Improving Cost-effectiveness of Exploratory Practitioner-led Research: Key Factors to Consider when Selecting Tools

This paper informs that exploratory research conducted by microfinance practitioners themselves has multiple uses, if the tools selected by MFIs focus on the process. This helps the institution to design a cost effective way to produce high quality and useful results.

The paper identifies some of the factors that must be considered while conducting the research and the steps that should be followed:

• Identifying the institutional problems and setting preliminary priorities accordingly;
• Defining the research objective clearly;
• Gathering the information needed to address the research problem;
• Reviewing different internal and external secondary sources of information with relation to the detailed research questions;
• Adopting a primary research technique to provide the missing data;
• Selecting the right mix of tools based on a sampling plan, and with cross check possibilities;
• Finalizing the research plan.

The paper concludes that if the research is correctly used and adapted to institutional needs and if the right mix of tools is adopted as per the institutional requirement, an invaluable source of knowledge and skills for microfinance practitioners can be generated. This would allow them to innovate and become more market oriented in a cost effective way.