Essay, Pages 6 (1493 words)
Research Methodology is a way to find out the result of a given problem on a specific matter or problem that is also referred as research problem. In Methodology, researcher uses different criteria for solving/searching the given research problem. Different sources use different type of methods for solving the problem. If we think about the word “Methodology”, it is the way of searching or solving the research problem. Research Methodology, researcher always tries to search the given question systematically in our own way and find out all the answers till conclusion.
If research does not work systematically on problem, there would be less possibility to find out the final result.
For finding or exploring research questions, a researcher faces lot of problems that can be effectively resolved with using correct research methodology. Marketing research has proved an essential tool to make all the need of marketing management.
Marketing research therefore is the scientific process of gathering and analyzing of marketing information to meet the needs of marketing management. But gathering of observation is must be systematic. The systematic conduct of research requires: ? Orderliness, in which the measurements are accurate. ? Impartiality in analysis and interpretation.
TYPE OF RESEARCH: Research can be classified in many different ways on the basis of the methodology of research, the knowledge it creates, the user group, the research problem it investigates etc. Basically Research: This research is conducted largely for the enhancement of knowledge, and is research which does not have immediate commercial potential. The research which is done for human welfare, animal welfare and plant kingdom welfare.
It is called basic, pure, fundamental research. The main motivation here is to expand ma’s knowledge, not to create or invent something.
Applied Research: Applied research is designed to solve practical problems of the modern world, rather than to acquire knowledge for knowledge’s sake. The goal of applied research is to improve the human condition. It focuses on analysis and solving social and real life problems. Quantitative Research: This research is based on numeric figures or numbers. Quantitative research aim to measure the quantity or amount and compares it with past records and tries to project for future period. In social sciences, “quantitative research refers to the systematic empirical investigation of quantitative properties and phenomena and their relationships”.
The objective of quantitative research is to develop and employ mathematical models, theories or hypothesis pertaining to phenomena. Qualitative Research Qualitative research presents non-quantitative type of analysis. Qualitative research is collecting, analyzing and interpreting data by observing what people do and say. Qualitative research refers to the meanings, definitions, characteristics, symbols, metaphors, and description of things. My research on Fastech project Pvt. Ltd is carried on for guiding specific decisions and its results are useful only for Fastech Company for taking particular decision regarding its finance and etc. Hence the nature of my research study is “QUANTITATIVE RESEARCH “.
NATURE OF THE STUDY: The study can be termed as empirical in nature because of acquiring deeper insight into the various significant aspects of the problem as relativity of the objectives of the study. The researcher desires to utilize the facts and information available in various secondary sources to make critical evaluation and thus from this point of view, the nature of the study will also become analytical.
PERIOD OF THE STUDY: Generally researcher wants to collect all required data, particulars and information for the research. He also takes interest to select a short period of the study because of convenience for properly data collection, and analysis of the same for come to the conclusion. Hence, the researcher undertakes research for the period of 4 years on the Financial Performance of Fastech company of construction Industry of India The present study is made for a period of the 4(four) accounting years ending to 31-3-2018. (From 2013-2014 to 2016-2017) OBJECTIVE OF STUDY: The main objectives to study the Financial Performance of FASTECH Company engaged in construction Industry of India are listed as under:
- To understand the concept of Financial Performance.
- To know the practice of presenting financial statements.
- To know about the accounting practices i.e. legal provisions, standards etc.
- To analyze financial and non-financial activities of the companies.
- To evaluate Financial Performance Analysis of FASTECH company functioning as construction Industry in India in terms of Profitability, Productivity, Capital Structure, Working Capital, Activity Ratio and Efficiency Ratio.
- To assess the financial strength of Fastech companies.
- To examine liquidity position of Fastech companies.
- To measure the financial efficiency of Fastech companies.
- To examine the relationship between the analysis of Financial Performance and decision making process of the Fastech companies.
- To suggest ways and means to improve financial and overall performance of Fastech companies functioning as Automobile Industry in India.
- From the viewpoint of Researcher the above objectives depend on accuracy, quality, quantity and availability of data regarding financial information.
BENEFITS OF STUDY: There are many benefits related to take this study. Some of the benefits of taking this study are as follows: ? By analyzing this information, the company would be able to better design schemes & services & target right prospects’ needs ; wants. ? More people will get aware about Fastech that will increase profit level of Fastech. ? This study helps to evaluate Financial Performance Analysis of Fastech companies functioning as Automobile Industry in India in terms of Profitability, Productivity, Capital Structure, Working Capital, Activity Ratio and Efficiency Ratio.
LIMITATION OF STUDY: Every living and Non- living on this world is its own limitation which restricts the usability of that thing. The same rule applies to this research work.
The main limitation of the study as under:
- It is a new and developing concept, so it is not possible for all new and developing companies.
- A Study is undertaken by individual researcher therefore all the limitation of the individual researcher exists here also.
- It is secondary data based study, so the limitations of the secondary data reveals with this study.
- As it is a new concept, it becomes hard task and through for accountants and accounting practitioners for fulfilling all formalities.
- Profitability is affected by many factors, internal as well as external, but the researcher is taking into consideration only some factors which are relevant to study.
Research Design: Research design indicates the methods and procedure of conducting research study. A research design is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making.
Conducting exploratory research, precisely defining the variables, and designing appropriate scales to measure them are also a part of the research design. The issue of how the data should be obtained from the respondents (for example, by conducting a survey or an experiment) must be addressed. It is also necessary to design a questionnaire and a sampling plan to select respondents for the study. More formally, formulating the research design involves the following steps:
- Secondary data analysis
- Qualitative research
- Methods of collecting quantitative data (survey, observation, and experimentation)
- Definition of the information needed
- Measurement and scaling procedures
- Questionnaire design
- Sampling process and sample size
- Plan of data analysis
Research design can be done in following three types:
- Exploratory Research:- Exploratory research focuses on the discovery of new ideas and is generally based on secondary data.
- Descriptive Research:- Descriptive research is undertaken when the researcher want to know the characteristics of certain groups.
- Causal or Experimental Researches:- An experimental research is undertaken to identify causes and effect relationship between two variables.
In view of the objects of the study listed above an exploratory research design has been adopted. Exploratory research is one which is largely interprets and already available information and it lays particular emphasis on analysis and interpretation of the existing and available information.
- To know the financial status of the company.
- To know the credit worthiness of the company.
- To offer suggestions based on research finding.
- Secondary Data Collection: – It can be collected from internal as well as external sources 1. Internal Source: Various internal sources like employee, books, sales activity, stock availability, product cost, etc.
2. External Sources: Libraries, trade publications, literatures, etc are some important sources of external data. Researcher gives more emphases on secondary data because the researcher undertakes research in Financial Performance practices for which researcher needs all Annual reports and records from the selected companies, which are in nature of secondary data. Researcher must be very careful in using secondary data and make a minute scrutiny because it is just possible that the secondary data may be unsuitable or may be inadequate in the context of the problem, which the researcher wants to study. The researcher must, before using the secondary data, see that they possess of (i) Reliability of data (ii) Suitability of data (iii) Adequacy of data.