4 Importance of Research
Importance of Research
The important of research are as follows:
(1) Basis for Government Policies:
Research provides the basis for Government Policies in all types of economic system. For example, Government’s budget is based on the analysis of needs and desires of the people and the resources available to meet these needs. Research helps us how the revenue can be raised for meeting the expenditure on the public needs. There are many alternatives for formulating and implementing the economic policies. The impacts of these policies are also studied with the help of research. The problems faced by cultivators, small and marginal farmers, cottage and small scale industries, large scale industries, trade unions, public distribution, Defence services are the matters where research is used and the solutions are found out. Thus in the context of Government policies research as a tool of economic policy is used to investigate economic structure with facts and figures diagnosis of events and predicting future developments.
(2) Solving Operational and Planning Problems:
Research has been playing an important role in solving various operational and planning problems of business and industry. Correct business decisions are taken with the help of operational research and market research along with motivational research which is based on human behaviour at work. Market research investigates the structure and development of market. It is used for formulating efficient policies for purchasing, production and sales. Operational research deals with the application of mathematical, logical and analytical tools to the solution of business problems of cost minimization or of profit maximization. Motivational research studies why people behave as they do. It determines the motivations underlying the consumer behaviour. All these are useful to the people who are responsible for business decisions in industry and business.
(3) Research solves Social Problems:
Research is useful for social scientists because it provides the intellectual satisfaction of knowing things which in turn increase the store of knowledge. Research is useful in social sciences for the sake of knowledge as well as the use of this knowledge in practical life. “This double emphasis is perhaps especially appropriate in the case of social science. On the other hand, its responsibility as a science is to develop a body of principles that make possible the understanding and prediction of the whole range of human interactions. On the other hand, because of its social orientation, it is increasingly being looked to for practical guidance in solving immediate problems of human relations.”
(4) Importance for Others:
Research has importance for others also They are:
(i) Those who are engaged in writing a Master’s or Ph. D. thesis, research is the basis of their career and it helps them in attaining high position in society;
(ii) Professionals are also engaged in research and for them it is a source of livelihood;
(iii) Philosophers and thinkers engaged in research are benefited and it provides new knowledge, ideas and insights;
(iv) Literary men and women get new styles and creative work from research methodology;
(v) New theories are generalized with the help of research which has importance for analysts and intellectuals.
In brief, we can say that research is the source of new knowledge which adds to the existing knowledge and an important source of providing guidelines for solving different problems in the field of business, government and society.
IMPORTANT LINK
- World Trade Organization (WTO) : Features, Structure and Administration
- Top Six Difference between GATT and WTO
- World Trade Organization : Meaning, Objectives and functions
- Meaning of Combination and its regulation under Competition Act
- What is Competition Act, 2002?
- Explain various Types Of Combinations
- Competition Appellate Tribunal Notes
- What is Sustainable development?
- What is meant by competition Act, 2002 ? Provisions and Salient features of Competition Act, 2002
- Top 4 Components of Competition Act 2002
- Top 6 Limitations of Economic Growth
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