It involves generalization of observation.  It is also called experimental, statistical, historical and posterion method.  In this, we move from “particular to General”. The hypotheses set in an inductive logic are also subject to future enquiry and tests.  If not found empirically correct, it can be changed or modified or dropped altogether.

Method is composed of two process - (A) Experimentation (B) Statistical Enquiries

                        Merits

Demerits

Based on realistic foundation

Bridges the gap between theory & practice

More rational & practical

Bias of investigator

Time consuming

Expensive

Deduction is also needed


 


 


business economics

May 05, 2017