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Showing posts with label MCOM - MCO 3. Show all posts
Showing posts with label MCOM - MCO 3. Show all posts

Friday, July 31, 2020

IGNOU : M.COM : MCO 3 : UNIT 1 : Q - 3. What do you mean by a method of research? Briefly explain different methods of research.

Ans.  The researcher has to provide answers at the end, to the research questions raised in the beginning of the study. For this purpose he has investigated and gathered the relevant data and information as a basis or evidence. The procedures adopted for obtaining the same are described in the literature as methods of research or approaches to research. In fact, they are the broad methods used to collect the data. These methods are as follows:
  1.   Survey Method 
  2.   Observation Method 
  3.   Case Method 
  4.   Experimental Method 
  5.   Historical Method 
  6.   Comparative Method

1. Survey Method 

The dictionary meaning of ‘Survey’ is to oversee, to look over, to study, to systematically investigate. Survey research is used to study large and small populations (or universes). It is a fact finding survey. Mostly empirical problems are investigated by this approach. It is a critical inspection to gather information, often a study of an area with respect to a certain condition or its prevalence. For example: a marketing survey, a household survey, All India Rural Credit Survey.

Survey is a very popular branch of social science research. Survey research has developed as a separate research activity alongwith the development and improvement of sampling procedures. Sample surveys are very popular now a days. As a matter of fact sample survey has become synonymous with survey. For example, see the following definitions: 

Survey research can be defined as “Specification of procedures for gathering information about a large number of people by collecting information from a few of them”. (Black and Champion). 

Survey research is “Studying samples chosen from populations to discover the relative incidence, distribution, and inter relations of sociological and psychological variables”. (Fred N. Kerlinger)

Features of Survey method The important features of survey method are as follows: 

  • It is a field study, as it is always conducted in a natural setting.
  • It solicits responses directly from the respondents or people known to have knowledge about the problem under study. 
  • Generally, it gathers information from a large population.
  • A survey covers a definite geographical area eg. A village / city or a district.
  • It has a time frame.
  • It can be an extensive survey involving a wider sample or it can be an intensive study covering few samples but is an in-depth and detailed study.
  • Survey research is best adapted for obtaining personal, socio-economic facts, beliefs, attitudes, opinions.
Survey research is not a clerical routine of gathering facts and figures. It requires a good deal of research knowledge and sophistication. The competent survey investigator must know sampling procedures, questionnaire / schedule / opionionaire construction, techniques of interviewing and other technical aspects of the survey. Ultimately the quality of the Survey results depends on the imaginative planning, representative sampling, reliability of data, appropriate analysis and interpretation of the data.


2. Observation Method 

Observation means seeing or viewing. It is not a casual but systematic viewing. Observation may therefore be defined as “a systematic viewing of a specific phenomenon in its proper setting for the purpose of gathering information for the specific study”. 

Observation is a method of scientific enquiry. We observe a person or an event or a situation or an incident. The body of knowledge of various sciences such as biology, physiology, astronomy, sociology, psychology, anthropology etc., has been built upon centuries of systematic observation. Observation is also useful in social and business sciences for gathering information and conceptualizing the same. For example, What is the life style of tribals? How are the marketing activities taking place in Regulated markets? How will the investment activities be done in Stock Exchange Markets? How are proceedings taking place in the Indian Parliament or Assemblies? How is a corporate office maintained in a public sector or a private sector undertaking? What is the behaviour of political leaders? Traffic jams in Delhi during peak hours? 

Observation as a method of data collection has some features: 
  • It is not only seeing & viewing but also hearing and perceiving as well. 
  • It is both a physical and a mental activity. The observing eye catches many things which are sighted, but attention is also focused on data that are relevant to the problem under study.
  • It captures the natural social context in which the person’s behaviour occurs.
  • Observation is selective: The investigator does not observe every thing but selects the range of things to be observed depending upon the nature, scope and objectives of the study.
  • Observation is not casual but with a purpose. It is made for the purpose of noting things relevant to the study. 
  • The investigator first of all observes the phenomenon and then gathers and accumulates data.

Observation may be classified in different ways. According to the setting it can be (a) observation in a natural setting, eg. Observing the live telecast of parliament proceedings or watching from the visitors gallery, Electioneering in India through election meetings or (b) observation in an artificially stimulated setting, eg. business games, Tread Mill Test. According to the mode of observation it may be classified as (a) direct or personal observation, and (b) indirect or mechanical observation. In case of direct observation, the investigator personally observes the event when it takes place, where as in case of indirect observation it is done through mechanical devices such as audio recordings, audio visual aids, still photography, picturization etc. According to the participating role of the observer, it can be classified as (a) participant observation and (b) non-participant observation. In case of participant observation, the investigator takes part in the activity, i.e. he acts both as an observer as well as a participant. For example, studying the customs and life style of tribals by living / staying with them. In case of non-participant observation, the investigator observes from outside, merely as an on looker. 

Observation method is suitable for a variety of research purposes such as a study of human behaviours, behaviour of social groups, life styles, customs and traditions, inter personal relations, group dynamics, crowd behaviour, leadership and management styles, dressing habits of different social groups in different seasons, behaviour of living creatures like birds, animals, lay out of a departmental stores, a factory or a residential locality, or conduct of an event like a meeting or a conference or Afro- Asian Games.


3. Case Method 

Case method of study is borrowed from Medical Science. Just like a patient, the case is intensively studied so as to diagnose and then prescribe a remedy. A firm, or a unit is to be studied intensively with a view to finding out problems, differences, specialties so as to suggest remedial measures. It is an in-depth/intensive study of a unit or problem under study. It is a comprehensive study of a firm or an industry, or a social group, or an episode, or an incident, or a process, or a programme, or an institution or any other social unit. 

According to P.V. Young “a comprehensive study of a social unit, be that unit a person, a group, a social institution, a district, or a community, is called a Case Study”. 

Case Study is one of the popular research methods. A case study aims at studying every thing about something rather than something about everything. It examines complex factors involved in a given situation so as to identify causal factors operating in it. The case study describes a case in terms of its peculiarities, typical or extreme features. It also helps to secure a fund of information about the unit under study. It is a most valuable method of study for diagnostic therapeutic purposes.


4. Experimental Method 

Experimentation is the basic tool of the physical sciences like Physics, Chemistry for establishing cause and effect relationship and for verifying inferences. However, it is now also used in social sciences like Psychology, Sociology. Experimentation is a research process used to observe cause and effect relationship under controlled conditions. In other words it aims at studying the effect of an independent variable on a dependent variable, by keeping the other interdependent variables constant through some type of control. In experimentation, the researcher can manipulate the independent variables and measure its effect on the dependent variable. The main features of the experimental method are :

  • Isolation of factors or controlled observation. 
  • Replication of the experiment i.e. it can be repeated under similar conditions.
  • Quantitative measurement of results. 
  • Determination of cause and effect relationship more precisely. 

Three broad types of experiments are: 
  • a) The natural or uncontrolled experiment as in case of astronomy made up mostly of observations. 
  • b) The field experiment, the best suited one for social sciences. “A field experiment is a research study in a realistic situation in which one or more independent variables are manipulated by the experimenter under as carefully controlled conditions as the situation will permit”. ( Fred N. Kerlinger) 
  • c) The laboratory experiment is the exclusive domain of the physical scientist. 
“A laboratory experiment is a research study in which the variance of all or nearly all of the possible influential independent variables, not pertinent to the immediate problem of the investigation, is kept at a minimum. This is done by isolating the research in a physical situation apart from the routine of ordinary living and by manipulating one or more independent variables under rigorously specified, operationalized, and controlled conditions”. (Fred N. Kerlinger). 

The contrast between the field experiment and laboratory experiment is not sharp, the difference is a matter of degree. The laboratory experiment has a maximum of control, where as the field experiment must operate with less control.



5. Historical Method 

When research is conducted on the basis of historical data, the researcher is said to have followed the historical approach. To some extent, all research is historical in nature, because to a very large extent research depends on the observations / data recorded in the past. Problems that are based on historical records, relics, documents, or chronological data can conveniently be investigated by following this method. Historical research depends on past observations or data and hence is non-repetitive, therefore it is only a post facto analysis. However, historians, philosophers, social psychiatrists, literary men, as well as social scientists use the historical approach. 

Historical research is the critical investigation of events, developments, experiences of the past, the careful weighing of evidence of the validity of the sources of information of the past, and the interpretation of the weighed evidence. The historical method, also called historiography, differs from other methods in its rather elusive subject matter i.e. the past.

In historical research primary and also secondary sources of data can be used. A primary source is the original repository of a historical datum, like an original record kept of an important occasion, an eye witness description of an event, the inscriptions on copper plates or stones, the monuments and relics, photographs, minutes of organization meetings, documents. A secondary source is an account or record of a historical event or circumstance, one or more steps removed from an original repository. Instead of the minutes of the meeting of an organization, for example, if one uses a newspaper account of the meeting, it is a secondary source. 

The aim of historical research is to draw explanations and generalizations from the past trends in order to understand the present and to anticipate the future. It enables us to grasp our relationship with the past and to plan more intelligently for the future.

For historical data only authentic sources should be depended upon and their authenticity should be tested by checking and cross checking the data from as many sources as possible. Many a times it is of considerable interest to use Time Series Data for assessing the progress or for evaluating the impact of policies and initiatives. This can be meaningfully done with the help of historical data.


6.  Comparative Method 

The comparative method is also frequently called the evolutionary or Genetic Method. The term comparative method has come about in this way: Some sciences have long been known as “Comparative Sciences” - such as comparative philology, comparative anatomy, comparative physiology, comparative psychology, comparative religion etc. Now the method of these sciences came to be described as the “Comparative Method”, an abridged expression for “the method of the comparative sciences”. When the method of most comparative sciences came to be directed more and more to the determination of evolutionary sequences, it came to be described as the “Evolutionary Method”. 

The origin and the development of human beings, their customs, their institutions, their innovations and the stages of their evolution have to be traced and established. The scientific method by which such developments are traced is known as the Genetic method and also as the Evolutionary method. The science which appears to have been the first to employ the Evolutionary method is comparative philology. It is employed to “compare” the different languages in existence, to trace the history of their evolution in the light of such similarities and differences as the comparisons disclosed. Darwin’s famous work “Origin of Species” is the classic application of the Evolutionary method in comparative anatomy. 

The whole theory of biological evolution rests on applications of evolutionary method. This method can be applied not only to plants, to animals, to social customs and social institutions, to the human mind (comparative psychology), to human ideas and ideals, but also to the evolution of geological strata, to the differentiation of the chemical elements and to the history of the solar system. 

The term comparative method as a method of research is used here in its restricted meaning as synonymous with Evolutionary method. To say that the comparative method is a ‘method of comparison’ is not convincing, for comparison is not a specific method, but some thing which enters as a factor Research and Data Collection 20 into every scientific method. Classification requires careful comparison and every other method of science depends upon a precise comparison of phenomena and the circumstances of their occurrence. All methods are, therefore, “comparative” in a wider sense.

Wednesday, July 29, 2020

IGNOU : M.COM : MCO 3 : UNIT 1 : Q - 1. Define the concept of research and analyze its characteristics.

Ans.  The Random House Dictionary of the English language defines the term ‘Research’ as a diligent and systematic inquiry or investigation into a subject in order to discover or revise facts, theories, applications, etc. This definiton explains that research involves acquisition of knowledge. Research means search for truth. Truth means the quality of being in agreement with reality or facts. It also means an established or verified fact. To do research is to get nearer to truth, to understand the reality. Research is the pursuit of truth with the help of study, observation, comparison and experimentation. In other words, the search for knowledge through objective and systematic method of finding solution to a problem/answer to a question is research. 

L.V. Redman and A.V.H. Mory in their book on “The Romance of Research” defined research as “a systematized effort to gain new knowledge”

 “Research is a scientific and systematic search for pertinent information on a specific topic” (C.R. Kothari, Research Methodology - Methods and Techniques)


i) Research is manipulation of things, concepts or symbols 

       manipulation means purposeful handling

       things means objects like balls, rats, vaccine

       concepts mean the terms designating the things and their perceptions about which science tries to make sense. Examples: velocity, acceleration, wealth, income.

       Symbols may be signs indicating +, –, ÷, ×, x , σ, Σ, etc.

       Manipulation of a ball or vaccine means when the ball is kept on different degrees of incline how and at what speed does it move? When the vaccine is used, not used, used with different gaps, used in different quantities (doses) what are the effects?


ii) Manipulation is for the purpose of generalizing 

        The purpose of research is to arrive at generalization i.e., to arrive at statements of generality, so that prediction becomes easy. Generalization or conclusion of an enquiry tells us to expect some thing in a class of things under a class of conditions. 
     
         Examples: Debt repayment capacity of farmers will be decreased during drought years. 
         
         When price increases demand falls. 
  
         Advertisement has a favourable impact on sales.


iii) The purpose of research (or generalization) is to extend, correct or verify knowledge 

         Generalization has in turn certain effects on the established corpus or body of knowledge. It may extend or enlarge the boundaries of existing knowledge by removing inconsistencies if any. It may correct the existing knowledge by pointing out errors if any. It may invalidate or discard the existing knowledge which is also no small achievement. It may verify and confirm the existing knowledge which also gives added strength to the existing knowledge. It may also point out the gaps in the existing corpus of knowledge requiring attempts to bridge these gaps.


iv) This knowledge may be used for construction of a theory or practice of an art 

         The extended, corrected or verified knowledge has two possible uses to which persons may put it.

         a) may be used for theory building so as to form a more abstract conceptual system. Eg. Theory of relativity, theory of full employment, theory of wage. 

         b) may be used for some practical or utilitarian goal. 

               Eg. ‘Salesmanship and advertisement increase sales’ is the generalization. From this, if sales have to be increased, use salesmanship and advertisement for increasing sales. 

  Theory and practice are not two independent things. They are interdependent. Theory gives quality and effectiveness to practice. Practice in turn may enlarge or correct or confirm or even reject theory.

IGNOU : M.COM : MCO 3 : UNIT 1 : Q - 2. Explain the significance of business research.

Ans.  SIGNIFICANCE OF RESEARCH IN BUSINESS 

Research is the process of systematic and indepth study or search for a solution to a problem or an answer to a question backed by collection, compilation, presentation, analysis and interpretation of relevant details, data and information. It is also a systematic endeavour to discover valuable facts or relationships. Research may involve careful enquiry or experimentation and result in discovery or invention. There cannot be any research which does not increase knowledge which may be useful to different people in different ways. Let us see the need for research to business organizations and their managers and how it is useful to them. 

i) Industrial and economic activities have assumed huge dimensions. The size of modern business organizations indicates that managerial and administrative decisions can affect vast quantities of capital and a large number of people. Trial and error methods are not appreciated, as mistakes can be tremendously costly. Decisions must be quick but accurate and timely and should be objective i.e. based on facts and realities. In this back drop business decisions now a days are mostly influenced by research and research findings. Thus, research helps in quick and objective decisions. 

ii) Research, being a fact-finding process, significantly influences business decisions. The business management is interested in choosing that course of action which is most effective in attaining the goals of the organization. Research not only provides facts and figures to support business decisions but also enables the business to choose one which is best. 

iii) A considerable number of business problems are now given quantitative treatment with some degree of success with the help of operations research. Research into management problems may result in certain conclusions by means of logical analysis which the decision maker may use for his action or solution. 

iv) Research plays a significant role in the identification of a new project, project feasibility and project implementation. 

v) Research helps the management to discharge its managerial functions of planning, forecasting, coordinating, motivating, controlling and evaluation effectively. 

vi) Research facilitates the process of thinking, analysing, evaluating and interpreting of the business environment and of various business situations and business alternatives. So as to be helpful in the formulation of business policy and strategy. Introduction to Business Research 11 

vii) Research and Development ( R & D) helps discovery and invention. Developing new products or modifying the existing products, discovering new uses, new markets etc., is a continuous process in business. 

viii) The role of research in functional areas like production, finance, human resource management, marketing need not be over emphasized. Research not only establishes relationships between different variables in each of these functional areas, but also between these various functional areas. 

ix) Research is a must in the production area. Product development, new and better ways of producing goods, invention of new technologies, cost reduction, improving product quality, work simplification, performance improvement, process improvement etc., are some of the prominent areas of research in the production area. 

x) The purchase/material department uses research to frame alternative suitable policies regarding where to buy, when to buy, how much to buy, and at what price to buy. 

xi) Closely linked with production function is marketing function. Market research and marketing research provide a major part of marketing information which influences the inventory level and production level. Marketing research studies include problems and opportunities in the market, product preference, sales forecasting, advertising effectiveness, product distribution, after sales service etc., 

xii) In the area of financial management, maintaining liquidity, profitability through proper funds management and assets management is essential. Optimum capital mix, matching of funds inflows and outflows, cash flow forecasting, cost control, pricing etc., require some sort of research and analysis. Financial institutions also (banking and non-banking) have found it essential to set up research division for the purpose of collecting and analysing data both for their internal purpose and for making indepth studies on economic conditions of business and people. 

xiii) In the area of human resource management personnel policies have to be guided by research. An individual’s motivation to work is associated with his needs and their satisfaction. An effective Human Resource Manager is one who can identify the needs of his work force and formulate personnel policies to satisfy the same so that they can be motivated to contribute their best to the attainment of organizational goals. Job design, job analysis, job assignment, scheduling work breaks etc., have to be based on investigation and analysis. 

xiv) Finally, research in business is a must to continuously update its attitudes, approaches, products goals, methods, and machinery in accordance with the changing environment in which it operates.