Business research Question 1 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 (7080)=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. |
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