the hypothesis, developing experimental designs, controlling over variables under

study and studying the effects

• Other types of Research:

Based on time-

One time Research- arranged for single time period

Longitudinal Research- arranged for several time periods

Based on environment-

Field setting research Laboratory research Simulation research

Based on approach-

Clinical research Diagnostic research

Based on Hypothesis-

Explanatory research- develops hypothesis Formalized research- develops structure to test hypothesis

Others-

Historical research- utilizes historical sources of data Conclusion oriented- freedom at picking up problem, redesigning enquiry,

conceptualizing Decision oriented- needs decision maker and not freedom Operations research- decision oriented, provides quantitative basis for decisions

regarding operations

4

• Based on the purposes for which the researches are conducted, they may be divided into following categories 1. Needs Assessment/Evaluation 2. Feasibility studies 3. Baseline/Bench-mark survey/Research. 4. Evaluation Research:

a) Formative Evaluation (Mid-term) b) Terminal Evaluation.

5. Impact assessment/research/evaluation Evaluation Research

Evaluation is the systematic determination of merit, worth, and significance of something or someone. Evaluation often is used to characterize and appraise subjects of interest in a wide range of human enterprises, including

Evaluation concepts and issues

the Arts, business, computer science, criminal justice, education, engineering, foundations and non-profit organizations, government, health care, and other human services.

In the field of evaluation, there is some degree of disagreement in the distinctions often made between the terms '

The distinction between evaluation and assessment

evaluation' and 'assessment.' Some practitioners would consider these terms to be interchangeable, while others contend that evaluation is broader than assessment and involves making judgments about the merit or worth of something (an evaluand) or someone (an evaluee). When such a distinction is made, 'assessment' is said to primarily involve characterizations – objective descriptions, while 'evaluation' is said to involve characterizations and appraisals – determinations of merit and/or worth. Merit involves judgments about generalized value. Worth involves judgments about instrumental value. For example, a history and a mathematics teacher may have equal merit in terms of mastery of their respective disciplines, but the math teacher may have greater worth because of the higher demand and lower supply of qualified mathematics teachers.

Depending on the stage of the program, there can be four types of evaluation – needs assessment or evaluation of needs associated with the design stage, formative evaluation or process evaluation associated with the implementation stage, and summative/Terminal evaluation (output evaluation) and impact evaluation – both associated with the follow-up stages (Garcia Nunez J, Improving FP Evaluation, 1992: 4). Needs assessment or evaluation of needs associated with the design stage Feasibility Studies This type of research is undertaken prior to starting of any business enterprise or any business

related project. This type of research is done to assess the technical, economic, market and

5

financial viability of the project. The issue whether the project is socially desirable and

environmentally acceptable is also taken into consideration.

Baseline Survey

The main purpose of a baseline survey is to generate data on pre-project socio-economic and business aspects. Baseline data are also used to compare the pre- and post- project situations for assessing the impact of project intervention. A baseline survey is conducted in the absence of available published data on various socio-economic and business aspects. Formative or mid term evaluation is done to assess whether the project is in the right track. It is usually done to identify the strengths, weaknesses, opportunities and threats. On the basis of the findings of the formative evaluation research corrective measures are taken to attain the goals of the project. Terminal (Summative) Evaluation research is conducted to assess the efficiency and effectiveness of the project/intervention.

o Effectiveness: is the ratio of actual and planned activities

-The extent of attainment of goal or the degree of target fulfillment determines the level of effectiveness.

o Efficiency:

- Attaining maximum output with minimum input.

Impact Evaluation The research, which is undertaken to measure the quantitative benefits derived out of project intervention and qualitative changes that occurred due to project intervention, is known as an impact assessment research. This type of research also provides information for identifying the negative impact of the project.

Prepared by:

M. Khairul Hossain Professor, Faculty of business studies, DU.

Reformed by:

M.K.M Prottoy EMBA, Department of Finance

University of Dhaka Contact: 01716600333

Deduction & Induction

In logic, we often refer to the two broad methods of reasoning as the deductive and inductive approaches.

Deductive reasoning works from the more general to the more specific. Sometimes this is informally called a "top-down" approach. We might begin with thinking up a theory about our topic of interest. We then narrow that

down into more specific hypotheses that we can test. We narrow down even further when we collect observations to address the hypotheses. This ultimately leads us to be able to test the hypotheses with specific data -- a confirmation (or not) of our original theories.

Inductive reasoning works the other way, moving from specific observations to broader generalizations and theories.

Informally, we sometimes call this a "bottom up" approach (please note that it's "bottom up" and not "bottoms up" which is the kind of thing the bartender says to customers when he's trying to close for the night!).

In inductive reasoning, we begin with specific observations and measures, begin to detect patterns and regularities, formulate some tentative hypotheses that we can explore, and finally end up developing some general conclusions or theories.

These two methods of reasoning have a very different "feel" to them when you're conducting research.

• Inductive reasoning, by its very nature, is more open-ended and exploratory, especially at the beginning.

• Deductive reasoning is narrower in nature and is concerned with testing or confirming hypotheses.

• Even though a particular study may look like it's purely deductive (e.g., an experiment designed to test the hypothesized effects of some treatment on some outcome), most social research involves both inductive and deductive reasoning processes at some time in the project.

Deductive reasoning Inductive reasoning

M.K.M. Prottoy EMBA 23rd batch (Finance) prottoy.yolasite.com

Data: Specific observations of measured numbers proving answers to the questions what, where and when Information: Processed and summarized data yielding facts and ideas. Knowledge: Selected and organized information that provides understanding, recommendations and the bases for decisions.

There are firstly two types of data sources Sources of data

1. Internal sources 2. External Sources

1. Internal sources: Data available within the organization conducting the study

2. External Sources: Data which are not available within the organization conducting the study The external sources of data are also divided into two parts 1st

, Primary data

2nd

Secondary data

The published data are known as secondary data. Some examples of secondary data:

1. Cooper D.R. and Schinder P.S. Business Research Methods, Mc Graw Hill, IRWIN,

New York, 2004

2. Saunders M, Lewis P and Thornhill A., Research Methods for Business Students (3rd

3. Bangladesh Bureau of Statistics (BBS), The Statistical Year Book of Bangladesh 2001,

Dhaka, 2003.

Edition), Pearson Education Limited, Singapore, 2003.

M.K.M. Prottoy EMBA 23rd batch (Finance) prottoy.yolasite.com

4. Ministry of Finance and Planning, Economic Survey of Bangladesh 2003, Dhaka,

2005.

5. Bangladesh Bureau of Statistics, Population Census Report’2001, Dhaka, 2003.

6. Bangladesh Bank, Economic Trends (Quarterly), October-December, 2005, Dhaka,

2005.

7. Hossain K., “Indebtedness of Rural Households and Consequences of Borrowing”,

The Journal of Finance and Banking, Vol. II,

8. The World Bank, The World Development Report 2009, Washington, 2009.

Department of Finance (DU), Dhaka,

June, 1994.

9. United Nations Development Programme, Human Development Report 2005, New

York 2005.

10. United Nations, World Investment Report 2005, New York, Geneva, 2005.

11. Asian Development Bank, Annual Report 2005, Manila, 2005.

1st

Primary Data:

When the data are collected by the researcher himself or under his direct supervision, then these data are called primary data. In other wards, the primary data are the data which are not available in the published form. For collecting primary business data, usually, a sample survey is conducted using a scientific sample design.

M.K.M. Prottoy EMBA 23rd batch (Finance) Contact: 01716600333

Development of Instruments (Questionnaire/Interview schedule) Two types of instruments are usually used:

(i) Questionnaires (ii) Interview schedules and (iii) Checklists.

Based on the structure of the instruments they may be divided into 3 categories; Structured – when the probable responses are given to the questions [MCQ] Semi structured- when the probable responses to some questions are given and some remained open-ended Unstructured- When no responses are given to any of the questions

Steps in Developing Instruments

• Specifying the objectives of the study • Identifying the variables/attributes/indicators • Giving operational definition to some important variables • Transforming the variables/attributes into questions • Preparing draft instruments • Pretesting • Finalizing the instruments based on the results of the pretesting and comments

received Prior to development of checklists/questionnaires, a list of required variables to address the objectives of the study along with measurement indicators is prepared. A draft set of Interview schedules/questionnaires is prepared and submitted to the sponsoring authority for comments. The instruments are finalized in the light of the comments received from the sponsors and based on the results of the pretesting (pilot survey).

M.K.M. Prottoy EMBA 23rd batch (Finance) Contact: 01716600333

Pre-testing and Finalisation of Questionnaires/Interview schedules and Checklists: A pilot survey is carried out using the services of the field staff (field investigators and field supervisors) for testing of the instruments. The Questionnaires/Interview schedules and checklists are pre-tested for the following purposes:

(a) to ascertain whether the respondents could understand the question(s) correctly; (b) to determine the adequacy of responses; (c) to determine the relevance of questions; (d) to assess the time required in answering the questions; and (e) to judge the ability of the field staff.

M.K.M Prottoy EMBA 23rd batch; (Finance) Contact: 01716600333

THE PROBLEM: HEART OF THE RESEARCH PROJECT

Where are research problem found? Everywhere except personal problems Especially from agriculture, chemistry, economics, education, electronics, engineering,

health science, languages and literature, medicine, music, politics, science, physics, sociology, zoology, etc

• Problem identification

TOR Terms of reference RFP Request for proposal.

• Problems are identified based on the strengths, weaknesses, opportunities and threats

encountered in the process of conducting day-to-day operation of the business. • Problems are identified by the higher authority or management and researcher is asked

to conduct the research. • Problems are identified by other agencies/organizations and researcher is asked to

conduct the research following the objectives and scope of work as mentioned in the terms of reference.

Characteristics of researchable problem:

There must be a mental struggle on the part of the researcher to force the

facts to reveal their meaning Comparison problem are not research It must demand an interpretation of data leading to a discovery of fact

M.K.M Prottoy EMBA 23rd batch; (Finance) Contact: 01716600333

The statement of the problem:

Clear statement Expressive, sharp, indispensable, definite words for the problem statement Complete grammatical sentence Easily readable and understandable and can be reacted to that without benefit of

presence Complete and accurate expression of thought Absolute honesty and integrity in every statement of researcher Editing the statement if required

Guidelines for expressing problems:

Expressing thought with the least number of words possible Using thesaurus to find out exact words Economizing on syllables, preferably one or two syllable in straight forward

discussion Keeping the sentence length short, varying the length and breaking up the long

contorted sentences into shorter Looking critically at each thought as it stands on the paper Being alert to modification

Characteristics of sub problems:

Each sub problem should be a completely researchable unit. Pseudosubproblems are not researchable sub problems. Interpretation of the data must be apparent. Sub problems must add up to the totality of the problem. Proliferation of sub problems is circumspect. Beware of unrealistic goal.

M.K.M Prottoy EMBA 23rd batch; (Finance) Contact: 01716600333

How to locate the sub problems:

To begin with problem itself To write the problem itself, then to ‘box off’ the sub problems areas

Components comprising the setting of the problem:

Determining the problem Defining the terms Making assumptions Developing hypothesis Focusing on the importance of the study

Hypothesis Formulation At this stage by Ho we mean the assumption of the researcher about the characteristics of the phenomenon under study.