Scope of business research for Business Research MCOM sem 4 Delhi University

Business research is described as  the systematic and objective procedure for producing information for help in making business decisions. Business research should be objective, which means that the information found needs to be detached and impersonal instead of biased. Research facilitates the managerial decision process for all aspects of a business.Scope of business research for Business Research MCOM sem 4 Delhi University.

By lowering the uncertainty of decisions, it cuts down on the risk of making incorrect decisions. Research should be an aid to managerial judgment but not a replacement for it.

Scope of Business Research Includes the Following Areas

Production Management: The research performs an important function in product development, diversification, introducing a new product, product improvement, process technologies, choosing a site, new investment etc.

Personnel Management: Research works well for job redesign, organization restructuring, development of motivational strategies and organizational development. Scope of business research for Business Research MCOM sem 4 Delhi University.

Marketing Management: Research performs an important part in choice and size of target market, the consumer behavior with regards to attitudes, life style, and influences of the target market. It is the primary tool in determining price policy, selection of channel of distribution and development of sales strategies, product mix, promotional strategies, etc.

Financial Management: Research can be useful for portfolio management, distribution of dividend, capital raising, hedging and looking after fluctuations in foreign currency and product cycles.

Materials Management: It is utilized in choosing the supplier, making the decisions relevant to make or buy as well as in selecting negotiation strategies.

General Management: It contributes greatly in developing the standards, objectives, long-term goals, and growth strategies. Scope of business research for Business Research MCOM sem 4 Delhi University.

To perform well in a complex environment, you will have to be equipped with an understanding of scientific methods and a way of integrating them into decision making. You will have to understand what good research means and how to conduct it. Since the complexity of the business environment has amplified, there is a commensurate rise in the number and power of the instruments to carry out research. There is certainly more knowledge in all areas of management. We now have started to develop much better theories. The computer has provided us a quantum leap in the capability to take care of difficulties. New techniques of quantitative analysis utilize this power. Communication and measurement techniques have also been improved. These developments reinforce each other and are having a substantial impact on business management. Scope of business research for Business Research MCOM sem 4 Delhi University.

Business research assists decision makers shift from intuitive information gathering to organized and objective study. Even though researchers in different functional fields may examine different phenomena, they are comparable to each other simply because they make use of similar research techniques. Research is the fountain of knowledge for the sake of knowledge and it is a crucial source of providing guidelines for solving various business issues. Thus, we can say that the scope of business research is enormous. Scope of business research for Business Research MCOM sem 4 Delhi University.

• Business research is almost always applied research. This means that it is problem-oriented with the objective of obtaining information to help solve a specific business problem or make a decision.
• Business research tends to have a time limit. It makes little sense to gather information about a decision that was made three weeks ago or to get information next week that we need today. Information is highly perishable. It gets old and useless very quickly. Like fish, if you don’t consume it when fresh, it loses a lot of its flavor-and starts to smell bad!
• Business research is done in an environment in which conditions change rapidly. The answers to research questions asked today may very well differ from the answers to the same questions obtained yesterday. In those areas where the manager needs to “stay in tune” with the changing landscape, the same research questions might need to be asked repeatedly. Successful organizations develop a culture where constant research is an integral part of their operation.

Each child born in a country is human resource who will add to the productivity and prosperity of the nation. However, the responsibility of converting this latent resource in to an active workforce lies with the Government, private sector and NGOs. They should be made responsible for health care development in the country. A child suffering from poor health lacks attendance in the school. Workers who suffer from childhood malnutrition are less productive than healthy workers.
India has one of the youngest populations in the world. India is experiencing high
growth since a decade. The sustainability of this high economic growth rate requires
huge investment in education and health care of the population. Scope of business research for Business Research MCOM sem 4 Delhi University.
Government hospitals, some of which are among the best hospitals in India,provide treatment at taxpayers’ expense. Before economic reforms in 1991, most essential drugs were provided free of charge to all patients in these hospitals. Government hospitals provide treatment either free or at minimal charges. For example, an outpatient card at AIIMS (one of the best hospitals in India) costs a onetime fee of rupees 10 (around 20 cents US) and thereafter outpatient medical advice is free. In-hospital treatment costs in these hospitals depend on financial condition of the patient and facilities utilised by him but are usually much less than the private sector. For instance, a patient is waived full treatment costs if he/she is below poverty line. Another patient may seek for an air-conditioned room, if he is willing to pay extra for it. The charges for basic in-hospital treatment and investigations are much less in public hospitals as compared to the private hospitals.
The cost for these subsidies comes from annual financial allocations from the Central
and State Governments. In addition to the network of public and private hospitals,
there are charitable dispensaries and hospitals, many of which provide treatment and
facilities parallel to those provided by private hospitals at highly concessional rates or
in some cases free of costs to the needy population. Scope of business research for Business Research MCOM sem 4 Delhi University.

Significance of the Study:
The role of healthcare in improving a nation’s wealth and spurring economic growth is well established. India is among the fastest growing economies in the world and is poised to become the second largest economy in the world according to a recent report from the PricewaterhouseCoopers International Limited (PwCIL).
1.India’s Human Development Index score, weighed down by poor healthcare
indicators is, however, poor at 0.519, ranking India at 119 out of 169 countries just
ahead of Timor-Leste and Swaziland.
2.Several factors that contribute to poor healthcare indicators in India are:
3.(1) India’s healthcare infrastructure is inadequate to meet the huge burden of
disease. India has just 90 beds per 100,000 population against a world average
of 270 beds.
(2) India also has just 60 doctors per 100,000 population and 130 nurses per
100,000 population against world averages of 140 and 280 respectively.
(3) Public spending on healthcare has also been less than 1% of GDP since
independence.
(4) India’s healthcare financing mechanisms are poor with 66% of healthcare
expenditure being out-of-pocket.

Study Material that you should use to prepare M.COM