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Key concepts: • • • • • • • • • • • Introduction Problems of decision-making Steps of decision-making process What is a research? Objectives of research Features of research Factors required for a scientific/good research Types of research Scopes of research Conclusion Summary .

) have been treated as an increasing concern among the researchers. commerce. sociology. exploring the research output particularly in the areas of humanities (management studies) and social sciences (economics. history. etc. • The pre-occupation with methodology is largely peculiar to any discipline of research. particularly in humanity and social science research in India.• In recent years. .

• Presently. . • There are numbers of alternative course of action among which choice has to made are often called in management discipline as ‘management strategy’ and in economics as ‘economic decision-making’. reflects that something has gone wrong. • The word ‘problem’.Decision-making • Decision-making problem requires a choice among alternative course of action so as to achieve the objective (s). in a general meaning. the business applications of economics and commerce are attracting more and more intellectuals to its fold.

Steps of decision-making: • • • • • Analyzing the Objectives Defining the Problem Identifying Possible Alternative Solutions Evaluating Alternative Course of Action Validation of the Results .

etc.1: Decision Making Flow Chart . solves the problem Thus decision is taken Figure-1. Gets number of alternatives. Multivariate analysis and computer with different available statistical and econometrics packages. Take decision-making on the existing problem & that one which is within the limit of the executive in terms of availability of time. finance.Management of decision-making problem Requires principles and theories of different areas like Economics. experienced persons etc. Production. IT. HR. Find out alternatives by search of facts – called as research Statistical technique. models. Finance. Marketing. Optimization techniques. Operations.

• ‘Research is a careful inquiry or examination in seeking facts or principles.What is Research? • For a common human being ‘research’ means a detailed study of a subject especially in order to discover (new) information or reach a new findings. a diligent investigation to ascertain something’. (Clifford Woody) .

What is Business Research? • A systematic Inquiry whose objective is to provide information to solve managerial problems. .

• • • .Objectives of Research • • To find out truth that is hidden. To formulate and test hypothesis that narrates casual relationships between variables. To gain familiarity with a phenomenon or to achieve new insights into the study. To understand/investigates the characteristics of a particular Individual/groups situation(s). To gate decision making through problem solving.

What is Good/Scientific Research? • Purpose clearly defined • Research process detailed • Research design thoroughly planned • Limitations frankly revealed • High ethical standards applied • Unbiased analysis of results • Conclusion should be justified • Adequate analysis for decision-maker’s needs • Findings presented unambiguously • Researcher’s experience reflected .

. • To increase knowledge as a consumer of research and to understand research within a discipline or area of study.Purpose of Research • To increase knowledge within a discipline or an area of study.

When Research should be Avoided? • • • • When information cannot be applied to a critical managerial decision When managerial decision involves little risk When management has insufficient resources to conduct a study When the cost of the study outweighs the level of risk of the decision .

Increasing Knowledge within a Discipline or Area of Study • For Theory Development • Practical Application • Developing Research Tools .

Modelling Research • Symbolic Model • Mathematical Model 4.Types of Research 1. Fundamental Research . Conclusive Research • Descriptive Research • Experimental Research 3. Exploratory Research • Survey of Literature • Experience Survey • Study of Case 2. Applied Research 5.

and 3. Natural Sciences or Physical Science Research 2.Scopes of Research 1. Management Research . Social Science Research.