Different types of applied
research:
What are the types of
applied research?
Applied
research can be classified in the following ways.
1. Feasibility Study:
It
means, before undertaking a project or program testifying whether it is
possible to implement or not. So, when a research is made to judge a project
possible benefit, potentiality and its acceptability in the short or long run
then it will be known feasibility study. For example, before making bridge on
Padma river, we have to do research about its depth, surrounding nature, soil,
bridge location, technical assistance, financing, profitability etc then we
have to judge whether it is possible or not?
There are lots
of feasibility studies.
a.
Financial Feasibility Study: For a particular investment project or program by
applying following technical task, we can justify whether a project is
financially feasible or not.
Ø Accounting Rate of Return (ARR)
Ø Net Present Value (NPV)
Ø Pay Back Period (PBP)
Ø Profitability Index (PI)
Ø Internal Rate of Return (IRR) etc.
b.
Technological/ Technical Feasibility Study: Here we have to judge technical effectiveness of a
project or program. For example, a train service can be included on the
proposed Padma Bridge. Is it possible to implement or not? By doing capital
budgeting we can say whether a machine buying technically feasible to implement
or not.
c.
Economic Feasibility Study: It means justifying economic variability of a project
or program. To do economic feasibility study I have to consider the total
economy not a particular part of it. Such as- supply condition, demand
condition, employment condition, environment pollution, inflation, economic
cycling, GDP, GNP etc. For example, from Dinajpur and Barapukuria, we can
extract or unearth coal from coal mine but it also involves reduction of huge
amount of agrilands and residential area of the people. So, we have to do
economic feasibility study by applying various economic variables to find out
whether it is economically feasible or not.
d.
Social Feasibility Study: Here we have to judge whether a project is harmful
to the society or not. Whether it is creating any social problem,
discrimination, employment reduction, rise social unrest, pollution etc or not.
e.
Personal Feasibility Study: It is also known as individual or human feasibility
study. If a project all aspect’s a right i.e. all other feasibility are well.
But who will implement the project is not suitable for the project the project
will be vain. For example, if a 200 crore loan proposal’s economic,
technological, financial feasibility etc are well but who is giving loan as
incompetence or have no five principle of banking knowledge or who is taking
loan historically he has loan defaulting nature then the proposal will bring
negative impact or a high amount of loan is giving to a person who is historically
loan defaulter.
2. Programming:
If
any kind of full proof plan is necessary to solve a special problem then the
research is made relevant to that action plan is called programming. Here to
solve any work or project some systematic steps is required. For example,
government has undertaken the P.R.S.P. whose goal is to alleviate the poverty lower
than 50 % in 2015. All the activities related to this program are called
programming. Actually these types of research are done by using computer
software. Computer helps to make relation between various digits and helps to
find out ultimate outcome but it can’t make decision itself. So who will use
this types of research he should have good knowledge about econometric and
statistical knowledge.
3. Technological Research:
The
research which is engaged for finding out or development of new theories or
technology is called technological research. Here we can find out shortcoming
or limitation of present technology, to recommend a new technology by
highlighting the advantages of it over the present one i.e. there are lot of
fan technological are available in the market. If I develop a new one and refer
the advantage of it over the limitation of present one then it may be a
technological research. This research can be categorized in two types.
A. Theory development: The research which is made for finding out the new
theory or the new application existing theory or for the development of that
theory is known as theory development. For an instance, finding any new
application of existing demand and supply theory is theory development.
B. Equipment development: The research which is made for the development or
for the modernization of existing machinery or equipment is known as equipment
development. Suppose a machine produces 200 units per hour. Now research is
made to accelerate its production capacity up to 300 units per hour is an
equipment development.
Technical
feasibility studies also a technical research. We should take help or advice
from the professional for better technological research.
4. Performance Evaluation:
Performance
evaluation is not engaged in innovation rather it is engaged in evaluation of
initiatives taken for solving a problem. For example, our railway department is
facing continuous loss. But why it is happening, who is responsible, what are
the main causes etc should be analyzed ins and out. Qualitative and quantitative
data both are needed for the better performance evaluation. So performance
evaluation involve analyzing the problems and make recommendation to take directive
measures as we do by analyzing a firms CVP, BEP, EPS, Profitability, ratio
analysis etc to make the firm’s performance report.
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