IDOL Mumbai University important questions bank  

M.com Part 1 (sem. 2)

RESEARCH METHODOLOGY FOR BUSINESS 

Q.5. What is Review of Literature? Elucidate its significance.

ANS:

Meaning

The researcher must consult the available publications
such as books, journals, magazines, research reports and similar other
publications before starting his/her own research activity. ROL refers to
extensive review of literature relating to research problem which researcher
intends to undertake. Such ROL provides good insides into research problems and
get familiar with previous research studies undertaken.

Significance of Review of Literature (ROL)

1) Get background knowledge of research problem:

A research problem is a question that a researcher
wants to answer or a problem that a researcher wants to solve. ROL helps
researcher to get background knowledge of Research Problem.

2) Helps to identify gaps in research:

Research gap refers to the areas which are not
explored in the past researches. ROL enables the researcher to identify the gap
in research, conflicts in previous studies, open questions left from other
research. The researcher can make an attempt to fill this gap by undertaken
research activity.

3) Help to formulate research hypotheses:

Hypothesis is an assumption made to explain certain
fact or provide basis for further investigation. It is tentative in nature and
it may prove to be correct or incorrect. Past studies or ROL helps researchers
to frame hypothesis for his/her current studies. The researcher collects data
which may prove or disprove the hypothesis. Based on the result of hypothesis
testing a conclusion can be drawn.

4) Get familiar with methodology adopted by other
researchers:

Research methodology is the specific procedures or
techniques used to identify, select, process, and analyze information/data
about a research problem. ROL enables researcher to get familiar with
methodology that is used by other researchers in their researches. Accordingly,
he/she can decide his/her own methodology in terms or target population, sample
size, method and technique of data collection and analysis and so on.

5) Prepare research design:

Research design is a logical and systematic outline of
research project prepared for directing, guiding and controlling a research
work. With the help of ROL, a researcher can prepare his/her research design.
Research design keeps research work on right track and help to complete
research in time.

6) Prepare sample design:

A sample design is the framework, or road map, that
serves as the basis for the selection of a survey sample. In a research, it is
not possible to collect data from entire population/universe due to constraints
of time, money and energy on the part of researcher. So researcher needs to
select samples from population/universe of research. Sample selected must be
true representative of the population/universe of research. ROL helps researcher
to prepare proper sample design.

7) Get familiar with data collection sources and
data analysis techniques:

For the purpose of researcher primary or secondary or
both data can be used by a researcher. The primary data can be collected
by observation, survey or experiment method. Secondary data can be
collected from library, internet, reports etc. Collected data needs to
be analysed to draw conclusion out of it. Various statistical tools can
be used such as correlation, measures of central tendency and so on for
the purpose for data analysis. ROL facilitates to get familiar with data
collection sources and data analysis techniques used by other researchers.

8) Understand findings of other researchers and their
conclusions:

ROL helps researcher to understand findings of other
researchers and their conclusion. It can be basis for researcher’s own further
research activity.

9) To compile bibliography:

Bibliography is a list of sources used in our research.
The main purpose of a bibliography entry is to give credit to authors whose
work researcher has consulted in his/her research. ROL helps researcher to
refer bibliography of others researchers to find out more about the topic by
exploring into their research.

10) Understand the structure of research report:

Research report is a written document containing key
aspects of research project. After the research work is completed, the findings
along with recommendations are presented in the form of research report to the
authority for the purpose of further decision making. So ROL enables researcher
to understand the structure of research report.

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