Research approaches & Significance of the research

The above description of the types of research brings to light the fact that there are two basic approaches to research, viz., quantitative approach and the qualitative approach.

                        • The quantitative approach involves the generation of data in quantitative form which can be subjected to rigorous quantitative analysis in a formal and rigid fashion.

                        • This approach can be further sub-classified into inferential, experimental and simulation approaches to research.

                        Ø The purpose of inferential approach to research is to form a data base from which to infer characteristics or relationships of population.

This usually means survey research where a sample of population is studied (questioned or observed) to determine its characteristics, and it is then inferred that the population has the same characteristics.

                        Ø Experimental approach is characterized by much greater control over the research environment and in this case some variables are manipulated to observe their effect on other variables.

                        Ø Simulation approach involves the construction of an artificial environment within which relevant information and data can be generated.

Qualitative approach to research is concerned with subjective assessment of attitudes, opinions and behaviour.

                        • Research in such a situation is a function of researcher’s insights and impressions.

                        • Such an approach to research generates results either in non-quantitative form or in the form which are not subjected to rigorous quantitative analysis.

                        • Generally, the techniques of focus group interviews, projective techniques and depth interviews are used.

                        o Significance of the research

These are the importance of the research:

                        • Research inculcates scientific and inductive thinking and it promotes the development of logical habits of thinking and organisation.

                        • The role of research in several fields of applied economics, whether related to business or to the economy as a whole, has greatly increased in modern times.

                        • Research provides the basis for nearly all government policies in our economic system.

                        • Research has its special significance in solving various operational and planning problems of business and industry. Operations research and market research, along with motivational research, are considered crucial and their results assist, in more than one way, in taking business decisions. Market research is the investigation of the structure and development of a market for the purpose of formulating efficient policies for purchasing,

                        production and sales. Operations research refers to the application of mathematical, logical and analytical techniques to the solution of business problems of cost minimisation or of profit maximisation or what can be termed as optimisation problems. Motivational research of determining why people behave as they do is mainly concerned with market characteristics.

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                        • Research is equally important for social scientists in studying social relationships and in seeking answers to various social problems.

                        • In addition to what has been stated above, the significance of research can also be understood keeping in view the following points:

                        Ø To those students who are to write a master’s or Ph.D. thesis, research may mean a careerism or a way to attain a high position in the social structure.

                        Ø To professionals in research methodology, research may mean a source of livelihood.

                        Ø To philosophers and thinkers, research may mean the outlet for new ideas and insights;

                        Ø To literary men and women, research may mean the development of new styles and creative work.

                        Ø To analysts and intellectuals, research may mean the generalisations of new theories.

• Thus, research is the fountain of knowledge for the sake of knowledge and an important source of providing guidelines for solving different business, governmental and social problems. It is a sort of formal training which enables one to understand the new developments in one’s field in a better way.