Theory and Research
The idea being the science is to worry about expansion of knowledge, to make predictions and discovery of truth. The means by which a basic research hopes to accomplish the purpose is called theory. Scientists establish questions such as: Does interaction of teacher-student influence the performance of student? What makes inflation? There is the element of prediction involved in both these question i.e. if we do such and such then this and this will happen. We are actually looking for explanation on the issues that has risen in the questions. The whole process through which the phenomenon appears is the explanation lie behind the question, and understanding of the process will reach us to the prediction.
The two purposes of theory are prediction and theory. Accomplishment of first goal allows the theorist to predict the characteristics of a phenomenon from the understanding of another phenomenon’s behavior. It may theorize by a business researcher that younger investors tend to be less interested in investing than older investors. Once this theory verified, it will allow researchers to predict the value of anticipated dividend yield on the basis of age of investor. In most of the scenarios understanding of process and prediction move hand in hand i.e. for the prediction of phenomenon, we should have an explanation that why variables behave the way they are. Explanations would be provided by theories.
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