CHIKITSAK SAMUHA’S PATKAR VARDE

COLLEGE GOREGAON (WEST)

NAME: LEKHA SANTOSH BORLE

STREAM: BANKING AND FINANCE / M.COM-I.

ROLL NO: 02.

SUBJECT: RESEARCH METHODOLOGY

UNDER THE GUIDANCE: DR. B.M RAI

QUESTION 1:
DEFINE RESEARCH
Research is a systematic investigation to search for new facts in branch of knowledge.
Research helps to arrive at new conclusion. It enables find solutions to certain problems.
Research is often referred to as 'scientific inquiry into a spec 1 problem or situation. This is
because; the search for facts needs be undertaken systematically and not arbitrarily. The
system approach to research enables the research to search for facts rational manner and to
arrive at logical conclusions, whereas, s arbitrary approach attempts to find solutions to
problems based one's belief and imagination.
a) William C. Emory in the book Business Research Methods defined, as “research is
any organised inquiry designed and carried out t provide information for solving a
problem”.
b) The Webster's Dictionary states "research is a careful critical inquire or examination
in seeking facts or principles; diligent investigation in order to ascertain something."
c) V. Clover and H. Balsley define "research is the process systematically obtaining
accurate answers to significant an pertinent questions by the use of scientific method
for gathering and interpreting information."
d) James Black and Dean Champion state "scientific research consist of obtaining
information through empirical observation that ca be used for the systematic
development of logically relate propositions attempting to establish causal relations
among variables."
e) Pauline V. Young defines "social research is a scientific undertakin which, by means
of logical and systematic techniques, aims to:
• Discover new facts or verify and test old facts,
• Analyse their sequences, interrelationships and cause explanations,
• Develop new scientific tools, concepts and theories, which would facilitate reliable
and valid study of human behaviour”.

QUESTION 2:
EXPLAIN THE TYPES OF RESEARCH
Research may be broadly classified as (1) Fundamental and Applied Research (2) Descriptive
and Analytical Research or (3) Quantitative and Qualitative Research or (4) Conceptual and
Empirical Research
a) Fundamental (or Basic) and Applied Research
Fundamental research is mainly concerned with generalization with the formulation of a
theory. It is a research concerning principles or laws or rules. It aims at the achievement of
knowledge and truth. Research studies concentrating on some natural phenomenon or relating
to pure mathematics are examples of fundamental research. It aims at some theoretical
conclusions. It may verify the old theory or establish a new one. It tries to explain the cause
and effect relationship in social phenomena. It is essentially positive and not normative. That
is, it explains the phenomena as they are and not as they should be. Applied research is
concerned with the solution of particular problems. It aims at finding a solution for an
immediate problem facing a society or an industrial organization. It is empirical and practical.
It is concerned with applied aspects of life. Research to identify social, economic or political
trends that may affect a particular institution or the marketing research are examples of
applied research.
b) Descriptive Research and Analytical Research
Descriptive research includes survey and fact finding enquiries of different kinds. It describes
the state of affairs, as it exists at present. The researcher has no control over the variables. He
can only report what has happened or what is happening.
In Analytical research one has to use facts or information already available and analyse these
to make a critical evaluation of the material.
c) Quantitative Research and Qualitative Research
Quantitative research is applicable to phenomena that are measurable so that they can be
expressed in terms of quantity.
Qualitative research is concerned with qualitative phenomenon. Research designed to find out
how people feel or what they think about a particular subject is a qualitative research.
Qualitative research is especially important in the behavioural sciences where the aim is to
discover underlying motives of human behaviour.
d) Conceptual Research and Empirical Research
Conceptual research is that related to some abstract ideas or theory. Philosophers and thinkers
to develop new concepts generally use it or to interpret existing ones.
Empirical research relies on experience or observation alone. It is data based research coming
up with conclusions capable of being verified by observation or experiment. It can be
experiment research. In empirical research, the researcher has to first set up a hypothesis or
guess as to the probable results. He then works out to get enough facts to prove or disprove
his hypothesis. Empirical studies have a great potential for they lead to inductions and
deductions. Thus, research enables one to develop theories and principles and to arrive at
generalizations. As research is based on observations and empirical evidences, it improves
knowledge and understanding as well as decision-making skill and ability.
QUESTION 3:
WHAT ARE STAGES OF RESEARCH
Steps in Research Process includes:
A. Selection & formulation of a research problem:
Research problem is one which requires a researcher to find out the best solution for the
given problem, i.e., to find out by which course of action the objective can be attained
optimally in the context of a given environment. It is the first and most crucial step in the
research process is a researcher has to formulate the problem related to his research work.
The sources of research problems in social sciences revolves around four Ps:
• People- Study of population, a group of individuals, organizations, groups,
communities.
• Problems- issues, situations, associations, needs, profiles examine the existence of
certain issues or problems relating to their lives; to ascertain attitude of a group of
people towards an issue.
• Programs- content, structure, outcomes, attributes satisfactions, consumers, Service
providers, etc. to evaluate the effectiveness of an intervention.
• Phenomena- cause-and-effect relationships, the study of a phenomenon itself to
establish the existence of regularity.

B. Extensive literature survey:

Before formulating the research it is desirable that researcher examines all available
literature, both conceptual and empirical.
• The conceptual literature -is one which deals with concepts and theories.
• Empirical literature is that which contains studies made earlier and so it consists of
many facts and figures observed in the earlier studies. The source literature are-
books, journals, articles and the like, and
• Identified the gap of research for future study.

C. Developing the Object:

Objectives are the goals you set out to attain in your study. They inform a reader what you
want to attain through the study. Each objective should contain only one aspect of the Study.
Objective must contain the main associations and relationships that you seek to discover or
establish.
The objectives should start with words such as:
• ‘To determine’
• ‘To find out’
• ‘To ascertain’
• ‘To describe’
• ‘To measure’
 • ‘To explore’ etc.

D. Identifying and Labelling Variables and measurements scale:

The variables whose change has affected the other variable, is called independent variable.
Therefore, there is a cause and effect relation between the variables. The research problem
must be formulated in such a manner that it highlights the nature, extent and implications of
relation existing between the variables. It is only through this process of establishing the
effective relation between variables that meaningful conclusions are derived from the study
e.g. age,(years/months), gender,(male or female) weight, heights, income, religion etc.
The unit of measurement of a variable. S.S. Stevens has classified the different types of scale
into four categories:
• Nominal or classificatory scale- the classification of individuals, objects or responses
into subgroups based on a common/shared property or characteristic e.g. ‘water’ or
‘tree’ have only one subgroup, whereas the variable “gender” can be classified into
two sub-categories: male and female
• Ordinal or ranking scale- it ranks the subgroups in a certain order. They are arranged
either in ascending or descending order according to the extent a subcategory reflect
the magnitude of variation in the variable. E.g. ‘income’ can be measured either
quantitatively (in rupees and paise) or qualitatively using subcategories ‘above
average’, ‘average’ and ‘below average (this is also called Likert pointing scale 5
points or 3 points)
• Interval scale-An interval scale has all the characteristics of an ordinal scale. In
addition, it uses a unit of measurement with an arbitrary starting and terminating
points. E.g. Celsius scale: 0oC to 100oC, Attitudinal scales: 10-20, 21-30, 31-40 etc
• Ratio scale- A ratio scale has all the properties of nominal, ordinal and interval scales
plus its own property: the zero point of a ratio scale is fixed, which means it has a
fixed starting point. E.g. 40%, 20% etc.

E. Setting Up Of Hypothesis:
Hypotheses is an assumption, assertion or an idea about a phenomenon, relationship or
situation, the reality or truth of which you do not know. A hypothesis is a tentative conclusion
logically drawn. The research work is conducted to test the truth of this hypothesis.
F. Writing a Primary Synopsis:
After formulating the problems a brief summary of it should be written down on the topic
selected for research work mentioning the summary of what is going to be done under his
research.
G. Preparing the Research Design:
Research design is the conceptual structure or blue print within which research would be
conducted. The function of research design is to provide for the collection of relevant
information with minimal expenditure of effort, time and money. The preparation of research
design, appropriate for a particular research problem, involves the consideration of the
following:
Method of Data Collection to be adopted- There are two types of data
• Primary Data— Data collected for the first time &original in nature.
• Secondary Data— Those, which have already been collected and analysed by
someone else, Source of secondary data are published source books, journals, records
etc.
Source of information—Sample Design- A sample design is a definite plan determined before
any data, which is actually collected for obtaining a sample from a given universe. Sample
design refers to the technique or the procedure, which the researcher would adopt in selecting
some sampling/representing/ units from the universe for drawing inferences about the
universe.
H. Collecting the Data:
Instruments/tools/methods used for collecting data are
• Observation method.
• Direct personal interview method.
• Telephone interview method.
• Questionnaire method.
• Schedule method.

I. A choice of one of these methods. Processing, Analysis and Interpretation of

Data by Statistical Method:
The processing of data consists of
• Classification and tabulation.-By classification and tabulation the unwieldy data can
be condense into few manageable and purposeful groups and tables so that further
analysis becomes simple.
• Coding -converts the data into symbols and small figures so that the data can be dealt
with in an easy manner.
• Editing -improves the quality of the data since it is at this stage that data, which is
irrelevant, can be dropped.
• Analysis and interpretation of data- results in observation, analysis, conclusion,
induction and deduction. For this various statistical measures are computed like
a) Descriptive statistics,
b) Correlation,
c) Regression,
d) Ratios etc.
 J. Testing of Hypothesis:
Depending upon the nature of data and conclusions to be arrived one or two of these tests can
be applied like
• ANOVA,
• T-test,
• F-test,
• Chi Square test etc.
Testing of hypothesis will results in either accepting or rejecting the hypothesis. Testing of
hypothesis will result in contribution to existing theory or the generation of a new theory.
K. Preparation of the Report or Presentation of Results/thesis
A report is a detailed description of what has been done and how it has been done with
respect to a particular area or topic. The report should contain the preliminary section, the
main body and the end matter. The preliminary section contains only titles, data,
acknowledgement foreword and table of contents. The important section of a report is its
main body. It carries introduction, methodology, and statements of findings, conclusions and
recommendations. The end matter includes appendix, literature selected and bibliography.
The appendix includes letters, questions or other tools used. Bibliography is the list of books,
journals. Reports, bulletins etc. used for reference.

QUESTION 4:
WHAT IS MEANT BY PRIMARY DATA? EXPLAIN WITH ILLUSTRATION
Primary data are those data that is collected for the first time and these are in original in
character. This data is also called first-hand information.
Example of Primary Data are:

a) Market Research:

This is an important aspect of business strategy that involves the process of gathering
information about the target market and customers. The data gathered during market research
is primary as it is tailored specifically to meet the business needs. An organization doing
market research about a new product (say phone) they are about to release will need to collect
data like purchasing power, feature preferences, daily phone usage, etc. from the target
market. The data from past surveys are not used because the product differs.

b) Student Thesis:

When conducting academic research or a thesis experiment, students collect data from the
primary source. The kind of data collected during this process may vary according to the kind
of research being performed—lab experiments, statistical data gathering, etc.
For example, a student carrying out a research project with the aim of finding out the effect of
daily intake of fruit juice on an individual's weight will need to take a sample population of 2
or more people, feed them with fruit juice daily and record the changes in their weight. The
data gathered throughout this process is primary.

c) Interviews:

Interview is an example of data collection that involves two groups of people, where the first
group is the interviewer (the researcher(s) asking questions and collecting data) and the
interviewee (the subject or respondent that is being asked questions). The questions and
responses during an interview may be oral or verbal as the case may be. Interviews can be
carried out in 2 ways, namely; in-person interviews and telephonic interviews. An in-person
interview requires an interviewer or a group of interviewers to ask questions from the
interviewee in a face to face fashion. It can be direct or indirect, structured or structure,
focused or unfocused, etc. Some of the tools used in carrying out in-person interviews include
a notepad or recording device to take note of the conversation—very important due to human
forgetful nature.Telephonic interviews, on the other hand, are carried out over the phone
through ordinary voice call or video calls. The 2 parties involved may decide to use video
calls like Skype to carry out interviews.

d) Surveys and Questionnaire:

Surveys and questionnaires are two similar tools used in collecting primary data. They are a
group of questions typed or written down and sent to the sample of study to give responses.
After giving the required responses, the survey is given back to the researcher to record. It is
advisable to conduct a pilot study where the questionnaires are filled by experts and meant to
assess the weakness of the questions or techniques used. There are two main types of surveys
used for data collection, namely; online and offline surveys. Online surveys are carried out
using internet-enabled devices like mobile phones, PCs, Tablets, etc. They can be shared with
respondents through email, websites, or social media. Offline surveys, on the other hand, do
not require an internet connection for it to be carried out. The most common type of offline
survey is paper-based surveys. However, there are also offline surveys like Form plus that
can be filled with a mobile device without access to an internet connection.

e) Focus Groups:

Focus Groups are gathering of two or more people with similar characteristics or who possess
common traits. They seek open-ended thoughts and contributions from participants. A focus
group is a primary source of data collection because the data is collected directly from the
participant. It is commonly used for market research, where groups of market consumers
engage in a discussion with a research moderator. It is slightly similar to interviews, but this
involves discussions and interactions rather than questions and answers. Focus groups are
less formal and the participants are the ones who do most of the talking, with moderators
there to oversee the process.
 f) Experiments:

An experiment is a structured study where the researchers attempt to understand the causes,
effects, and processes involved in a particular process. This data collection method is usually
controlled by the researcher, who determines which subject is used, how they are grouped
and the treatment they receive. During the first stage of the experiment, the researcher selects
the subject which will be considered. Some actions are therefore carried out on these subjects,
while the primary data consisting of the actions and reactions are recorded by the researcher.
After which they will be analyzed and a conclusion will be drawn from the result of the
analysis. Although experiments can be used to collect different types of primary data, it is
mostly used for data collection in the laboratory.

QUESTION 5:

WHAT IS MEANT BY SECONDARY DATA? EXPLAIN WITH ILLUSTRATIONS

Secondary data are those, which have already been collected and used by some other persons.
They are usually in the shape of finished products. They are called secondary information.

a) Books:

Books are one of the most traditional ways of collecting data. Today, there are books
available for all topics you can think of. When carrying out research, all you have to do is
look for a book on the topic being researched on, then select from the available repository of
books in that area. Books, when carefully chosen are an authentic source of authentic data
and can be useful in preparing a literature review.

b) Published Sources:

There are a variety of published sources available for different research topics. The
authenticity of the data generated from these sources depends majorly on the writer and
publishing company. Published sources may be printed or electronic as the case may be. They
may be paid or free depending on the writer and publishing company's decision.

c) Newspapers:

In most cases, the information passed through a newspaper is usually very reliable. Hence,
making it one of the most authentic sources of collecting secondary data. The kind of data
commonly shared in newspapers is usually more political, economic, and educational than
scientific. Therefore, newspapers may not be the best source for scientific data collection.

d) Websites:

The information shared on websites are mostly not regulated and as such may not be trusted
compared to other sources. However, some regulated websites only share Authentic data and
can be trusted by researchers. Most of these websites are usually government websites or
private organizations that are paid, data collectors.

e) Government Records:

Government records are a very important and authentic source of secondary data. They
contain information useful in marketing, management, humanities, and social science
research. Some of these records include; census data, health records, education institute
records, etc. They are usually collected to aid proper planning, allocation of funds, and
prioritizing of projects.

f) Blogs:

Blogs are one of the most common online sources for data and may even be less authentic
than websites. These days, practically everyone owns a blog and a lot of people use these
blogs to drive traffic to their website or make money through paid ads. Therefore, they cannot
always be trusted. For example, a blogger may write good things about a product because he
or she was paid to do so by the manufacturer even though these things are not true.