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1 . 1 COMPANY
Bharat Aluminum Co . Ltd . ( BALCO ) was incorporated in the year 1965 as a Public Sector Undertaking (PSU). BALCO has several “firsts” to its credit. It is the first public sector enterprise in the country which started producing aluminum in 1975. In 198788, a captive power plant of 270 MW was added to cater to the power requirement of the unit. BALCO has been the first in the Indian Aluminum Industry to produce the Alloy Rods, which is a Feedstock for all Aluminum Alloy Conductors, needed for today’s power transmission lines. Till 2001, BALCO was a public sector enterprise owned 100% by Government of India (GoI). In the year 2001, GoI divested 51% equity and management control in favour of Sterlite Industries (I) Limited. In the last 41 years, BALCO has built up a production capacity of 200,000 tonnes per annum of alumina production capacity, 350,000 tonnes per annum of smelting capacity and expanded its fabrication facility to include three Properzi Rod Mills, three pig casting machines, integrated hot and cold rolling mills, and captive power plants of 810MW capacity.
“To achieve global standards of excellence in productivity and customer satisfaction” The Bharat Aluminium Co. Ltd. (BALCO) culture finds expression in its five core values: Commitment to excellence Commitment and competence of the people Customer satisfaction Globally one of the lowest cost producers Team work At BALCO, there is a constant effort to improve in all areas of operations. Plans are afoot to modernize the existing infrastructure to bring it on par with the best in the world.
Mission: DEPARTMENT*To achieve the financial execellency *To build the image of the company as an commercial & efficient run organization. OBJECTIVE*To check the income drainage through tax saving measures. *improvement in customer’s service. *To keep alive the goodwill & confidence created amongst suppliers, customers & other govt. agencies.
STRATEGY*To divest the equity progressively & enter the capital market *To strengthen the collection *Usage of surplus funds in building strategy alliances & for establishing export oriented units/diversification *Maximisation of profit through value added products *Integration of computerization of all sections of finance & accounts department
CRITICAL SUCCESS FACTOR*Improvement of collection of dues *complete computerization of accounts & accounts related functions of other department *Dynamic financial policy & technology improvement
PER CAPITA ALUMINIUM CONSUMPTION(Kg) :
INDIA CHINA UK USA
0.5 3.1 19 33.4
ELECTRICAL TRANSPORTATION CONSUMER DURABLES PACKAGING BUILDING CONSTRUCTION MACHINERY OTHERS
37 19 12 7 6 4 15
EUROPE USA CANADA LATIN AMERICA JAPAN REST
30.8 29 3.4 5.1 13.3 19.4
21.9 22.9 14.4 13.2 0.2 27.4
Capacity of 200,000 tpa of calcined alumina, 345,000 tpa of aluminium metal and 810MW power plants. Produced 219,485 tonnes of calcined alumina and 173,743 tonnes of hot metal in FY 2005-06 and sold 171,206 tonnes of aluminium. Fully computerized Cold Rolling mill installed, which has precise temperature controls. Hot Rolling Mill, widest 4 high hot rolling facility. Received ISO 9001:2000 for manufacture and supply of calcined alumina, aluminium ingots/billets, aluminium rods and aluminium rolled products.
ASSETS & LOCATION
B h a ra t A l m i i m C o . Ltd . ( B A LC O ) i a p a rti l y i te g ra te d u n u s al n A l m i i m co m p a n y w i C a p ti B a u xi M i e s, C a p ti Po w e r u n u th ve te n ve Pl n ts, R e fi e ri s a n d S m e l rs. a n e te
Vedanta Resources Corporate Social Responsibility UTKARSH Scholarship Scheme Inviting Talented Youth From Chhattisgarh Bharat Aluminium Co. Ltd. (BALCO) is complying with applicable Environmental and Occupational Health and Safety Assessment (OHSAS) certification rules and regulations, and seeks to provide a safe and environment friendly work atmosphere. The company has taken steps towards conservation of raw materials, water and energy and wherever possible, recycles water and reduces waste. BALCO is committed to environment protection and minimizing health hazards. BALCO has a gas cleaning and cryolite regeneration plant to minimize emission of gases since inception. It has mud ponds for disposal of red mud generated from Bauxite. Electrostatic precipitator is provided to check emission of solid particles into the atmospheres.
BALCO believes in operating with a Social Conscience. As a responsible Corporate Citizen, BALCO has undertaken some key initiatives to achieve its Effluent discharge has been brought down from 6000cum to 2500 social objectives:
2003-04 and the goal is to achieve zero-discharge by Jan 2006. On-line opacity meters are installed for on-line monitoring of SPM in all the stacks. BALCO has obtained ISO 14001 and OHSAS 18001 certification its mines, refineries and smelters except for its Bodai Daldali mine will obtain shortly.
Two Brick Manufacturing plants have been promoted for fly-ash utilization. At Kartala, a predominantly tribal block of Korba district, a , which is connected to at Bilaspur and Chennai, set up. Four villages, which are in the vicinity of the manufacturing facilities, have been adopted for a number of co development programmes involving provision of drinking water, education, health, sports & games, roads etc
OPERATION OVERVIEW BALCO is a partially integrated operation with its own Captive Bauxite Mines, Refinery and Smelters, producing primary aluminum and also has 810 MW captive power plants. BALCO operations can be categorized into four major activities: •Mining •Smelting •Refining •Fabrication • MINING Mining Process Bharat Aluminium Co. Ltd. (BALCO) has Captive Bauxite Mines. The method of mining is open cast semi-mechanized. Overburden, which is in the form of soil & laterite, is first excavated by a combination of shovel / excavator and dumper in order to expose ore-zone. Then the ore zone is drilled and blasted. The blasted ore is subject to sorting in order to upgrade the “Run of Grade” to “Plant Feed Grade” i.e. 46.7% oxide for Bodai Daldali and 47% for Mainpat. Sorting is carried out at the mine-face and the rejects associated in the ore zone are back-filled concurrently. The area is then leveled and afforested. The sorted ore is then trucked to the Korba complex for further processing.
Mines Mainpat is the primary operative mine. It produced 565,301 tpa of Bauxite in 2005 -06. Mainpat has approximately 5.3 million tonnes of reserves while Bodai-Daldali has approximately 6.3 million tonnes of Bauxite reserves. SMELTING Smelting Process Bharat Aluminium Co. Ltd. (BALCO) uses VSS (Vertical Stud Soderberg) technology to produce Aluminium from Alumina. Alumina is dissolved in an electrolytic bath of molten cryolite (Sodium Aluminium Fluoride) within a large carbon or graphite lined steel container known as a "pot". An electric current is passed through the electrolyte at low voltage, but very high current. The electric current flows between a carbon anode (positive), made of petroleum coke and pitch, and a cathode (negative), formed by the thick carbon or graphite lining of the pot. Molten Aluminium is deposited at the bottom of the pot and is siphoned off periodically. It is then taken to a holding furnace, cleaned and then cast. In the GAMI pre-baked process; alumina is converted into primary aluminum through a smelting process using electrolytic reduction. The reduction process takes place in a reduction cell, referred to as the pot, where alumina is reduced to molten aluminium. From the pot-line, the molten aluminium is sent to the fabrication facility.
Refining Process The aluminum industry relies on the Bayer process to produce Alumina from Bauxite. Bauxite is crushed, ground and digested in caustic soda at high pressure and temperature. The resulting liquor contains a solution of sodium aluminates and un-dissolved Bauxite residues containing iron, silicon, and titanium. These residues, known as “red mud”, settle gradually to the bottom of the settling tank and are filtered and removed. The clear sodium aluminates solution, which is called aluminates liquor, is pumped into a series of huge tanks called precipitators. Fine particles of alumina are added to seed the precipitation of pure Alumina particles as the liquor cools. Concentration of the solid particles increases, which are then removed, filtered and washed, and passed through a rotary or fluidized calciner at 1100°C to drive off the chemically combined water. The result is a white powder, pure Alumina.
FABRICATION Introduction For the past 30 years Bharat Aluminium Company has been dedicated to developing World Class Quality aluminium plates and sheets of the various alloys. To stay ahead of the competition it has adopted state of the art technology and has firmly established itself as a front-runner among the producers of aluminium sheets and plates. Past Successes: Since 1980 BALCO has been catering to the needs of Defence and Space Research. The following sophisticated alloys have been developed and supplied for defence and space applications: 90% of the aluminium alloys used in the ‘Agni’, ‘Prithvi’ and ‘Akaash’ missiles, which have been test fired successfully, were supplied by BALCO. State of the art technology available with BALCO
S.NO. 1 Alloy AFNOR 7020 Applications Rocket fuel storage tank for ISRO
Cryogenic applications for VSSC, Trivandram. Ammunition hardware for O.F., Ambajhari.
Weldable secondary structural Components for O.F., Ambajhari
CAST HOUSE: 1.Properzi continuous rod casters 2.Twin Roll Continuous Caster along with SNIF degasser (Maximum coil weight 10 tons, width 1750mm maximum) 3.Hydraulically driven semi – continuous ingot Casting machine. SHEET ROLLING SHOP:
This is the only 4 - High Hot Rolling Mill in India.The HRM of BALCO has the capacity to roll the widest slab (up to 1560 mm) plates among all the HRM installed in . The HRM contains a vertical rolling stand for edge rolling of the plates, which minimize edge cracking.
Old Cold Rolling Mill
BALCO has a 4 - High reversible rolling mill which neither Hindalco nor Indal has. The 4 - High mill helps to minimize shape variation in sheets.
New Cold Rolling Mill
The salient features of the new Cold Rolling Mill installed are given below: Hydraulic automatic gauge control. Shapes and flatness control. Quick roll changing system. Computerised controls with process sequence controls.
QUALITY ASSURANCE LABORATORY AND R & D CENTRE : The Quality Assurance Laboratory and R&D Centre are equipped with the most sophisticated equipments such as: 1.XRF & XRD 2.Pot flux analyzer. 3. Atomic absorption spectrometer 4.Scanning Electron Miscroscope 5.Polarizing microscope. 6.Erichsen sheet metal tester. 7.Instron 5569 8.Apart from the above the R&D Centre also has a melting furnace, miniature rolling mill, wire drawing equipment, forging press and heat treatment furnaces for developing special alloys. PRODUCTS GALLORE : The alloys produced for catering to the needs of various sectors are as given below: 1.Redraw rods- EC Grade, AA 6201, High strength grades and commercial grade. 2.Hot rolled coils- alloy 1xxx, 2xxx, 3xxx, 5xxx, 6xxx, 7xxx & 8xxx. 3.Hot rolled plates- alloy 1xxx, 2xxx, 3xxx, 5xxx, 6xxx, 7xxx & 8xxx. 4.Cold rolled coils- ….do………. 5.Cold rolled sheets- …..do……… 6.Five bar pattern chequered sheets-1xxx, 3xxx, 5xxx, and 6xxx. 7.Diamond pattern chequered sheets-1xxx, 3xxx, 5xxx, and 6xxx. 8.Corrugated sheets and Industrial (troughed) sheets – 1xxx,3xxx,5xxx, and 6xxx 9.Foil Stock 10.PP Cap stock
PROJECT Bharat Aluminium Co . Ltd . (BALCO) has never been a company to rest on its laurels. BALCO recently completed expansion projects comprising the commissioning of a 250,000 tpa aluminium smelter and an associated 540 MW captive power plant at a total cost of $550 million.
Bharat Aluminium Co. Ltd. (BALCO) manufactures a wide range of products under the brand name of ‘BHARATAL’. The products can be classified as under : •Aluminium Metal and it’s Semis •Process Products • Aluminium Metal and it’s Semis Cast Aluminium - Products under this category are not subjected to any fabrication operation other than casting into ingots/pigs, slabs, etc. The product mix in this category comprises of: •Bharatal Ingot •Bharatal Casting Alloy Ingots • Wrought Aluminium – Products in this category are produced essentially by mechanical operation and comprise of the following: •Bharatal Properzi Rods •Bharatal Rolled Products
Process Products BALCO’s intermediate products, co-products, by-products and waste products are covered under this category. These can be classified as under: •By-products such as Vanadium Sludge • INGOTS Bharatal Ingots Types Available: EC Grade Ingots (EC) / Commercial Grade Ingots (CG) Size: 115mm(thick) x 150mm(width) x 800mm(length) Weight: 20kg each on an average Bharatal Casting Alloy Ingots or Pigs Types Available: Alloy Master Alloy (Hardeners) Size: 120mm(thick) x 150mm(width) x 800mm(length) Weight: 20kg each on an Weight can be reduced as required by the customer. Ingots average
RODS Bharatal Properzi Rods
Types Available: Size:
EC Grade Rods (EC) / Commercial Grade Rods (CG) / 9.50mm, 7.6mm, 12.0mm diameter rods
ROLLED PRODUCTS Bharatal Rolled Products Bharatal Rolled Products are produced in the following categories: •Hot Rolled Coils •Hot Rolled Plates •Cold Rolled Coils/ Strips •Cold Rolled Sheets •Corrugated Sheets •Chequered Sheets •New CRM Products
Hot Rolled Coils : Width (Untrimmed):
In as rolled condition Standard: 890mm, 965mm, 1270mm, 1540mm (approx.) Non-standard: 800mm - 1540mm Tolerance: Not applicable
4.50mm – 12mm for normal alloys (i.e. alloys of Al, Al-Mn, Al-Si, etc.) 4.50mm – 8mm for hard alloys (i.e. alloys of Al-Mg, Al-Mg-Si, Al-Cu-Mg, etc.)
Arbour Diameter: Coil Density: Coil Weight: Temper: Finish:
750mm without spool 2.25kgs/mm width (approx.) 1000 – 4000 kgs M, O Mill Finish
Hot Rolled Plates Width (Untrimmed): In as rolled condition Standard: 865mm, 965mm, 1015mm, 1100mm, 1270mm, 1540mm (approx.) Standard: 915mm, 1220mm, 1500mm (approx.) Non-standard: 800mm - 1498mm
Thickness (Untrimmed): Thickness (Trimmed):
4mm – 200mm 6.5mm – 12mm for normal alloys (i.e. alloys of Al-Mn) 6.5mm – 80mm for hard alloys (i.e. alloys of Al-Mg, AlMg-Si, Al-Cu-Mg, etc)
Weight: Temper: Finish
Depends on dimensions F / M, O, H1, Mill Finish
Cold Rolled Coils/ Strips
Width (Untrimmed): In as rolled condition Standard: 965mm, 1270mm, 1540mm (approx.) Non-standard: 800mm - 1540mm Available for thickness range of only 0.4mm – 2.0mm Standard: 915mm, 1220mm, 1500mm (approx.) Non-standard: 25mm - 1500mm
0.4mm – 8.0mm for heat-treatable alloys (i.e. alloys of Al-Mg-Si, Al-Cu-Mg-Si, AlZn-Mg-Si, etc) 0.4mm – 4.0mm for non-heat treatable alloys (i.e. alloys of Al, Al-Mn, Al-Si, Al-Mg, etc)
Untrimmed: 750mm with full weight coils Trimmed: 200mm – 500mm with increase of multiple of 50mm for coils with width range 100mm – 630mm, & 500mm for coils with width range 630mm – 1500mm
Coil Density: Coil Weight: Temper:
1.0 – 1.5kg/mm width (approx.) 1000 – 3000kgs (untrimmed coil), 250kg (trimmed coil) M, O, H1, H2, H3, H4 (for coils of thickness 0.4mm – 2.0mm in trimmed condition with coil density of 1-2kg/mm width, & O, M with untrimmed edges in heat-treatable alloys
Finish: Mill Finish
Cold Rolled Sheets Width Standard: 915mm, 1220mm Non-standard: 400mm – 1200mm (for thickness of 0.7mm and above) 500mm – 915mm (for thickness of 0.7mm and below)
Standard: 1830mm, 2440mm, 2745mm, 3050mm Non-standard: 1000mm – 4350mm
0.56mm – 5.00mm (length & width for sheets having thickness of over 4.00mm is subject to confirmation) F / M, O, H1, H2, H3, H4 O, H1, H2 (for sheets in thickness over 3.25mm & in width over 915mm – 1200mm) Al, Al-Mn, Al-Si, Almg etc. Mill Finish
New CRM Products
To ensure world-class quality, our fully computerized New Cold Rolling Mill has the following advantages: •Melting furnace with precision temperature controls •On-line SNIF degassing which removes hydrogen and other impurities •Ceramic foam filter which removes suspended impurities •15-degree tilted super caster ensuring high-quality coils of international standards •Automatic gauge and flatness control •Nitrogen controlled atmosphere in annealing furnaces that offer stainfree & brighter surface •Computerized roll grinding machines that maintain stringent tolerances of profiles for the rolls •Widest and strongest 4 high hot rolling facility (only one in India)
1100, 8011, 3003, 5XXX, 2XXX, 6XXX
0.30 – 4.50 *
800 – 1540, 800 - 1500
Commercial Applications, Defence/Marines
1100, 8011, 3XXX, 5XXX
0.30 – 4.00 *
800 – 1480
1100, 8011, 8006
0.30 – 0.60
500 – 1480
0.17 – 0.23
550 – 1200
PP Caps, Seals
Lamp Cap Stock 3004, 8011, 5251, L8S
0.25 – 0.30
95 – 105
0.12 – 0.20
95 – 1220
Heat Exchangers, Refrigeration
1.2.1 ORGANISATION CHART
PRESIDENT C F O PLANT - 1 PLANT - 2 POWER
GM ALUMINA GM SMELTER AVP FAB. AGM HR AGM FINANCE AGM COMM.
AVP POWER PROJECT GM SMELTER PROJECT GM HR GM COMM.
GM CPP - 1 GM CPP - 2 AGM HR AGM FINANCE AGM COMM.
AVP ADMIN. GM COMM.
1.2.2 BOARD COMPOSITION
S.No Name Designation Category No. of other Membership of Directorsships other committees 11 15 8 Nil 4 6 Nil Nil Nil Nil 1 2 3 4 5 6 7 Mr.Anil Agarwal Mr.Navin Agarwal Non-Executive Chairman Non-Executive Vice Chairman Nominee of Sterlite Industries Ltd. Nominee of Sterlite Industries Ltd. Nominee of Sterlite Industries Ltd.
Mr.Tarun Jain Non Executive Director Ms.Ajita Bajpai Non-Executive Pande Director Mr.Sanjiv Kumar Mittal Mr.Pramod Suri Non-Executive Director CEO & Wholetime Director
Nominee of the 3 Government of India Nominee of the 4 Government of India Nominee of Sterlite Industries Ltd. Nominee of Sterlite Industries Ltd. Nil 2
Mr.Chandra Non Executive Prakash Baid Director
1.2.3 COMPETETIVE SCENARIO
TOP 10 ALUMINA PRODUCING COUNTRIES: AUSTRALIA 31 USA 10 CHINA 9 JAMAICA 7 BRAZIL 7 RUSSIA 6 INDIA 6 VENEZUALA 3 UKRAINE 3 CANADA 3 OTHERS 15
ALUMINA- present & future capacities (INDIAN SCENARIO)
CAPACITIES,LAC MT 2005-06
15.75 6.6 4.5 2 0.7 29.55
15.75 6.6 4.5 2.3 0.78 31.23
21 6.6 10 4.5 8.3 0.84 51.24
NALCO HINDALCO UTKAL INDAL BALCO MALCO TOTAL
1.2.4 MARKET SHARE:
BALCO’S SHARE AMONG PRIMARY ALUMINIUM PRODUCERS OF INDIA:
1.2.5 FINANCIAL DETAILS
Particulars Praduction in MT Sales Excise duty Other income Total income Total expenditure Cash profit EBIDTA PAT Share capital Reserves & surplus Net wroth EPS Book values Cross fixed asset EBIDTA(%) Net profit margin No. of employee 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 358,671 313,189 160155 528.14 111.47 510.27 221.03 276.75 86.71 100272 170.99 28.57 97088 140.83 54.44 779.78 187.42 167.98 67.48 220.62 486.96 677.29 3.06 30.7 16.69 6.71 4311 95490 984.39 132.15 45.06 879.24 790.17 142.78 119.28 64.49 220.62 431.93 612.16 2.92 27.75 12.12 6.55 5061 70353 677.7 98.62 53.31 632.29 630.09 38.29 19.09 18.76 220.62 367.44 582.07 0.85 26.66 2.82 2.77 6300 4697.69 4610.54 2050.15 1216.31 1006.4
1860.11 1073.89 920.01 253.66 249.56 127.45 220.62 614.4 814.82 5.78 36.93 20.52 10.48 4566
3432.49 3273.79 1597.64 873.65 1338.82 1525.94 434.54 1396.54 1662.96 487.39 678.18 220.62 906.52 220.62 168.5 220.62 993.41 7.64 45.03 23.77 8.22 5100
2309.45 1661.78 782.89 2530.07 1882.4 30.74 114.68 29.73 14.45 5192 41.09 85.32 36.07 19.66 5267
4965.24 4845.04 4199.66 1796.45 1314.2
A ratio analysis is a mathematical relationship between two or more items of the financial statements connected with each other. Ratio analysis serves the purpose of various parties interested in financial statements. The ratio analysis is to help management in analysing and interpreting the financial statements,to get adequate information useful for the performance of various function like planning, coordination,control,communication and forecasting.
Utility of ratio analysis
Trends in costs , sales, profit and other related facts are revealed by the past ratios and future events can be forecasted on the basis of such trends. “Ideal ratios” may be constructed and the relationship found between strategic ratios can be used for achieving the desired co-ordination. Ratio may be used as instrument of management control particularly in the areas of sales and costs. Ratio may also be used as a measure of efficiency. Since ratios bring uniformity in the financial data ,inter-firm comparison is made possible. It helps in investment decisions to make profitable investment. Ratios also facilitate the function of communication. It can easily be conveyed through the ratios as what has happened during the two intervening periods.
Significance of ratio analysis
Business facts shown in financial statements do not carry any importance individually . Their importance lies in the facts that they are inter related Hence, there is need for establishing relationship between various but related items ,If any correct and accurate conclusion is to be drawn by their use. Ratio-analysis as a tool for the interpretation of financial statements is also significant because ratios help the analyst to have a deep peep into the data given in statements. Figures in their absolute forms shown in financial statements are neither significant nor able to be compared. It signifies whether the financial health of the concern is vital, strong , good or poor and week. Ratio-analysis may highlight upon the few phases of the business operationsin which the outsiders are most interested by ascertaining the rate and direction of change and future potentialities.
Classification of ratios
1.Classification by statements:
b) Balance Sheet Ratios
Ø Ø Ø Ø Ø
Liquidity ratio Current ratio Stock ratio Proprietary ratio Capital gearing ratio
b) Profit & Loss Account Ratios
Ø Ø Ø Ø Ø Gross profit ratio Expenses ratio Operating ratio Net profit ratio Profit cover of interest and dividend
c). Balance Sheet and Profit & Loss Account Ratios
Return on capital employed Return on shareholders fund Stock turnover Debtors turnover Creditors turnover Working capital turnover Current asset turnover Fixed asset turnover Net sales
Ø Ø Ø Ø Ø Ø Ø Ø Ø
2. Classification by a) Ratio for Management
Ø Ø Ø Ø Ø
Operating ratio Return on capital employed Stock turnover Debtors turnover Solvency ratio
Ratio for Creditors
Current ratio Solvency ratio Creditors turnover Fixed asset ratio Asset cover ratio Interest cover ratio
Ø Ø Ø Ø Ø Ø Ø Ø Ø Ø Ø Ø Ø Ø
c) Ratios for Shareholders
Return on shareholders fund Capital-gearing ratio Dividend cover Yield rate Proprietary ratio Dividend rate Asset cover of share
Ø Ø c)
3.Classification by Relative Importance
a) Primary Ratio
Ø Return on capital employed Ø Asset turnover Ø Profit ratio
b) Ø Ø Ø Ø Ø
Secondary Performance Ratio
Working capital turnover Stock to current asset Current asset to fixed asset Stock to fixed asset Fixed asset to total asset
c) Ø Ø Ø Ø
Secondary Credit Ratio Creditors turnover Debtors turnover Liquid ratio
Ø Current ratio Ø Average collection period
d) Growth Ratio Ø Growth rate in sales Ø Growth rate in net asset Ø
4.Classification by Accounting Significance
Solvency ratios Earning ratios Capitalisation ratios Credit ratios Management ratios
Ø Ø Ø Ø Ø
5.Classification by nature Ø Liquidity, solvency or working capital ratios Ø Inventory ratios Ø Debtors and creditors ratios Ø Sales ratios Ø Earning and dividend ratios Ø Cost ratios
2. RESEACH METHODOLOGY
Research in common parlance refers to a search for knowledge. One can also define research as a scientific and systematic search for pertinent information on a specific topic. Research methodology is a way to systematically solve the research problem. Research methodology just does not deal research method but also consider the logic behind the method. In facilitates the researcher with reason for evaluating the research problem. It has also defined as ‘a careful investigation or inquiry especially through search for new fact in any branch of knowledge’. Research comprises defining research problems, formulates the hypothesis, research design including sample designing, data collection, analysis of data, interpretation, conclusion on the Basis of interpretation. Apart from it suggestions and recommendations are also the part of research.
Flow chart of research can be as follows.
Define research problem
Data collection (execution)
Data analysis (hypothesis testing if any)
Interpret and report
Defining research problems: - A research problem, in
general, refers to some difficulty which a researcher experiences in the context of either a theoretical or practical situation and wants to obtain a solution for the same
Formulate hypothesis: - after extensive literature survey,
researcher should state in clear terms the working hypothesis. Working hypothesis is tentative assumption made in order to draw out and test its logical or empirical consequences
Researchers have to state the conceptual structure within which research would be conducted. The preparation of such design facilitates research to be as efficient as possible yielding maximal information. A research design is the specification of methods & the selection of methods & procedures for gathering the data. Data gathering forms are prepared. Questionnaires are tested samples for investigations are planned.
All projects must start with exploratory research. This is preliminary phase and is absolutely essential in order to obtain a proper definition of the problem at hand. The major emphasis is a discovery of ideas and insight.
The descriptive study is typically concerned with determinig frequency with which some thing occurs or variable vary together this study is guided by an initial hypothesis.
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