Quantitative and Qualitative Research Approaches

Summary “Relative Effectiveness of Different Risk Management Structures by Gobeli and Larson Risk management is such a multifaceted responsibility that it requires people in this area to possess innumerable competencies ranging from personal skills , management proficiencies , technical expertise , and others . With this , the risk management competency model concocted and grouped thirteen discrete competencies that a risk management requires :leadership , customer relations , project planning , performance measurement , communicating , organizational effectiveness , team building ,staff development , perspective , negotiating , risk management , problem solving , and decision making . This model was developed from the observable behaviors of successful , professional project managers in a variety of application areas . It provides a consistent , coherent structure for assessing the capabilities of current and prospective project managers . Comparative research on the relative effectiveness of different project approaches has resulted to relevant concepts that deal with the suitability of a number of structures of facilitating a project . This article used qualitative approach because qualitative research is multi-method in focus , which involves an interpretative ,naturalistic approach to its subject matter . This means that qualitative approaches study things such as risks in its natural settings ,attempting to make sense of , or interpret phenomena in terms of the meanings people bring to them . Accordingly , qualitative approaches deploy a wide range of interconnected methods , hoping always to get a better fix on the subject matter at hand Risk Management : Finding The Value Within by Kubitscheck .Risk management is a function similar to other management functions such as marketing , purchasing or finance . On the other hand , risk management is the process of measuring or assessing risk and then developing strategies to manage the risk . In ideal risk management , a prioritization process is followed by a classification of risks on terms of the probability of occurrence (Kubitscheck , 2000 : 5 . The concept of risk management has established an escalating attention in recent years ,both from academics and from practitioners . Globalization of trade and production has increased financial and direct investments in volatile emerging markets . In addition , in both developed and emerging economies ,capital markets have become more important as a means of allocating resources . This study used quantitative approach because On the other hand , quantitative approaches are defined as an approach which uses statistical techniques to determine the result of the research and is based on large samples . If this will be used in risk management process ,the person involved must have the ability to use quantified and numerical data to formulate a specific model to reduce or eliminate the risk elements . In addition , this method typically includes the construction of scales and questionnaires (Creswell , 1994 : 61 Malhotra Birks , 2000 : 50 . Quantitative Method composed of two kinds of data collection method : the survey method and the observation methods .Survey method comprises of personal interview and self-administered questionnaire which would be useful to determine the risks factors and its causes . Moreover , this can also be used to establish a quantitative-based model for solving such risks .Comparison and Contrast of Qualitative and Quantitative Approach As mentioned , risk management is a process…

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