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Research Methodology
3.1 Research Methodology
Indian insurance is a flourishing industry, with several national and
international players competing and growing at rapid rates. It is
because of reforms and the easing of policy regulations, the Indian
insurance sector been allowed to flourish, and as Indians become more
familiar with different insurance products. The period from 2010 2015 projected to be the 'Golden Age' for the Indian insurance
industry1.
In the simplest terms, insurance of any type is all about managing risk.
For example, in life insurance, the insurance company attempts to
manage mortality (death) rates among its clients. The insurance
company collects premiums from policy holders, invests the money
(usually in low risk investments), and then reimburses this money once
the person passes away or the policy matures. A person called
an actuary constantly crunches demographic data to estimate the life of
a person. This is why characteristics such as age/sex/smoker/etc. all
affect the premium that a policy holder must pay. The greater the
chance that a person will have a shorter life span than the average, the
higher the premium that person will have to pay. This process is
virtually the same for every other type of insurance, including
automobile, health and property.
Demographics play one of the largest roles in affecting sales for
insurance, particularly life insurance. As people age, they tend to rely
more and more on life insurance products for their retirement. Death
benefit policies ensure that beneficiaries are financially secure once the
http://www.economywatch.com/indianeconomy/indiainsurance-sector.html, date: 14/12/11, Time: 12:36
1

103

insured dies, but in more recent years, the insurance industry has made
great headway in offering investment/savings type insurance
products. So question arise in the mind that
1. What is the trend in Indian insurance business?
2. How does insurance benefited to the society?
3. What factors affect to the buying and renewing decision of
insurance policy?
4. What is the general perception of insurance products in the
mind of people?
The main concern of the thesis here are:
1. To high light insurance industry including life insurance sector
and not life insurance sector by comparing last five years
periods data about market share, number of registered players,
investment scenario of insurance players, number of individual
and corporate agents and many others. The idea is to focus on
the comparison of insurance players on the basis of secondary
data.
2. To find out the various factors affecting to the buying and
renewing decision of insurance products by conducting the
survey in Gujarat. Considered variables for the survey are:
Demographical

variables,

Geographical

Variables,

psychological Variables, Product Variables and behavioral


Variables.
3.

Discussion and personal interview have been conducted to find


out the scheme framing policy of the insurance players. Key
point of the discussion was on the role of insurance agents in
scheme framing policy.

104

3.1.1 Problem statement

The

Research

Problem

is

COMPARATIVE

STUDY OF MAJOR INSURANCE PLAYERS IN


GUJARAT WITH SPECIAL REFERENCE TO
LIFE, HEALTH AND VEHICLE INSURANCE.
Purchasing insurance is one of the most important decisions in life
because it is very long term investment. With over 300 million life
policies in force, substantial premiums and double-digit growth in both
segments (life and non-life), Indias insurance sector is poised to mark
incredible pace of progress in the years to come2. Privatization in the
sector led to the entry of foreign players with significant capital
commitments and growth aspirations in the Indian insurance arena. So
comparison of insurance providers is very crucial for people before
buying insurance product.
Each and every insurance provider performs in the different manners in
term of providing services, market share, collecting premium amount
and much other financial performance. Because of this variation, it is
very essential to get quotes and other financial results from as many
insurance companies as possible. This gives an opportunity to compare
and choose the most affordable policy with the best options for
personal situation.
Insurance because it is becoming basic need of any individual in terms
of considering the financial risk after once death or even any financial
loss during the life. Insurance is very big business and crores of life
concerned and dependent on this business. It is win-win situation form
2

http://www.ibef.org/industry/insurance_industry.aspx, date: 16/12/11, Time:


10:31 a.m.

105

insurance business side and insurance investors point of view. The


insurance business safe guards the uncertain risk of the insurance
policy holders regarding any life, health, property and for many others.
Major cities of Gujarat include Surat, Vadodara and Ahmedabad
because the economic report 2008 throws up several interesting facts
about growth of top 20 Indian cities and the demographics therein. The
report divides the 20 cities in three main categories. Megacities:
Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Pune and
Ahmedabad. Boomtowns: Surat, Kanpur, Jaipur and Bhopal Niche
cities: Faridabad, Amritsar and Chandigarh. The average household
income of Surat, adjusted for cost of living in the city, is around Rs
4,57,671, followed by Ahmedabad at Rs 3,28,267 3 and Vadodara is
having Indias 5th highest per capita income4. The research also shows
that Surats middle class has more than doubled between 2004-05and
2007-08, while the low income category has shrunk by over a third.
Over 64% of the Gujarat population is below the age of 30. In addition,
the report points out that the three Gujarati cities are again on the top
when it comes to life insurance penetration.
These cities are selected for this study because population of these
three cities are high and also more insurance investors are from these

http://www.sify.com/finance/surtis-income-is-highest-in-india-newsdefault-jehb5zfbjfg.html date 15/12/11, date: 15/12/11, time: 2:54 p.m.


4

http://www.google.co.in/#sclient=psyab&hl=en&source=hp&q=income+of+vadodara+&pbx=1&oq=income+of+va
dodara+&aq=f&aqi=g-b2gbm1&aql=&gs_sm=e&gs_upl=5206l9950l0l11873l6l6l0l0l0l3l459l1629l0.2.3.
0.1l6l0&bav=on.2,or.r_gc.r_pw.,cf.osb&fp=cf769f0d7909f318&biw=800&bih
=461 date: 15/12/11 time: 3.00 p.m

106

three cities. So study of these three cities will give more accurate result
of whole Gujarat.
Major players include LIC, ICICI Prudential, TATA-AIG, Bajaj
Allianz and HDFC-Standard Life for life insurance policies and GIC
(All four subsidiaries), ICICI-Lombard, TATA AIG, Bajaj Allianz,
Reliance General Insurance General for general insurance policies
Insurance (only vehicle insurance and health insurance) because they
are the market leaders in terms of market share, premium amount and
number of policies issued in the market.
Mentioned market players are selected for study because they are
covering larger market share of insurance market. So study of these
players will give more accurate scenario about whole Gujarat
Insurance Industry.
Study mainly focuses on analyzing the life insurance non-life
insurance sector, comparing the major insurance players on the basis of
secondary data source, to find out the factor affecting to buying and
renewing decision of insurance policy of Gujarat people by developing
questionnaire and conducting survey in various cities of Gujarat. To
analyze the primary data, hypotheses are developed and various tests
are applied to test the hypotheses. Discussion and personal interviews
are conducted to know the scheme framing policy of insurance players.

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3.1.2 Research Objectives:


The main objectives of the research are:
1. To Study and Analyze different aspects of Insurance Industry.
The considered aspects are number of players, premium
amount, market share, individuals & corporate agents,
investments of insurance players, number of policies issued,
numbers of claims incurred & settled and penalty charged from
insurance players.
2. Comparative analysis of the major Insurance Players
performance by considering the different components of Profit
& loss account and Balance sheet for last five year.
3. To find out the factor affecting the buying decision and
renewing decision of Insurance Policy of Gujarats people with
the help of different variables like demographic, geographic,
psychological, behavioral and product variables.
4. To find out the perceptual views for the services provided by
insurance companies from the insurance investors point of
view.
5. To measure the Gujarats people attitude toward the life
insurance, health insurance and vehicle insurance.
6. To know the major Insurance Players Scheme framing Policy
with the help of personal discussion with insurance agents and
insurance experts.

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3.1.3 Research Design


This part of the thesis seems to be an important one. There are many
definitions of research design and no one definition imparts the full
range of important aspects.
A research design is the arrangement of conditions for collection and
analysis of data in a manner that aims to combine relevance to the
research purpose with economy in procedure (Clair). It is also called
the plan, structure and strategy of investigation conceived so as to
obtain answers to the research question and to control variance.
Whatever definitions, it indicates two things. The first is the plan of the
research and second is the strategy or blue print specifying the
approach that will be used for gathering and analyzing the data. Before
going into the plan and the strategy of research, it would be appropriate
to discuss the classification of research design. Different perspectives
of research are considered keeping in mind the present thesis.
The first perspective is that of degree of problem crystallization. A
study can be viewed as exploratory or formalized. The exploratory
study is ill structured and much less focused can predetermined
objective where as the formalized study has much more structure. All
studies have elements of exploration in them. Here the degree of
problem is focused and the element of exploration is within that
focused boundary. The researcher believes that comparison of various
insurance players is required to select the best insurance service
provider and to find out the factors affecting to buying and renewing
decision are crucial to know the mind set of people towards the
insurance.

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From the perspective of relationship among the variables the present


study is descriptive one because:

It begins with hypothesis or questions and involves precise


procedures and data source specifications.

Researcher is attempting to describe the variables pertaining to


Insurance Investors.

The goal of this study is to test the hypothesis or answer the


Research Questions based on the variables.

It is again important to mention that the study is mainly divided into


two parts. The first part of the study deals with the relative analysis of
major insurance players through secondary data. Comparison is done
by considering the different aspects of profit & loss account and
balance sheet, and it is mentioned that what the performance of major
insurance players. This analysis is very important from the insurance
investors, point of view because it is very long investment decision.
The second part of the research focuses upon the factors which
considered to buy and to renew the insurance policy (life insurance,
health insurance and vehicle insurance), which is done through the
primary data. Questionnaire is developed by considering the different
variables of the study, which are filled up by either insurance investor
or by key decision taker. Data collection is followed by data analysis
through developing the necessary hypothesis and testing of hypothesis
to come at proper interpretation.
Apart from these, insurance experts are interviewed to know more
about the scheme framing policy of insurance players.

110

3.1.4 Research Questions


The research deals with following questions:
1. What is the performance of Indian Insurance Industry on the
basis of Number of registered players, premium amount,
market share, individuals & corporate agents, investments of
insurance players, number of policies issued, numbers of claims
incurred & settled and penalty charged from insurance players?
2. How do different Insurance Players fare when compared on the
basis of different aspects of Profit & loss Account and
Balance Sheet?
3. What are the factors govern the insurance investors choice
when it comes to decision about buying or renewing insurance
policy?
4. What is Correlation between governing factors and decision
about insurance?
5. What is the attitude of people towards the insurance players and
insurance industry?
6. How do insurance companies frame the insurance policy?

111

3.1.5 List of Needed Information


To do the research work, basically following information is needed:
1. General Information about Indian Insurance Sector which
includes the information of Public and Private Insurance
Players about premium amount, market share, individuals &
corporate agents, investments of insurance players, number of
policies issued, numbers of claims incurred & settled and
penalty charged from insurance players.
2. Financial Statements of Life Insurance and Non-Life Insurance
Players which includes the Profit & Loss Account and Balance
Sheet for the last five year .
3. Addresses and Contact Numbers of Individual Investors of
Life, Health and Vehicle and Insurance Agents.
4. Geographical and Demographical Information about each cities
of Gujarat.
5. Name of various Books, Journals, Periodic and Websites for
the study of Literature Review.
6. Knowledge of Ms-Excel, Ms-Word and SPSS for Data
Analysis.

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3.1.6 Variables of the Study:


1. Geographical Variables: Cities, region.
2. Demographical Variables: Age, Gender, Family Income, family
size, Occupation and Education Level .
3. Psychological Variables: Life Style, perception towards
Insurance Players and Insurance Products, Personality,
4. Behavioral Variables: Benefits, User Status, Loyalty Status,
Attitude towards Insurance Products.
5. Product Variables: Type of Policy, Usage Rate, Premium
Amount, Benefit of Schemes, Type of Insurer,
6. Comparative Variables:

Various Aspects of Profit & Loss

Account and Balance Sheet.


7. Performance Variable: Various aspects of performance of
Public and Private Insurance Sectors like premium amount,
market share, individuals & corporate agents, investments of
insurance players, number of policies issued, numbers of claims
incurred & settled and penalty charged from insurance players.

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3.1.7 Sampling Design:


The sampling design of the research is divided into the following parts:
1. Target Population will be Individual Insurance Investors or
key decision takers for insurance investment
2. Population Parameters of Interest will be to find the factors
affecting to buying and renewing the policies, performance
factors of Insurance Players including Market Share, Profit
amount, Premium Amount, No. of Policy issued in the market
and scheme framing policies used by the major insurance
market players.
3. Sampling Frame: Insurance Agents of Surat, Vadodara and
Ahmedabad from whom addresses and Contact numbers of
Individual Investors are taken.
4. Sampling method will be Non-probability convenience
Sample (i.e. survey of those people who have already invested
in insurance as well as key decision taker for insurance
investment.)
5. Sample size:
The sample size is divided into two parts:
1. Individual Insurance Investors/Key Decision Taker:
City/Scheme

Life

Health

Vehicle

Insurance

Insurance

Insurance

Surat

100

100

100

300

Vadodara

100

100

100

300

Ahmedabad

100

100

100

300

Total

300

300

300

900

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Total

2. Insurance Agents & Experts:


Surat
No. of Respondent

Vadodara

50

Ahmedabad

50

Total

50

3.1.8 Measurement and Scaling


Measurement in research consists of assigning numbers to empirical
events, objects or properties or activities in compliance with a set of
rules. Researchers use an empirical approach to describe, explain, and
make prediction by relying on information gained through observation
or survey. There are four widely used classifications of measurement
scale: nominal, ordinal, interval and ratio.
In this research work data are measured in nominal scale, ordinal scale
and interval scale because:
1. The collecting information on a variable that naturally or by
design can be grouped into two or more category that are
mutually exclusive and collectively exhaustive.
2. Counting of members in each group is the only possible
arithmetic operation when nominal scale is employed.
3. The numbers used with ordinal scales have only a rank
meaning.
Selecting and constructing a measurement scale requires the
consideration of several factors like: Research Objective, Response
type, Data properties, Number of dimensions, Balanced or unbalanced,
forced or unforced choices, number of scale points, and rater errors. By
considering these variables and data type are Nominal, Ordinal &
Interval, the rating scales are:

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150

For Nominal Data:


1. Simple Category Scale
2. Multi-choice, Single Response Scale
3. Multi-choice, Multi-response Scale
For Ordinal Scale and Interval Scale
1. Numerical Scale
2. Likert Scale
Researcher measure and analyze attitudes of insurance investors
because attitudes offer insights about behavior related to the factors
affecting the buying and renewing decision of insurance policy.

3.1.9 Instrument Development


The primary data for the research is collected through the
structured questionnaire. The Researcher has divided Instrument
Development Process into three Phases:
Phase:1
The first Phase of the Instrument Development Process is dealt
with the following tasks:
1. Selection of the Scale Type, which are Nominal, Ordinal and
Interval for the Study.
2. Selection of Communication Approach, Which are Personal
Contact and Telephonic Contact.
3. Selection

of

Process

Structure,

which

is

structured

questionnaire.
Phase:2
The second Phase of the Instrument Development Process is dealt
with the following tasks:

116

1. Identify the variables for the questions. Here, the studied


variables are demographical, geographical, psychological, and
behavioral variables. Variables are developed from the
literature review.
2. Framing of appropriate questions by considering all the studied
variables.
Phase:3
The third Phase of the Instrument Development Process is dealt
with the following tasks:
1. Use filter questions to screen prospect.
2. Sequence questions from general to specific
3. Include skip directions to facilitate sequencing.
So at the end of third phase data collection instrument is ready for data
collection.

3.1.10 Hypothesis of the Study


Following are the hypothesis for the primary data analysis:
1. There is no association between two the variables Gender and
Priority for the next Investment.
2. There is no association between two the variables Occupation
and Priority for the next Investment.
3. There is no association between two the variables Gender and
Current Scheme/s.
4. There is no association between two the variables Occupation
and Current Scheme/s.
5. There is no association between two the variables Gender and
Knowledge regarding number of schemes.
6. There is no association between two the variables Occupation
and Knowledge regarding number of schemes.

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7. There is no association between two the variables Gender and


Policy for whom.
8. There is no association between two the variables Occupation
and Policy for whom.
9. There is no association between two the variables Annual
Income and Life Insurance Policy User Status.
10. There is no association between two the variables Age and
Your status as policy user.
11. There is no association between two the variables Annual
Income and Usage Rate.
12. There is no association between two the variables Gender and
Importance of Education.
13. There is no association between two the variables Occupation
and Importance of Education.
14. There is no association between two the variables Age and
Importance of Education..
15. There is no association between two the variables Annual
Income and Importance of Education.
16. There is no association between two the variables Qualification
and Importance of Occupation.
17. There is no association between two the variables Gender and
Importance of Occupation.
18. There is no association between two the variables Age and
Importance of Occupation.
19. There is no association between two the variables Annual
Income and Importance of Occupation.
20. There is no association between two the variables Priority for
next investment and do the company inform u when new
scheme are introduced?
21. There is no association between two the variables Qualification
and Your Reaction after listening to Agent.

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22. There is no association between two the variables Priority for


the next investments and agent reaction.
23. There is no association between two the variables Priority for
the next investments and satisfy with services provided.
24. There is no association between two the variables Your
Personality and Your behavior after listening to agent.
25. There is no association between two the variables Priority for
the next investments and satisfy with Premium.
26. There is no association between two the variables Services
provided by Life Insurance company/companies between male
and female.
27. There is no Correlation between two the variables Annual
Income and Usage Rate.
28. There is no Correlation between two the variables Annual
Income and Life Style.
29. There is no Correlation between two the variables Qualification
and Respondents behavior after listening to agent.
30. There is no Correlation between two the variables Satisfied
with services provided and Priority for next investment.

3.1.11 Data Collection Plan:


The data for the research are of two types
1. Primary Data is collected through:

Structured Questionnaire to be filled up by Individual


Investors. Questions are open ended and closed questions.

Personal Interview and Discussion with Insurance Agents


and Insurance Experts.

2. Secondary Data is collected through internet, Books, Magazines,


Newspapers, Publication, etc.

119

3.1.12 Data Analysis Plan


Various Stages of Data Analysis are:
1. Editing, Coding and Tabulation of Data.
2. Descriptive

Analysis

including

Frequencies,

Cross

Tabulation and Correlation Analysis.


3. Developing Hypothesis and Testing of Hypothesis using
Chi-Square Analysis and Mann Whitney U Test.
4. Factor Analysis.

120

3.1.13 Scope of the Study


The scope of the study is limited to the study of Indian Insurance
Industry in General and Gujarat Insurance Sector in Particular. For the
study, five major insurance players are selected in life insurance (LIC,
ICICI Prudential, TATA-AIG, Bajaj Allianz and HDFC-Standard Life)
as well as five major insurance players in Non-life insurance (GIC,
ICICI-Lombard, TATA AIG, Bajaj Allianz, Reliance General
Insurance) for comparison in Gujarat. Three major cities (Surat,
Ahmedabad and Vadodara) are selected on the basis of Population,
Income, Insurance & Policy users for the study of Gujarat. In the NonLife Insurance Sector; only Health Insurance and Vehicle Insurance
are covered.
This study mainly focuses on the comparison of major insurance
players on the basis of market share, premium amount, different
aspects of P & L Account and Balance sheet. Comparison is done on
the basis of secondary data. Study also concern to find out the factor
affecting to buying decision & renewing decision of insurance policies.
This objective is achieved through collecting the primary data (survey
in Gujarat), developing the hypothesis, testing the hypothesis, applying
other statistical tools and interpreting the results.
This study is also concerned with the study of scheme framing policy
of the Insurance players. This objective is achieved through the oral
interview and discussion with insurance agents and insurance experts.
At the end of the study findings, conclusion and recommendations are
summarized.

121

3.1.14 Importance/Benefits of the study


The research will:
1. Provide an understanding of the Indian Insurance sector in
general and Gujarat insurance sector in particular.
2. Demonstrate the effects of various demographical factors,
product factors and psychological factors on the insurance
sector which will ultimately helps to investors to choose the
best insurance company among the available.
3. Support the insurance players to improve and adopt the
marketing strategies to increase market share for selected
schemes i.e for life insurance and general insurance (only
vehicle insurance and health insurance).
Detail regarding each of these given points will be added to produce a
convincing argument as to the usefulness of the research.

122

3.1.15 Limitation of the Study


This study is by no means exhaustive one as it has been carried out
with many constraints, some of them arising out of human element, an
essential part of management. Following are the limitations and
constraint so the present study, under which researcher had to work.
Time constrain
The researcher had to identify on her own, variables related to
comparison of major insurance players. The present study was carried
out along with the regular job of teaching and other assignments of job,
those putting further time constrains on on carrying the research.
Limitation from respondents
There was difficulty in collecting primary data because respondents
were insurance investor and they were from the common background,
so language and understanding of the question were the constraints
from the respondents side.
Possibility of bias in respondents answers
There is possibility that the answers given by respondents may be
biased, which was a further constrain within which a study of this
nature have had to operate.
Non-Generalization of the results
The study was confined to Gujarat and its major insurance players, so
its findings may not be applicable to other areas.

123

3.2 Chapterization of the Thesis

The chapter plan of the thesis is carried out in the following manner
The whole thesis divided in Six Chapters.
Chapter 1 deals with the overview of Insurance Industry. The
chapter includes theoretical aspects about insurance industry. Sub-part
of the chapter includes Introduction, historical development and
growth of Indian Insurance sector, About IRDA. components of
Components of Insurance Sector, Indian Life Insurance Industry, major
Life Insurance Plans, Key Players of Life Insurance, Indian Non-Life
Insurance Industry, Key Players of Non-Life Insurance, Performance
of the Insurance Players. At the end of the chapter references are also
mentioned for the related chapter.
Chapter 2 Deals with Literature review of the study. Literature
Review includes the summary of studies related to Life Insurance,
Health Insurance, Vehicle Insurance, Marin & other insurance and
comparative study on different areas. After that gaps of the study is
mentioned. References of the related study are also mentioned at the
end of the chapter.
Chapter 3 Deals with the Research Methodology and Chapter wise
plan of the whole thesis. Sub parts of this chapter include problem
Statement, Research Objectives, Importance /Benefits of the study,
Research Design, Research questions, List of Needed Information,
Variable of the Study, Sampling Design, Data Collection Plan, Data
collection Method, Data Analysis Plan, Scope of the Study and
Limitations of the Study. Second sub part of the thesis includes chapter
wise plan of the whole thesis. At the end of the chapter references are
mentioned for the related chapter.

124

Chapter 4 deals with the Analysis of the data. The Analysis of the
data is divided into four parts:
Part 1 of Data Analysis is dealt with the Objective one, which is To
Study and Analyze different aspects of Insurance Industry. The
considered aspects are number of players, premium amount, market
share, individuals & corporate agents, investments of insurance
players, number of policies issued, numbers of claims incurred &
settled and penalty charged from insurance players.
The study presents an in-depth study on the Indian Insurance sector
for last five years for Life and Non-Life Insurance including number of
registered players in India, Number of Policies issued, Net Claim
Incurred, Market Share, Number of Individual and Corporate Agents,
Investment of Public and Private Insurance Players, Penalty charged
from different players, Penetration and Number of Offices of Insurance
Players.
Part 2 of Data Analysis is dealt with Objective two, which is
Comparative analysis of the major Insurance Players performance
by considering the different components of Profit & loss account and
Balance sheet for last five year
Comparative Analysis of major insurance players on the basis of
secondary data includes comparison of Major Insurance players Total
Numbers of Policies issued, Total Revenues, different aspects of Profit
& Loss Account and Balance sheet for last five year.
Part 3 of Data Analysis is dealt with the Objective three which is To
find out the factor affecting the buying decision and renewing decision
of Insurance Policy of Gujarats people with the help of different
variables like demographic, geographic, psychological, behavioral
and product variables, Objective four which is To find out the
perceptual views for the services provided by insurance companies

125

from the insurance investors point of view and Objective Five which
is To measure the Gujarats people attitude toward the life insurance,
health insurance and vehicle insurance
These objectives are achieved with the help of the primary data, the
primary data are collected through the structured questionnaire.
Questionnaire are filled up by insurance investors or by key decision
taker for insurance investment. The analysis process is performed for
collected data, by using various statistical tools like frequency analysis,
correlation analysis, U-test, Chi-square Test & factor analysis and
computer software like Ms Word, Ms. Excel and SPSS. Appropriate
hypothesis are developed to apply the various tests.
Part 4 of Data Analysis is dealt with the Objective six which is To
know the major Insurance Players Scheme framing Policy with the
help of personal discussion with insurance agents and insurance
experts, the objective is achieved by personal interview of insurance
agents and insurance experts of insurance players in Gujarat to study
the insurance scheme framing policy.
Chapter 5 deals with the findings of the analysis and conclusion of
the thesis.
Chapter 6 deals with the Recommendations part. The researcher
would like to add that her suggestions are not intended as master plan
for winning battle against the other insurance players performance in
the Indian Insurance Sector. The researcher has attempted to look at
the problem form her angle and that of the respondents and published
work. Others may see it differently. If it provokes discussion, this may
help to draw attention to some of the urgent problems and challenges
facing a great and growing service in which everyone has a stake.

126

3.3 References
1. Cooper Donald R and Pamel S Sthimbler. Business Research
Methods. 9th Edition. Tata Mc-Growhil Publication. PP
37:55.
2. Bhattacharya D.K. Research Methodology. 2nd edition. Excel
Book Publication. PP 25:48
3. Sachdevar J.K. Business Research Methodology. 1st edition 3rd
reprint 2010. Himalaya Publication. PP 17:88
4. Reddy Chinnam. Research Methodology and Operation
Research. 1st edition 2010. Pearson Publication. PP 24:66
5. Zimkund and William. Business Research Methods. 2nd
Edition 2009. Thomson Publication. PP 31:56
6. Ken Black C. Business statistics for Contemporary Decision
Making. 4th edition. Wiley Publication. PP - 36:115
7. Levein Richard I and Devid S Rubin. Statistics for
Management. 6th edition. Pearson Publication. PP 12:146
8. Mittal, Satyaprasad and Pradip Rao. Mathematics and
Statistics for Management. 1st edition 2005. Himalaya
Publication. PP 107:189
9. Apte D P. Statistics Tools for manager. 1st edition 2009. Excel
Book Publication. PP 87:10
10. Enderson and William. Statistics for Business Economics. 6th
edition. Cengage Publication. PP 47:68

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