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1.1. What is Research?

Research in common parlance refers to a search for knowledge. It can also be defined as
research as a scientific and systematic search for pertinent information on a specific topic. In
fact, research is an art of scientific investigation. It is, thus, an original contribution to the
existing stock of knowledge making for its advancement. It is the pursuit of truth with the
help of study, observation, comparison and experiment. In short, the search for knowledge
through objective and systematic method of finding solution to a problem is research.

1.2. Objectives of Research:
The purpose of research is to discover answers to questions through the application of
scientific procedures. The main aim of research is to find out the truth which is hidden and
which has not been discovered as yet. Though each research study has its own specific
purpose, we may think of research objectives as falling into a number of following broad
groupings:
To gain familiarity with a phenomenon or to achieve new insights into it.
To portray accurately the characteristics of a particular individual, situation or a
group.
To determine the frequency with which something occurs or with which it is
associated with something else.
To test a hypothesis of a causal relationship between variables.

1.3. Significance of Research:
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
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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 is equally important for social scientists in studying social relationships and in
seeking answers to various social problems. It provides the intellectual satisfaction of
knowing a few things just for the sake of knowledge and also has practical utility for the
social scientist to know for the sake of being able to do something better or in a more
efficient manner. Research in social sciences is concerned both with knowledge for its own
sake and with knowledge for what it can contribute to practical concerns.

1.4. Types of research:
Descriptive vs. Analytical:
Descriptive research includes surveys and fact-finding enquiries of different kinds.
The major purpose of descriptive research is description of the state of affairs as it
exists at present. The main characteristic of this method is that the researcher has no
control over the variables; he can only report what has happened or what is
happening. The methods of research utilized in descriptive research are survey
methods of all kinds, including comparative and correlational methods.
In analytical research, on the other hand, the researcher has to use facts or
information already available, and analyze these to make a critical evaluation of the
material.
Applied vs. Fundamental:
Research can either be applied (or action) research or fundamental (or basic or pure)
research. Applied research aims at finding a solution for an immediate problem
facing a society or an industrial/business organization. Gathering knowledge for
knowledges sake is termed pure or basic research.
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Fundamental research is mainly concerned with generalizations and with the
formulation of a theory. Research concerning some natural phenomenon or relating
to pure mathematics are examples of fundamental research.
Quantitative vs. Qualitative:
Quantitative research is based on the measurement of quantity or amount. It is
applicable to phenomena that can be expressed in terms of quantity.
Qualitative research, on the other hand, is concerned with qualitative phenomenon,
i.e., phenomena relating to or involving quality or kind.
Conceptual vs. Empirical:
Conceptual research is that related to some abstract idea(s) or theory. It is generally
used by philosophers and thinkers to develop new concepts or to reinterpret existing
ones.
On the other hand, empirical research relies on experience or observation alone,
often without due regard for system and theory. It is data-based research, coming up
with conclusions which are capable of being verified by observation or experiment.

1.5. Research Methodologies:
Research methodology is a systematic way to solve a problem. It is a science of studying
how research is to be carried out. Essentially, the procedures by which researchers go about
their work of describing, explaining and predicting phenomena are called research
methodology. Following are few of the research methodologies:
Historical Research: It is the systematic and objective location, evaluation and
synthesis of evidence in order to establish facts and draw conclusion about the
past.
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Comparative Research: It is used to compare the experiences of people of
different societies either between times in the past or in parallel times in the
present
Descriptive Research: It attempts to examine the situation in order to examine
what is normal and what can be predicted to happen again in the same situation. It
relies on observation as a means of collecting data.
Experimental Research: In this type, the researcher try to isolate and control every
relevant condition which determines the events investigated, so as to observe the
effects when conditions are manipulated.
1.6. Research Process:

Figure 1.6: Research Process

Define problem
Review the
literature
Formulate
hypotheses
Design research
Collect data
Analyze data
Interpret and
Report
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The figure above show how the research process takes place. It consists of closely related
activities which may overlap continuously rather than following a prescribed sequence.
However, the following order concerning various steps provides a useful procedural
guideline regarding the research process:
Formulating the research problem:
There are two types of research problems, viz., those which relate to states of
nature and those which relate to relationships between variables initially the
problem may be stated in a broad general way and then the ambiguities, if any,
relating to the problem be resolved. The formulation of a general topic into a
specific research problem, thus, constitutes the first step in a scientific enquiry.
Extensive literature survey:
Once the problem is formulated, a brief summary of it should be written down. At
this juncture the researcher should undertake extensive literature survey
connected with the problem.
Developing the hypothesis:
After extensive literature survey, researcher should state in clear terms the
working hypothesis or hypotheses. Working hypothesis is tentative assumption
made in order to draw out and test its logical or empirical consequences. As such
the manner in which research hypotheses are developed is particularly important
since they provide the focal point for research.
Preparing the research design:
The research problem having been formulated in clear cut terms, the researcher
will be required to prepare a research design, i.e., to state the conceptual structure
within which research would be conducted. The function of research design is to
provide for the collection of relevant evidence with minimal expenditure of effort,
time and money.
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Determining sample design:
All the items under consideration in any field of inquiry constitute a universe or
population. A sample design is a definite plan determined before any data are
actually collected for obtaining a sample from a given population.
Collecting the data:
In dealing with any real life problem it is often found that data at hand are
inadequate, and hence, it becomes necessary to collect data that are appropriate.
Primary data can be collected either through experiment or through survey.
Execution of the project:
Execution of the project is a very important step in the research process. If the
execution of the project proceeds on correct lines, the data to be collected would
be adequate and dependable. The researcher should see that the project is
executed in a systematic manner and in time. If the survey is to be conducted by
means of structured questionnaires, data can be readily machine-processed. In
such a situation, questions as well as the possible answers may be coded. If the
data are to be collected through interviewers, arrangements should be made for
proper selection and training of the interviewers.
Analysis of data:
The analysis of data requires a number of closely related operations such as
establishment of categories, the application of these categories to raw data
through coding, tabulation and then drawing statistical inferences. The unwieldy
data should necessarily be condensed into a few manageable groups and tables for
further analysis.
Thus, researcher should classify the raw data into some purposeful and usable
categories.

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Hypothesis testing:
After analyzing the data as stated above, it is possible to test the hypotheses
formulated earlier. Do the facts support the hypotheses or they happen to be
contrary? This is the usual question which should be answered while testing
hypotheses. Various tests, such as Chi square test, t-test, F-test, have been
developed by statisticians for the purpose. The hypotheses may be tested through
the use of one or more of such tests, depending upon the nature and object of
research inquiry. Hypothesis-testing will result in either accepting the hypothesis
or in rejecting it.
Generalizations and interpretation:
If a hypothesis is tested and upheld several times, it may be possible to arrive at
generalization, i.e., to build a theory. As a matter of fact, the real value of research
lies in its ability to arrive at certain generalizations. If the researcher had no
hypothesis to start with, he might seek to explain his findings on the basis of some
theory. It is known as interpretation. The process of interpretation may quite often
trigger off new questions which in turn may lead to further researches.
Preparation of the report or presentation of the results:
Finally a proper report is to be prepared which will contain all the work done,
stated in a systematic way.
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2.1. Title of the project:
Effect of rise in the cost of Tungsten Carbide on local Cutting Tools Manufacturers.
2.2. Rationale of the project:
All manufacturing industries need precision cutting tools for manufacturing various
components. These cutting tools are supplied by multinational companies like SandCor,
Kemetal as well local small scale manufacturers like X.J. Tools, CarBd Tools. The basic
raw material for making cutting tools is Tungsten Carbide. This Tungsten Carbide, as a
raw material is supplied by companies like SandCor, Kemetal and Cemetals
The major factor affecting the tool cost is the cost of Tungsten Carbide. Over a period of
years these suppliers have increased the price of this raw material and it is now nearly at
par with finished products of these manufacturers. This is forcing the local manufacturers
to increase the cost of their products, which has adverse effects on their business.
Thus, the aim of this project is to analyze the effect of this steady price rise on the Local
Manufacturers.
2.3. Objective of study:
To understand the effect of increasing cost of raw material on the business of local
cutting tools manufacturers.
2.4. Methodology:
Type of research: Descriptive
Data collection:
o Primary Data: Interviews of entrepreneurs in cutting tools business.
o Secondary Data: Price lists of carbide rods for the past 3 years from the
suppliers.

Data analysis:
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o Line charts
o Bar graphs

2.5. Findings:
Effect of rising raw material costs on the profits of Local Cutting tools manufacturers.



















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Tools are the heart of any manufacturing industry. Maximum operations in an industry
depend on tools. Cutting tools find applications in not just small scale industries but also
large scale industries.
Earlier the raw materials used for the manufacturing of cutting tools were High Speed
Steels (HSS). HSS have high hardness and good abrasion resistance and thus they were
widely used. Manufactures using HSS as a raw material used conventional machines for
manufacturing. However, with the introduction of CNCs and BNCs this trend started
shifting slowly. These machines were able to achieve high production rate with improved
quality. As machines changed, the raw material of tools had to be changed to cope up
with the manufacturing rate. This was the commencement of Carbide tooling.
Many Manufacturers flourished as the demand for tools started increasing. They were
able to produce precision tools as the technology improved.
With further advancement in technology, Special Purpose Machines (SPMs) started
replacing CNCs. This leads to still higher productivity of tools with very high quality. A
new raw material, Solid Carbide, was introduced for this purpose.
Now, the suppliers of raw material started playing an important role as good quality of
raw material is needed to be at par with the needed quality. Local manufacturers started
purchasing this raw material from big giants like SandCor, Cemetal and Kemetal. Thus,
the cost of the raw material started playing a huge role in the tooling cost.
X.J. Tools is one such local manufacturer of precision carbide cutting tools. They started
their business in 1968 and since then have seen all the shifting trends in this industry.
They supply precision cutting tools to a number of companies, not just domestic but also
multi nationals, most of them in automobile sector. Hence this company was selected as
representative of local manufacturer of cutting tools.
Their policy is of continual investment in state - of - art manufacturing facilities leading
to increased quality of the end products. They have a number of highly precise CNC Tool
& Cutter, CNC Optical Profile Grinder, Spark Electron Discharge Machine for
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manufacturing of custom tools. The manufacturing processes are carefully controlled by
highly accurate measuring instruments.
Quality control is done by an inspection camera which magnifies tool's profile by 300X.
With this measuring technology, tools can be measured with accuracy of 0.005mm
without removing them from machine.
Their products are:
o Reamers
o Core Drills
o End Mill & Ball Nose End
o Hole Mills
o Side & Face Cutters
o Special Tools
o Circular Form Tools
o Spot Face Cutters
o Cylinder Head & Cylinder Block Tools
o Profile Cutters
o Trepanning Tools
o Solid Carbide Drills
o Brazed Carbide Drills
o Brazed Carbide Tipped End Mills


Figure 2.1: Solid Carbide Drills Figure 2.2: Brazed Carbide Drills
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Figure 2.3: Brazed Carbide Tipped End Mills

These tools need solid carbide rods as a raw material which is supplied to the factory by
companies like SandCor, Cemetal and Kemetal.
Hence this topic was selected to see the effect rising process of raw material is having on this
company.


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Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. In it we study the
various steps that are generally adopted by a researcher in studying his research problem
along with the logic behind them.
4.1. Scope:
Universe:
The entire MIDC area is considered as the universe.
Respondents:
Suppliers of carbide rods as raw material for X.J Tools.

4.2. Sampling technique:
Non probability sampling was selected. Non-probability sampling is that sampling
procedure which does not afford any basis for estimating the probability that each item in
the population has of being included in the sample. In this type of sampling, items for the
sample are selected deliberately by the researcher. In other words, under non-probability
sampling the organizers of the inquiry purposively choose the particular units of the
universe for constituting a sample on the basis that the small mass that they so select out
of a huge one will be typical or representative of the whole.
4.3. Sampling size:
Three main suppliers, SandCor, Cemetal and Kemetal, were selected and their respective
data were collected for analysis.
4.4. Type of Research:
The Research type used is Descriptive. Descriptive research includes surveys and fact-
finding enquiries of different kinds. The major purpose of descriptive research is
description of the state of affairs as it exists at present. In social science and business
research the term Ex post facto research is used quite frequently for descriptive research
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studies. The main characteristic of this method is that the researcher has no control over
the variables; he can only report what has happened or what is happening.
4.5. Method:
Survey method which is the technique used for carrying out the investigation processes
with the help of direct observation or by the collection of the data by conducting
interviews etc is used. For this, interviews of the suppliers of raw materials were taken
and all the required information was gathered from them.
4.6. Tools:
A semi structured questionnaire was used to conduct the survey. Quantitative data
relating to the carbide rod prices of 3 years was collected from the suppliers.
4.7. Statistical tool:
The collected data was analyzed with the help of graphs prepared in MS excel.

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From the suppliers of raw material i.e. from SandCor, Cemetal and Kemetal, price lists of
carbide solid rods for the past three years were obtained. Based on this data graphs are
prepared which are used for secondary data analysis.

5.1.SandCor Asia:
The price lists from year 2009 were collected from SandCor. Based on the data obtained two
graphs were prepared. One graph, shown in figure 4.1 shows the increasing prices of the raw
material from Jan 2009 to September 2013. The other graph, shown in figure 4.2 gives the
comparison of price rise for same rod diameter.

Figure 5.1: Price rise by SandCor.



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Table no. 5.1: Price list of SandCor

From Jan 2009 Till March 2011 From April 2011
Diameter Price Diameter Price Diameter Price
3.2
240
3.2
409
3.2 470
3.7
295
3.7
530
3.7 610
4.2
356
4.2
615
4.2 707
4.7 453 4.7 835 4.7 960
5.2
531
5.2
907
5.2 1043
5.7 687 5.7 1220 5.7 1672
6.2
758
6.2
1318
6.2 1516
6.7
812
6.7
1464
6.7 1683
7.2
894
7.2
1562
7.2 1796
7.7
980
7.7
2019
7.7 2322
8.2
1361
8.2
2158
8.2 2482
8.7
1372
8.7
2467
8.7 2837
9.2
1389
9.2
2491
9.2 2864
9.7
1693
9.7
2908
9.7 3344
10.2
1740
10.2
3068
10.2 3528
10.7
1952
10.7
3466
10.7 3986
11.2
2264
11.2
3932
11.2 4522
11.7
2290
11.7
3963
11.7 4558
12.2
2331
12.2
4135
12.2 4756
12.7
2350
12.7
4365
12.7 5020
13.2
2370
13.2
5300
13.2 6095
13.7
2596
13.7
5322
13.7 6121
14.2
2714
14.2
5404
14.2 6214
14.7
2803
14.7
5952
14.7 6845
15.2
3006
15.2
6261
15.2 7201
16.2
4052
16.2
7036
16.2 8091
17.2
4912
17.2
7988
17.2 9186
18.2
5648
18.2
8919
18.2 10257
19.2
6213
19.2
11007
19.2 12658
20.2
6767
20.2
11433
20.2 13148
21.2
7030
21.2
12823
21.2 14747
22.2
8241
22.2
13611
22.2 15653
23.2
9378
23.2
15200
23.2 17480
24.2
9852
24.2
16468
24.2 18938
25.2
10535
25.2
17397
25.2 20007
26.2
11732
26.2
18091
26.2 20805
28.2
15960
28.2
22169
28.2 25494
30.2
20554
30.2
28228
30.2 32462
32.2
23012
32.2
31199
32.2 35879
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From Jan 2013 From may 2013 wef Sept 2013
Diameter Price Diameter Price Diameter Price
3.2 532 3.2 598 3.2 688
3.7 710 3.7 776 3.7 892
4.2 801 4.2 900 4.2 1035
4.7 1100 4.7 1190 4.7 1368
5.2 1182 5.2 1328 5.2 1527
5.7 1660 5.7 1830 5.7 2104
6.2 1781 6.2 1930 6.2 2263
6.7 1907 6.7 2143 6.7 2464
7.2 2035 7.2 2286 7.2 2629
7.7 2631 7.7 2955 7.7 3399
8.2 2812 8.2 3159 8.2 3633
8.7 3214 8.7 3611 8.7 4153
9.2 3345 9.2 3758 9.2 4322
9.7 3789 9.7 4257 9.7 4896
10.2 3998 10.2 4491 10.2 5165
10.7 4516 10.7 5073 10.7 5834
11.2 5123 11.2 5756 11.2 6619
11.7 5164 11.7 5802 11.7 6672
12.2 5388 12.2 6054 12.2 7240
12.7 5687 12.7 6389 12.7 7348
13.2 6906 13.2 6625 13.2 7619
13.7 6935 13.7 7791 13.7 8960
14.2 7040 14.2 7910 14.2 9096
14.7 7755 14.7 8713 14.7 10020
15.2 8158 15.2 9166 15.2 10541
16.2 9167 16.2 10299 16.2 12442
17.2 10408 17.2 13056 17.2 13447
18.2 11621 18.2 16113 18.2 15014
19.2 14342 19.2 16736 19.2 18530
20.2 14869 20.2 18771 20.2 19630
21.2 16708 21.2 19925 21.2 22235
22.2 17735 22.2 22251 22.2 23601
23.2 19805 23.2 24701 23.2 26356
24.2 21457 24.2 25468 24.2 28554
25.2 22668 25.2 26483 25.2 30166
26.2 23572 26.2 32452 26.2 31370
28.2 28885 28.2 38335 28.2 38440
30.2 36780 30.2 41322 30.2 48946
32.2 40651 32.2 45671 32.2 54097
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Figure 5.2: Price rise comparison for same diameter rods.

From the graph it can be seen that SandCor has increased prices considerably from January 2009
to September 2013.

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5.2.Cemetal:
Table no. 5.2: Price rise by Cemetal

2011 2012 2013
Diameter Price Diameter Price Diameter Price
3.2 450 3.2 520 3.2 660
3.7 568 3.7 635 3.7 824
4.2 610 4.2 822 4.2 933
4.7 731 4.7 893 4.7 1,126
5.2 890 5.2 947 5.2 1,298
5.7 953 5.7 983 5.7 1,521
6.2 999 6.2 1,210 6.2 1,729
6.7 1,084 6.7 1,422 6.7 2,110
7.2 1,362 7.2 1,680 7.2 2,344
7.7 1,698 7.7 1,881 7.7 2,644
8.2 1,833 8.2 2,061 8.2 2,825
8.7 2,064 8.7 2,284 8.7 3,273
9.2 2,323 9.2 2,632 9.2 3,574
9.7 2,861 9.7 3,012 9.7 4,004
10.2 3,065 10.2 3,426 10.2 4,326
10.7 3,411 10.7 3,802 10.7 4,799
11.2 3,978 11.2 4,163 11.2 5,156
11.7 4,069 11.7 4,875 11.7 5,644
12.2 4,852 12.2 5,167 12.2 5,960
12.7 5,003 12.7 5,732 12.7 6,584
13.2 5,594 13.2 6,033 13.2 6,985
13.7 5,993 13.7 6,749 13.7 7,879
14.2 6,235 14.2 7,593 14.2 8,110
14.7 6,803 14.7 8,246 14.7 8,825
15.2 7,211 15.2 9,056 15.2 9,423
16.2 7,681 16.2 9,996 16.2 10,301
17.2 8,465 17.2 10,236 17.2 11,834
18.2 9,946 18.2 11,753 18.2 12,975
19.2 10,510 19.2 13,625 19.2 14,419
20.2 12,165 20.2 15,204 20.2 16,145
21.2 14,980 21.2 16,987 21.2 17,930
22.2 16,693 22.2 18,992 22.2 19,716
23.2 18,741 23.2 20,174 23.2 21,165
24.2 20,325 24.2 21,653 24.2 22,931
25.2 21,973 25.2 22,971 25.2 24,306
26.2 25,834 26.2 28,735 26.2 30,870
28.2 29,810 28.2 32,159 28.2 34,705
30.2 32,651 30.2 38,726 30.2 40,036
32.2 37,264 32.2 42,687 32.2 44,191
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Figure 5.3: Price Rise by Cemetal.

Figure 5.4.: Price rise for same rod diameter.
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5.3.Kemetal:
Table no. 5.3: Price list by Kemetal

2010 2011 2013
3.2 379 3.2 417 3.2 495
3.7 410 3.7 473 3.7 614
4.2 487 4.2 583 4.2 692
4.7 532 4.7 690 4.7 835
5.2 659 5.2 801 5.2 952
5.7 876 5.7 922 5.7 1117
6.2 983 6.2 1068 6.2 1263
6.7 1136 6.7 1263 6.7 1549
7.2 1268 7.2 1448 7.2 1720
7.7 1423 7.7 1500 7.7 1921
8.2 1672 8.2 1746 8.2 2074
8.7 1710 8.7 1892 8.7 2402
9.2 1919 9.2 2185 9.2 2596
9.7 2095 9.7 2433 9.7 2909
10.2 2356 10.2 2673 10.2 3176
10.7 2593 10.7 2865 10.7 3522
11.2 2845 11.2 3153 11.2 3746
11.7 3105 11.7 3402 11.7 4100
12.2 3598 12.2 3645 12.2 4330
12.7 3740 12.7 3863 12.7 4783
13.2 4002 13.2 4272 13.2 5075
13.7 4212 13.7 4491 13.7 5783
14.2 4796 14.2 4960 14.2 5892
14.7 4993 14.7 5311 14.7 6412
15.2 5488 15.2 5822 15.2 6916
16.2 5830 16.2 6300 16.2 7484
17.2 6477 17.2 7238 17.2 8598
18.2 7200 18.2 7936 18.2 9427
19.2 8583 19.2 8818 19.2 10476
20.2 9271 20.2 9874 20.2 11730
21.2 9708 21.2 10966 21.2 13027
22.2 11036 22.2 12058 22.2 14324
23.2 12640 23.2 12944 23.2 15377
24.2 13123 24.2 13999 24.2 16630
25.2 13982 25.2 14866 25.2 17659
26.2 16570 26.2 19273 26.2 22895
28.2 19211 28.2 21667 28.2 25739
30.2 20100 30.2 24995 30.2 29693
32.2 25198 32.2 27590 32.2 32775
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Figure 5.5: Price rise by Kemetal.

Figure 5.6: Price rise comparison for same diameter rods

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As primary data, interview of local cutting tool manufacturers was conducted.
Following is the overview of the interview conducted with Partner of M/s X.J. Tools, Mr.
Jacob:
X.J. Tools has been in the cutting tools business since 1968, and is well versed with the
trends of the market. Tungsten carbide is the heart of all cuttings tools manufactured
nowadays as these tools can be used at high parameters to achieve the cycle times required
by the customer. This has shifted the focus of the pricing in favor of cost of raw material. The
major three players in the raw material market are SandCor Asia, Kemetal and Cemetal.
They manufacture and supply carbide rods which are basic blanks required for manufacturing
the various types of cutting tools. These companies also have their own range of cutting tools
which they manufacture themselves.
Local manufacturers also produce similar tools and are popular due to their cost effectiveness
and quick response to the customers ever changing demands. This has helped in creating a
competitive market with healthy competition to provide the best support and innovation to
the customer. New players in the cutting tools business are constantly emerging at a very
high pace due to the huge market potential. Due to this the raw material manufacturers are
now trying to get a bigger share of the market by manufacturing their tools instead of selling
only raw material.
Also, the devaluation of the Indian rupee against the U.S. Dollar has very high impact on the
import costs of the raw material. Raw material for manufacturing Tungsten Carbide is mainly
available in China, and this is affecting pricing due to the inelastic demand.
Thus, the combined effect of these factors has resulted in steady increase in the prices and is
very significant in todays market scenario. Automobile industry is currently facing one of
the worst recession period and the sales have hit rock bottom. This in effect has led to
manufacturers implementing very strict cost reduction programs. Manufacturers of cutting
tools are forced to sell the products at very low rates as any price increase would face the risk
of losing business completely.
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This crunch is having adverse effects on the local manufacturers as they have to purchase
raw material at higher rates and sell the finished products at cheaper rates.

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As seen in chapter 5, the prices for raw materials have increased a great deal. This has
affected the final tool cost. Earlier the cost of tool for MNCs was four times that of the raw
material and 2.5 times for domestic industries. However, this gap is reducing due to increase
in the prices of raw materials. The following graph shows the comparison of prices of raw
material and finished products that are tools.



Figure 7.1:

Hence it can be concluded that the hypothesis stands true, i.e. the price rise is adversely
affecting the manufacturers of cutting tools.
0
5000
10000
15000
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Rod Diameter
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cost of Raw maetrial
Price in Sept 2013
IndSearch PGDBM 1 26

BIBLIOGRAPHY
[1] C R Kothari, Research Methodology: Methods and Techniques, New Age publication.
[2] Uma Sekaran, Research Methods for Business, John Wiley & Sons, Inc.
[3] R J Clarke, Research Models and Methdologies, HDR Seminar Series.