Definition Of Research And Its Many Types Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2712 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The term research is loosely used in everyday life. While watching the television, listening to radio or reading the newspaper we come across this term every now then, it is very difficult to avoid this term. The basic definition of the term Research is given in Oxford Encyclopedic English Dictionary as (oxfordreference.com) The systematic investigation into the study of materials, sources etc. in order to establish facts reach new conclusions Don’t waste time! Our writers will create an original "Definition Of Research And Its Many Types Finance Essay" essay for you Create order An endeavor to discover new or collate old facts etc. by the scientific study of a subject or by a course of critical investigation. Also Research can be defined as something that people undertake in order to find out things in a systematic way, thereby increasing their knowledge. Systematic way to find out things are vital phrases in this definition. The phrase systematic here suggests that the research is based on logical relationships not beliefs. And the phrase to find out things suggests that there are multiplicity of possible purposes for the research which may include describing, explaining, understanding, criticizing analyzing. (Ghauri Gronhaug, 2005) From the above definitions, it is evident that research has following characteristics: Data collection interpretation process is systematic controlled. Research has a clear purpose. The research process involves rigorously tested results methods results are open to public scrutiny criticism. (Walliman, 2005) Unless a person is clear about what he wants to research, it is difficult to plan how he is going to research. With reference to this there is one quote in Alices Adventures in Wonderland. Its a part of Alices conversation with the Cheshire cat where Alice is asking the Cat, Would you tell me, which way I ought to walk from here? That depends a good deal on where you want to get to said the cat. I dont much care where replied Alice. Then it doesnt matter which way you walk said the cat. (Carroll, 1989) Thus, formulating illuminating the research topic is the preliminary step of the research project. Once the topic is clear, it becomes easy to choose the most appropriate research strategy data collection analysis technique. This process may be time consuming but if enough importance is not given to this stage the entire project faces the risk of failure. (Saunders Lewis, 1997) Types of Research: Once the research topic is formulated, next step is to decide the type of research required to be conducted. There are different types of research which are distinguished on the basis of theoretical background methodologies adopted to conduct them. Following are some of the commonly used research types (Walliman, 2005): Historical Comparative Descriptive Correlation Experimental Evaluation etc. Now let us briefly understand these concepts. Historical Historical research is defined as the systematic objective location, evaluation synthesis of evidence in order to establish facts draw conclusions about past events. (Borg, 1963) Historical research enables solutions to contemporary problems to be sought in past. More stress is given on what had happened in the past to find out reasons why how that happened. It also helps to figure out present future trends. Such kind of research stresses the relative importance the effects of the interactions that are found within all cultures. (Walliman, 2005) Comparative Comparative research is normally undertaken in co-ordination with historical research. In such type of research peoples experience from different societies or different situations is compared. These researches can take place on the macro or the micro level. This kind of study comparison of differences helps to divulge the origins development of social phenomena. Descriptive Under descriptive research observation is used as a tool for collecting data. It tries to understand the situation in order to build up standards i.e. what can happen if certain situation takes place. Observation, as stated above can be done in many ways like, interviewing people, distributing the questionnaire, audio or video recording etc. These observations are recorded then analyzed in order to reach conclusions. Such type of research is affected by two major factors: the level of complexity involved the scope of the survey. This research has a drawback, as it depends upon the observation of human behavior there responses. For such type of research one has to be very careful while selecting the sample population framing the questions to be asked. Correlation The dictionary meaning of the term Correlation is a connection between two or more things, often one in which one of them causes or influences the other. (dictionary.cambridge. org) Such kind of research is related to numbers unlike previous types of research. Its more of a quantitative form to analyze such data various statistic techniques are used. This quantitative research can be further classified into; Relational Studies Prediction Studies. Relational Studies is an investigation of probable connection between different phenomena to find out if there is any correlation if yes, then to what extent. Where Prediction Studies is used when correlation between different phenomena is known it can be used to predict future events or behavior. The major advantage offered by such research is that it allows measuring the characteristics of variables their relationship simultaneously. But it lacks to reveal the cause effect relationship among the variables. Experimental An experiment can be defined as making change in the value of one variable, known as independent variable observing the effects of those changes on the value of another variable known as dependent variable. (Cohen Manion, 1994) For example, experiments performed in laboratories. Before carrying out any experimental research it is necessary to predict the likely effects causes. This gives an idea of what kinds of variables are required how they should be measured controlled during the experiment. Thus it can be seen that the most important characteristics of experimental research is to find out cause effect relationship between a set of variables. Experimental Research can be further classified into Pre-experimental Research, True Experimental Research, Quasi Experimental Research and Correlation ex post facto Research. Evaluation Evaluation research is a descriptive kind of research exclusively designed to handle complex social issues. (Guba Lincoln, 1989) The main purpose behind any evaluation research is to understand the particular programmes or the working of the programme from different viewpoints like awareness about the subject, cost effectiveness, benefits, attainment of the objectives the quality produced. Most of the times, outcome of such evaluation is helpful in improving the existing situations or developing the new ones. But sometimes it just helps to understand the programme. (Robson, 1993) Methods of collecting data: After finalizing the type of research to be undertaken; next step is to formulate the techniques for collection of data. At first, the nature of data required should be confirmed then, techniques for analyzing that data should be figured. The decision of adopting particular data collection analysis technique is derived from the nature of output required, the characteristics of research problem the available information sources. Thus it becomes necessary to decide whether to conduct qualitative analysis or quantitative analysis. Based on the above discussion, relationship between type of research, data collection techniques data analysis techniques can be presented diagrammatically as follows. Fig. 1 Matrix Diagram: Link between Perspectives (Adapted from Walliman, 2005) The Matrix Diagram makes clear that not only research type data required are related but also data collection data analysis techniques are related to each other. The above figure points out two widely used data collection data analysis techniques; Qualitative Quantitative techniques which are used frequently in business management research. Quantitative technique generally makes use of questionnaire to collect data or makes use of graphs or statistics for collecting analyzing numerical data. Whereas Qualitative technique is used for collecting data through interviews categorizing collected data for generating non-numerical results. It can be interpret by making use of videos or pictures. (Saunders, 2009) Mixed Method is a technique which combines both qualitative as well as quantitative techniques. It involves the use of qualitative quantitative approaches mixing both the approaches making the analysis more strong. (Creswell Plano, 2007) Advantages of Qualitative Research Methods: Produces more in-depth ample information. It makes use of subjective type of data More emphasis is given on detailed description It helps to understand the situation more critically Qualitative approach is not only helpful in understanding the complex situations but also helpful in creating or evolving theories. It gives flexibility to researcher to check out participants responses. Limitations of Qualitative Research Methods: It has limited scope as small groups are used for interviews. If essential questions are omitted it will have adverse effect on the research analysis will lose its affectivity. Data is gathered on large amount, it becomes difficult to manage if not properly organized. Advantages of Quantitative Research Methods: Data is collected in numerical standardized form. Quantitative analysis always involves numerical analysis of data. Analysis is conducted using statistical formulas diagrams. Relationship between variables is expressed formally. Outcome of the research can be compared with previously held outcomes of the research. Limitations of Quantitative Research Methods: Often, assumptions are needed to be done. These assumptions have to be done on reasonable grounds otherwise there is possibility of losing the effectiveness of research. Quantitative analysis generally helps to understand the particular relationship between the variables but does not give reasoning behind it. Choices available for research methods: As explained by Tashakkori Teddlie in the book Research Methods for Business Students, one can make use of single data collection corresponding data analysis technique known as Mono Method or make use of multiple data collection analysis techniques known as Multiple Methods. Fig. 1 Research Choices (Saunders, 2009) The above chart explains various research choices available. The two basic choices under research choices are Mono Methods Multiple Methods. Under Mono method one can combine either single quantitative data collection technique such as questionnaire with quantitative data analysis techniques or make use of qualitative data collection technique like detailed interviews qualitative data analysis techniques. Whereas under Multiple Methods, one can combine qualitative as well as quantitative data collection techniques like making use of questionnaire structured interviews both analyzing using statistical techniques. It is known as Multi-method Quantitative Study. Another option available is Multi-method Qualitative Study where data can be collected using qualitative techniques like structured interviews data can be analyzed using non-numerical qualitative techniques. Mixed Methods can be used to define, when qualitative quantitative data collection analysis techniques are used together for research. Mixed Methods is further classified into two groups; Mixed Method Research Mixed Model Research. Mixed Method Research makes use of qualitative quantitative data collection analysis techniques either parallel or sequentially i.e. at the same time or one after the other but never combines them. It means that, though quantitative qualitative views are used together, quantitative data is analyzed using quantitative techniques qualitative data is analyzed using qualitative techniques. On the other hand Mixed Model Research combines quantitative qualitative data collection analysis techniques. This means one can take quantitative data qualities it or quantities the qualitative data. Tashakkori Teddlie further argued that Multiple Methods are preferable for research as they give more opportunities for analysis. They also stated that adopting Multiple Methods gives a major advantage of using different techniques for different purposes of study. Approach adopted: For my study purpose I have adopted Mixed Method Research, where Ill be using qualitative as well quantitative techniques together. My study is dived into two parts where in first part I have to build a Geography Model in second part identify the costs that are directly or indirectly affected by rising oil prices. For building the model, required information will be collected by interviewing the concerned people i.e. use of qualitative technique. And for the second part, costs will be allocated using Oil Vulnerability Audit Tool i.e. quantitative technique. It is Relational Correlation Research type where I will be investigating probable connection between resource costs their vulnerability to oil prices to find out if there is any correlation if yes, then to what extent. Let us understand Oil Vulnerability Audit Tool concisely. It is a tool designed by Dr. Simon Snowden his colleagues from the University of Liverpool to evaluate vulnerability of business processes to mounting oil prices. The audit is made up of several sub stages as mentioned below: In first step business is overviewed carefully in order to understand the main entities of the business. Entities could be anything like a particular product or service line, market segment, specific customer etc. In my report entity is Geography Module taught at Liverpool Hope University. Once the entity is identified next step is to gather more information on individual activities that take place under that entity processes involved in order to carry on those activities. Also resources required to conduct these process are listed down. This is represented using flow charts. Once the framework for audit is set, associated data is acknowledged collated. Cost data required here is of operational nature. The most important thing to do after gathering the costing data is to prepare Oil Vulnerability Audit Resource Dictionary which contains all the resources in scope. Once the resource dictionary is ready, specify the percentage of cost will be allocated to each activity. Also need to normalize the costs based on reasonable grounds. Next step is to review each resource set the flags. This is done by adding five more columns; energy, liquid fuels, petrochemicals, man-made materials and components made from man-made materials. This will help to indicate oil vulnerability of resources. These particular flags were chosen by the developer of this tool because they help to indentify where the resource is exactly situated in the oil supply chain. The further down the supply chain, the smaller the impact of oil price increases in the short-term but the flags acts as early warning indicator for rising prices in the medium term. Now the resources in the resource dictionary are allocated to appropriate business processes. The flags set will now help to decide whether particular resource should be included in oil vulnerability calculation or not. Now information from each business process can roll up through the business hierarchy to summarise the costs and the OVR information, at each level. Using this tool, oil vulnerability of Geography module taught in Liverpool Hope University University of Liverpool will be calculated compared against each other. Then further discussions will be made as which one is more vulnerable to rising oil prices. Possible Questions asked to gather the information: Based on above discussion the data will be collected from both the organizations. In order to get details required for building the Oil Vulnerability Audit Framework further calculations data will be collected by interviewing the concerned people in both institutions. Following are some of the possible questions that will be asked to the concerned person during their interview. Information required to build the geography Model What is the title of the module? What is the module about? This module is offered under which course? This module comes under which department? What are the contents of the module? Whats the structure of the module? (Lectures/assignments/exam/lab work/field trips/seminars/guest lecturers) Who is the module leader? How many faculty members are there? How many students have enrolled for this module? How are the lectures designed? What are the prerequisites for conducting lectures? Who is involved in designing the structure of the lectures? Whats the procedure of conducting the exam? Information required for defining Resources, Costs Allocation What are the resources used for conducting the module? What is the cost of these resources? Are the required resources easily available? Resources are availed from local, regional or national suppliers? How much cost is incurred for conducting the exam? How much electricity is used per lecture, per exam?