Role and Significance of Research

 

Role and Significance of Research

A research study plays a very vital role in studying, understanding and solving a business problem. Research is a process of obtaining dependable solutions through systematic and scientific investigations. In the modern business environment where operational problems are of complex nature, research provides a solution oriented carefully designed procedures.

Research helps us to discover the functional relationships among various phenomena that exist in a business or a government organization. Decision-making under uncertainty is a fact in every sphere of a business. Research provides us inferences and generalizations that help in forecasting the future happenings in the organization. All private or government organizations form their policies on the basis of researches conducted.

Objectives of Research

The main goal of research is to improve the quality and level of living in the society. The purpose of a research study is to find out the hidden facts about a business phenomenon. The obvious function of research is to add new knowledge to the existing store. It serves the government and the business organizations in forming their future policies. The objectives of a research study are listed below:

1. Understanding a business problem: The first and foremost objective of any study is to understand, analyze and explore a business problem. Once complete familiarity with the phenomenon is achieved, it is easier to decompose the complex problem into smaller once.
2. Identifying the cause and effect relationship: Individuals form groups, and groups form organizations. They are interdependent. It is very important for a researcher to identify the functional relationships among various components of an organization. A scientific investigation is necessary in studying the cause and effect relationship of variables involved in a business phenomenon.
3. To innovate new ideas: One of the objectives of a researcher is to bring constant improvement in the techniques of his trade. Apart from verifying and testifying the existing assumptions, one of the functions of a research is to add new knowledge to the state of the art. Research invokes the innovation of new concepts, theories and idea in a business study. Apart from this, research also removes and discards worthless theories that are prevalent in the society.
4. To improve the quality: The whole exercise of any activity is done for the improvement of quality of a product, machinery, or life of human beings. For a business organization it is atmost important to improve the quality of its products. This can be achieved by a systematic and critical investigation i.e. research.

Pankaj Mandape