Significance of Research

“All progress is born of inquiry. Doubt is often better than overconfidence, for it leads to inquiry, and inquiry leads to invention” is a famous Hudson Maxim in context of which the significance of research can well be understood. Increased amounts of research make progress possible. Research inculcates scientific and inductive thinking and it promotes the development of logical habits of thinking and organization. The role of research in several fields of applied economics, whether related to business or to the economy as a whole, has greatly increased in modern times. The increasingly complex nature of business and government has focused attention on the use of research in solving operational problems. Research, as an aid to economic policy, has gained added importance, both for government and business. Research provides the basis for nearly all government policies in our economic system. For instance, government’s budgets rest in part on an analysis of the needs and desires of the people and on the availability of revenues to meet these needs. The cost of needs has to be equated to probable revenues and this is a field where research is most needed. Through research we can devise alternative policies and can as well examine the consequences of each of these alternatives.


Research Approaches

There are two basic research approaches, viz., quantitative approach and the qualitative approach. The former involves the generation of data in quantitative form which can be subjected to rigorous quantitative analysis in a formal and rigid fashion. This approach can be further sub-classified into inferential, experimental and simulation approaches to research. The purpose of inferential approach to research is to form a data base from which to infer characteristics or relationships of population. This usually means survey research where a sample of population is studied (questioned or observed) to determine its characteristics, and it is then inferred that the population has the same characteristics. Experimental approach is characterized by much greater control over the research environment and in this case some variables are manipulated to observe their effect on other variables. Simulation approach involves the construction of an artificial environment within which relevant information and data can be generated. This permits an observation of the dynamic behavior of a system (or its sub-system) under controlled conditions. The term ‘simulation’ in the context of business and social sciences applications refers to “the operation of a numerical model that represents the structure of a dynamic process. Given the values of initial conditions, parameters and exogenous variables, a simulation is run to represent the behavior of the process over time.”? Simulation approach can also be useful in building models for understanding future conditions. Qualitative approach to research is concerned with subjective assessment of attitudes, opinions and behavior. Research in such a situation is a function of researcher’s insights and impressions. Such an approach to research generates results either in non-quantitative form or in the form which are not subjected to rigorous quantitative analysis. Generally, techniques of focused group interviews, projective techniques and depth interviews are used.


Writing Research Papers

A research paper may contain original research results or reviews of existing results. In either case, you are documenting the results of your investigations on a selected topic. A research paper is your unique creation, based on your own thoughts and the facts and ideas you have gathered from a variety of sources. Writing a research paper needs the experience of assembling, interpreting, and documenting information along with developing and organizing ideas and conclusions. You might have investigated a topic deeply and might have spent months or years in obtaining novel results, but, unless you communicate your work clearly in your research paper, the readers will not be able to understand the intent of your hard work. The ability to accumulate, scrutinize and present large amounts of complex information in a summarized form is a skill that can bring you immense satisfaction as a researcher.

The intention of documenting a research paper is to let people study your work selectively. Here are certain tips that you can follow before you begin to jot down your hard work in your paper.

Rough draft

Before you begin writing anything, the most important thing to do is to outline your work. Pen down everything that is in your mind and keep adding to the draft until you think there is hardly anything left out. Include all the information that you feel is important and relevant. Once you are done with the rough draft, check for completeness and accuracy of facts. Your outlined work will give you a clear picture of what to include, what not to include, and how to arrange all the facts and figures in a proper format in your paper.


The title is the first thing that readers will look at in any paper. The title of your research paper should be precise, informative and relevant with the study performed. In short, a title itself should give readers an idea about the research done.


The abstract tells the reader about the intent and importance of your research. It is usually 250-300 words long. Your abstract will tell the readers of what you have done, how you did it, the results obtained and what it implies. It is an overall summary of your research work performed. A research paper begins with an abstract, but you should always write it after you have finished writing the entire paper.


The introduction sets the stage for your analysis; therefore, it should be concise and definite. Describe the topic, and show how it fits into your field of study. Give a brief outline of the problem, describe its implications, its significance and justify the novelty of your study. State the objective of your study and describe the reasoning that led you to select them. Briefly discuss the experimental design and how it accomplished the stated objectives.

Literature Review

The literature review places your research in an appropriate framework.  It is a place to highlight relevant contributions associated with the study and to show how your contribution either fills the gaps or answers the unanswered questions. It may also create gaps in the knowledge of the readers by showing them that something they thought they knew is false. The theory part must focus on the logical reasons for why the readers should believe your hypothesis to be true.

Materials and Methods

This part must contain the details of the tools and procedures employed to fulfill the intent of your research. It must have enough information so that others can follow your procedure and can replicate it to hopefully come up with the same or additional findings and conclusions as you did.


You need to include all the relevant descriptive and numeric data in the form of facts and figures to present a clear picture of your findings. Utmost care should be taken while labeling these facts and figures and including their references throughout the paper.


In the discussion part, you can develop your arguments based upon your findings. The data may be self-explanatory; however, you will need to interpret how it validates your hypothesis, what falls outside of validity, how it impacts the literature you have cited, and the areas where further research is required. It also provides statistical, anecdotal, narrative, or descriptive evidences where and when required.


Summarize all the results in the conclusion part and explain very carefully and exactly what needs to be done next. It is likely that your conclusion will be uncertain.  However, a well-written conclusion will elucidate the next steps that need to be taken before the readers can be absolutely certain whether the research is complete or there is scope of further research on the same.


The most important element of any research paper is the references. Cite appropriate references where and when required, and verify the accuracy of your references before citing it.

Some Additional Tips

When you have finished writing the paper, take some time for yourself before you re-read it.

  • Make sure that your data and citations are accurate.
  • Reword your sentences for effectiveness of grammar, punctuation and composition.
  • Use a dictionary to check your spelling and use of words, or, run a spell check.
  • Read out the paper loudly to see how it flows and to correct any awkward sentences.