Quantitative Methods

Date:  2021-05-17 23:49:58
3 pages  (911 words)
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This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
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This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

The main two types of research methods are qualitative and quantitative techniques. In that conjunction, Qualitative research generates data which is non-numerical as compared to quantitative research that generates information or data in numerical. In that regard, Qualitative research is more of people-focused, their feelings, thinking and reasons for making individual choices (Goertz & Mahoney, 2012) Unlike the qualitative research, which relies on non-numerical, quantitative research uses the approach, which is more of data led and logical. In that case, measures of what individuals think from a statistical and statistical point of view are provided. In such terms, in quantitative research data is collected to a great amount that is manipulated and organized efficiently into analysis reports. Therefore, this topic will entirely cover the quantitative research methods and tools that are used in decision-making and their effectiveness.

The quantitative methods that are used in research include surveys, questionnaires, and polls. In such terms, these quantitative methods mostly emphasize on numerical, or mathematical, statistical analysis and objective measurements of data collected. Research methods help to develop hypotheses or ideas or provide insights to the problem for the quantitative research, which is potential. In most cases surveys and questionnaires, methods are used (Wrench, 2015). They contain set questions and answers that are in a predefined selection where the respondents thick from. The answers given are measured in numbers like scales or strong disagree or agree on which comes out of the strength of feelings. In addition, there are quantitative tools that are used in decision-making, and they include simulations, payback analysis, and decision trees. These devices are commonly employed in organizations like Safaricom to aid in making decisions process.

Simulation is a general word that indicates various forms of activity that try to imitate the previous situation or system in a simple manner. It is all about the model building where the simulator tries to get understanding through manipulation and replication of something by adjusting model-building variables. Simulation is the best quantitative tool in an organization to which managers use in decision making. With simulation, no guesswork can be done in evaluation of alternatives because in decision making it has great potential. In that regard, managers are in the best position to make effective decisions through simulation of alternatives and prediction of their outcomes during the process.

Payback analysis is considered worthwhile in an organization if the benefits outweigh the costs. It is mostly needed in the process of organizational decision-making .in that regard, a manager of an organization may decide to purchase a car for the Safaricom company by taking into consideration certain factors. Such as the demand for the car, its insurance cost, its repair and warranty record, and the cars expected useful life. Regarding the gathered information, a manager is in the best position to rank alternatives as per the price of each car. In that case, a car of higher price can be considered more appropriate depending on its customer demand and longer life. Therefore, it is the responsibility of a manager to use the strategy to decide on an alternative whose initial cost has the quickest payback.

A decision tree is the best quantitative tool that most managers utilized in an organization to make decisions. They display out of a complete potential resolution picture that enables managers to graph different decision paths. Decision trees are a convenient way to analyze similar decisions, pricing, equipment purchases, and investments, marketing, and hiring (Ostrom & Wilhelmsen, 2012). Decision trees are always useful in evaluating decisions that are under risk conditions. Managers explicitly determine the outcome of the different alternatives and analyses the situations associated with the decisions of the future. In such terms, decision trees are the flexible method. They are used in many situations that require emphasis to be placed on alternatives highlighting, the probability of different conditions, or subsequent decisions. In that case, Quantitative techniques assist a manager to improve the overall decision-making quality. These techniques are frequently used in the logical or rational decision model, however, can be applied as well to other models. In that regard, they are more effective in the organization during the decision-making process.

Other quantitative research tools include analytical techniques, mobile, in-person, online and telephone surveys. Analytical techniques are majorly used to interpret and analyze quantitative data. Such analytical techniques include regression, factor, cluster, discrete choice, and conjoint analysis. They are the most effective techniques as they enable the quantitative data to be understood in an organization. Mobile surveys nowadays are used to provide an option that is convenient for the respondents to engage or participate at the experience point. Through mobile surveys, respondents are recruited by phone or email. Unlike the online and telephone, the in-person survey is the most effective way of showing respect and engaging the attention of the respondents. Small business consumers, customers, or audiences effectively use online reviews. In that regard, the future of the quantitative research will be brighter because many organizations will be depending on it as it is an effective way of collecting g data. Also as it is expressly based on methods of natural sciences, it can test hypotheses.

 

References

Goertz, G., & Mahoney, J. (2012). A tale of two cultures: Qualitative and quantitative research in the social sciences. Princeton, NJ: Princeton University Press.

Ostrom, L. T., & Wilhelmsen, C. A. (2012). Risk Assessment: Tools, techniques, and their applications. Hoboken, NJ: Wiley.

Wrench, J. S. (2015). Quantitative research methods for communication: A hands-on approach. New York: Oxford University Press.

 

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