Research Methods for Business - Assignment Example

 Research Methods for Business 1. WHY DO RESEARCHERS USE SAMPLING PROCEDURES? While conducting a research, it is possible that the researchers take the entire population into consideration and conduct a thorough research accordingly. This might be a way through which they can ensure the precision, accuracy and reliability of the data. However, there are many reasons due to which it becomes impractical or virtually impossible to conduct a research that includes the entire population. Hence, in order to conduct a thorough research, the researchers use sampling procedures instead to create samples. Each sample is selected through a proper sampling method, which enables it to be a representative group of the entire population in terms of preferences, choices, mindset, demographics, etc. Some of the main reasons why using a sample is a better option than the entire population while conducting a research, are discussed below. Cost The first and the foremost dilemma of the research process is that it is very expensive. It takes a lot of effort to collect the views of the targets and hence consumes a lot of money as well. When it comes to a sample, if selected carefully, it is to a very large extent a true representation of the population. And since the sample size is smaller than the size of the population, it costs much less to gather data from the sample. Thus, sampling is very cost-efficient as compared to the entire population. Labor Labor is another factor that leads to the use of sampling procedures. A large amount of labor needs to be engaged while conducting a research. This labor force is very expensive to employ and it takes a lot of time as well in order to select the best people to perform the task. Thus, the larger the sample size, the more the labor needed and the more would be the time and finances consumed. Therefore, it is better to use a sample instead of he entire population in order to minimize the cost and effort. Timeliness & Validity Time is one of the most important factors when making any decision regarding the research methods and processes. Although there are many reasons for the time to be a crucial factor, however, the most important reason is that he researches are mostly very time sensitive, i.e. they tend to expire with time or so to say, the findings of the research tend to quickly become obsolete as the time passes and the preferences of the respondents change with changes in the society and the economy. Therefore, the research might not remain valid by the time it is finished. Hence, it is very important to assess the time that would be taken to conduct the entire research and device research methods accordingly. Thus, it is better to use a sample in place of the entire population so that the findings remain fresh and valid by the end of the research. Accuracy & Reliability If the sample is selected wisely and data is collected carefully, it provides the researchers with a pretty accurate data. Hence there does not remain much need of conducting an entire census and wasting so much of time and resources after it if more or less same results can be derived out of a sample. If the population is homogenous, a very small sample size may be enough to derive results; however, if the population is heterogenous, a large sample size would have to be selected making sure that all types of members of the population have been included. Destructiveness of the Research Many a times, a research is conducted in such a manner that it requires the destruction of the products being testes, e.g. as in the quality control and testing. For example, in a matchstick factory, in order to check the quality of the matchsticks, they have to be lightened and extinguished, which destroys them for future use. In such cases, the entire population census cannot be conducted since the products would be destroyed for good. 2. WHAT FACTORS MUST YOU CONSIDER WHEN DECIDING ON AN APPROPRIATE RANDOM SAMPLING METHOD? There are many methods for random sampling, including: Probability methods: These include simple random sampling, stratified sampling, systematic sampling and cluster sampling. They are considered to be the most effective and comprehensive sampling methods across the globe and can be used for any research purposes. Quota methods: These include quota sampling, proportionate quota sampling and non-proportionate quota sampling. These are used when very valid and specific data is needed. The number of participants is pre-determined. Selective methods: These include purposive sampling, expert sampling, snowball sampling, etc. They are used when only some particular types of participants are to be targeted. Convenience methods: These methods include convenience sampling, judgment sampling, etc. They are used when there are time and resource constraints. These methods consume less time and finances; however, their accuracy decreases accordingly. Ethnographic methods: They include selective sampling, theoretical sampling etc. They are used when the studies are field-based and it is difficult to convince people to participate. In such cases, those participants are selected who are willing and available to participate themselves. Provided with so many types and methods of sampling, it is important for a researcher to select the sampling method that is the most appropriate to the research being conducted. Therefore, there are a number of factors that need to be considered while deciding upon an appropriate sampling method. Some of the most important factors are discussed below. Degree of Accuracy The degree of accuracy needed varies from research to research and different levels of accuracies can thus be achieved using different sampling methods. For example, convenience methods many not give that level of accuracy that probability samples would but that might also not be the need of the research and thus, lots of time and resources may be saved. Like if the nature of the research is merely exploratory, a low level of accuracy might do but id the research is conclusive in nature, a high level of accuracy is required. Resources The amount of resources being consumed is yet another factor. The cost of the research varies greatly depending upon the sampling method used. Thus, if the resources are very less, as for a graduate student working on his thesis, very large and concise sample sizes cannot be used. On the contrary, if the goals are complicated and the resources are sufficient, as for a large MNC, the sample sizes may go even beyond a national level. Time Many a times, the importance of urgency in the research exceeds the importance of its accuracy. In such cases, when the deadlines are short and the project is urgent, the sample size selected would be simple, comparatively small and the research method selected would be less time-consuming. In such cases, some compromise may be made on the accuracy and more emphasis is made on the timeliness of the research. Advance Knowledge of the Population In some cases, the researchers have a very diverse knowledge of their target population while in other cases, they don’t. If there is not much information available regarding the population, many sampling methods, like systematic sampling and stratified sampling are automatically ruled out and cannot be used. Geographic Proximity of the Research The geographic proximity of the research is also an important factor that affects the decision of an appropriate sampling method. The sampling method may greatly vary depending upon the fact whether a project is local, national, regional or global. For example, in case of unevenly scattered population across the country, they best suited method would be cluster sampling. Need for Statistical Analysis The need for statistical analysis also guides the researcher regarding the choice of the sampling method. For example, if the researcher needs to statistically analyze the findings of the research, it is advisable to use probability sampling. 3. WHAT ARE THE MAIN DIFFERENCES BETWEEN STRUCTURED INTERVIEWS, SEMI-STRUCTURED INTERVIEWS AND UNSTRUCTURED INTERVIEWS? Interviews are one of the various methods for data collection that is to be used in a research analysis. There are three main types of interviews, structured, semi-structured and unstructured. They are discussed below. Structured Interviews Structured interviews are also known as standardized interviews or researcher-administered interviews. They mainly differ from semi-structured and unstructured interviews on the basis of their lay-out. The structured interview is laid out in such a manner that the questions are predetermined and the sequence of the questions is also fixed in most cases. It is to be made sure by the researcher that every participant is asked the same questions and all participants are exposed to all the questions of the interview. Moreover, the participants are encouraged not to digress from the main questions and the researcher tends to avoid any discussions apart from the designated questions of the interview. The answers are also fixed most of the time as in multiple choice questions. Structured interviews are used for both qualitative analysis (e.g. focus groups) and quantitative analysis (e.g. statistical surveys). Semi-Structured Interviews Semi-structured interviews are a transition between structured and unstructured interviews. Like structured interviews, they mainly differ from structured and unstructured interviews on the basis of their layout. In a semi-structured interview, the researcher has a pre-planned set of questions that are needed to be asked from the participants, but theses interviews are flexible as compared to structured interviews, i.e. the researcher intends to ask all the questions from all the participants in the given order only, but if any discussion arises amidst two questions, such discussions are encouraged and entertained accordingly and the data gathered from these discussions is noted separately as a valuable information. Moreover, the answers are not fixed all the time and even if they are, the participants are allowed to disagree with the choices given and may state an answer outside of the given options. Semi-structured interviews are used for semi-quantitative or semi-qualitative analyses, i.e. the analysis in which there is a tinge of both qualitative and quantitative studies. This type of interview is usually used in researched regarding social sciences. Unstructured Interviews Like both other types of interviews, unstructured interviews mainly differ from structured and semi-structured interviews on the basis of their lay-out. The main thing about the unstructured interview is that the questionnaire for the interview is not pre-planned at all. Only the topic of the research and the interview is known and the interviewer and the interviewee discuss whatever comes across related to the designated topic of study. There are no designated questions or answers and the flow of discussion varies from participant to participant depending upon the conversation that follows. It is advisable to the interviewer to have a guide prepared with him so that the discussion does not entirely digress from the main topic. Unstructured interviews are mainly used in the studies related to social sciences. Apart from social sciences, their use is very limited. CONSIDER THE FOLLOWING DIFFERENT TYPES OF DATA AND STATE IF YOU CONSIDER THEM AMENABLE TO QUANTITATIVE OR QUALITATIVE ANALYSIS OR BOTH: i. A collection of scripts taken from semi-structured interviews with 150 prisoners asking them about their attitudes to the regime of discipline in the prison. This data is amenable for qualitative analysis since it talks about the attitudes of the prisoners and the attitudes cannot be measured through quantitative analysis like finding out mean, median and modes. ii. The results of a questionnaire sent to all UK solicitors’ practices, asking about their fee income, insurance premiums, turnover and staffing levels. This data is amenable for both quantitative and qualitative analyses since the fee income, insurance premiums and other data of the research can be quantitatively laid out and analyses using statistical procedures like mean, median, mode, etc. but the factors affecting turnovers and staffing procedures and level can only be analyzed using qualitative analysis. iii. A survey of government statistics about SME business failures in the last 20 years This data is amenable for quantitative analysis since the statistical data regarding failing businesses in last 20 years can be easily analyzed using statistical procedures like mean, median, modes, etc. BIBLIOGRAPHY Zikmund, W. (2003). Business Research Methods, 7th Edition. Thomson/South-Western. Bryman, A.; Bell, E. (2007). Business Research Methods, 2nd Edition. Oxford University Press. Saunders, M.; Lewis, P.; Thornhill, A. (2007). Research methods for business students, 4th Edition. Prentice Hall. Read More