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103

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

1 http://www.economywatch.com/indianeconomy/india-insurance-sector.html, date: 14/12/11, Time: 12:36

http://www.economywatch.com/indianeconomy/india-

104

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

period’s 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.

105

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), India’s 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.

http://www.ibef.org/industry/insurance_industry.aspx

106

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 3,28,2673 and Vadodara is

having India’s 5th highest per capita income4. The research also shows

that Surat’s 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

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

4 http://www.google.co.in/#sclient=psy-ab&hl=en&source=hp&q=income+of+vadodara+&pbx=1&oq=income+of+vadodara+&aq=f&aqi=g-b2g-bm1&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

http://www.sify.com/finance/surtis-income-is-highest-in-india-news-

http://www.google.co.in/#sclient

107

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.

108

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 Gujarat’s 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 Gujarat’s 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.

109

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.

110

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.

111

3.1.4 Research QuestionsThe 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?

112

3.1.5 List of Needed InformationTo 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.

113

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.

114

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

Insurance

Health

Insurance

Vehicle

Insurance

Total

Surat 100 100 100 300

Vadodara 100 100 100 300

Ahmedabad 100 100 100 300

Total 300 300 300 900

115

2. Insurance Agents & Experts:

Surat Vadodara Ahmedabad Total

No. of Respondent 50 50 50 150

3.1.8 Measurement and ScalingMeasurement 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:

116

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 DevelopmentThe 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


117

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


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 StudyFollowing 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.


Current Scheme/s.


and Current Scheme/s.


Knowledge regarding number of schemes.


and Knowledge regarding number of schemes.

118


Policy for whom.


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.


Income and Usage Rate.


Importance of Education.


and Importance of Education.


Importance of Education..


Income and Importance of Education.

16. There is no association between two the variables Qualification

and Importance of Occupation.


Importance of Occupation.


Importance of Occupation.


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.

119


the next investments and agent reaction.


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.


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.

120

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.

121

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 Non-

Life 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.

122

3.1.14 Importance/Benefits of the studyThe 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.

123

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.

124

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.

125

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 Gujarat’s 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

126

from the insurance investors’ point of view” and Objective Five which

is “To measure the Gujarat’s 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.

127

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

Documents

Shodhganga : a reservoir of Indian theses @ INFLIBNETshodhganga.inflibnet.ac.in/bitstream/10603/31158/9/09_chapter 3.pdf · that Surat ˇs middle class has more than doubled between