IDOL Mumbai University important questions bank  

M.com Part 1 (sem. 2)

RESEARCH METHODOLOGY FOR BUSINESS

Q.7. Highlight the importance of hypothesis in
research.

ANS:

1) Helps to explore unknown facts:

The hypothesis provides the researcher with the most
efficient instrument for exploring and explaining the unknown facts. It
stimulates the researcher for further research studies.

2) Enables to prepare research design:

The hypothesis helps in preparing research design. It
may suggest research objectives, sample design, data requirement, techniques of
data collection, tests and tools to analyse data etc.

3) Identifies need for data:

A Hypothesis specifies the need of data i.e. whether
research will require primary data or secondary data. Hypothesis would enable
to collect required data. Without hypothesis much useless data may be collected
and important data would be omitted.

4) Identifies sources of data:

A Hypothesis also specifies the source of data i.e.
survey, experiment, observation, library, reports, internet etc. Therefore, the
researcher would consider only the relevant source of data, which in turn would
speed up the research activity.

5) Development of theory and principles:

Hypothesis also facilitates development of theory and
principles. Eg. The theory of consumer behaviour which presupposes that no two
consumers think and behave alike. Similarly, 14 Principles of Management by
Henry Fayol, states that practicing these principles in an organization, results
into increasing organizational efficiency.

6) Provides specific direction:

When hypothesis is finalized a definite and specific
direction is provided to the research work. It makes way to the progress of
investigation. In the absence of hypothesis it becomes extremely difficult to
focus on research problem.

7) Prevents blind research:

Hypothesis lights up the path of research. It distinguishes
between scientific and unscientific inputs. It acts as a guide. Accuracy and
precision is possible through hypothesis. Therefore, hypothesis prevents blind
research.

8) Economical:  

Developing hypothesis in business research is economical.
It saves time, money and energy of a researcher because it guides the
researcher in the right direction. Hypothesis provides the basis for proper
data collection. Relevant and correct information collected by a researcher
through properly formulated hypothesis.

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