Why research is conducted? When there is a problem or if there is an opportunity in the market or in any other particular we conducted a research to explore the opportunity or to solve that problem.
Definition: "A systematic, scientific, organized inquiry that provides information to `managerial decision makers"
1:Systematic: identify the problem and proceeds step by step
2:Scientific: The difference is verifiable, results of research be verifiable. There is the confidence of the decision.
Difference between confidence and decision
P (70
80)=80% it interprets that I am 80% sure that the average marks of class in a particular subjects will between 70 and 80. This statement is precise and differentiable and testable.
P (0100)=100% it interprets that I am 100% sure that the marks of the students in a particular subject are between 0 and 100. This statement is not precise because it is obvious that the marks of students will in between 0 and 100
The level of confidence must not be very wide and it also must not be too short.
Types of Research Exploratory Research:
The research which is conducted to explore the problem is called exploratory research in which hypothesis or level of confidence is defined.
Descriptive Research:
One variable is involved in this type of research, the problem is studied in details and depth and the surveys are conducted.
Causal Research:
The study of cause and its effects is called causal research e.g. the effect of rise in the price of a commodity on its sales, the effect of advertising on the sales etc.