Qualitative vs. Quantitative - Assignment Example

 Qualitative vs. Quantitative Safety and Money makes risk an important consideration in process plants. Different methods of risk analysis are used in different areas of industry. Each has its positives and negatives. The two main divisions of risk analysis are qualitative and quantitative. We will discuss the two terms of risk analysis in more details in the following paragraphs in a view to judge what is the best of two and why? Qualitative Analysis: In a qualitative analysis, a set of possible failures is observed by relatively inexpensive means. This is a good way to get an overall outcome of the process and its current condition. Qualitative Risk Analysis is used as a tool to determine the protection level required for systems application, facilities and other assets. In qualitative analysis assets, threats, and vulnerabilities are sought out and then it establishes the probabilities of threats that might occur. Moreover the cost of losses if any, and the value of the measures designed to reduce the threats and vulnerabilities up to an acceptable level.  The qualitative is more subjective which develops a prioritize risk elements involved in a process. Three data gathering strategies typically characterize qualitative methodology: in-depth, open-ended interviews; direct observation; and written documents. Qualitative methods permit the evaluator to study selected issues, cases, or events in depth and detail. Quantitative approaches allow for large-scale measurement of ideas, beliefs, and attitudes. Dr George is of opinion [2] that, “once we have agreed upon what constitutes a measure (say, a meter stick), everyone can use it and be fairly confident that what they measure is what anyone else would measure.  For example, the word "red" could be to signify the color red, or as a political categorization (e.g. socialism or communism). In a qualitative analysis both senses of red in the phrase "the red flag" could be recognized. Advantages of qualitative data analysis: Greater awareness of the perspectives of program users. Capability for understanding dynamic developments in a program (process) as it evolves Awareness of time management and history Sensitivity to the influence of context Alertness to unanticipated and unplanned events The main disadvantage of qualitative is that their findings cannot be extended to broader concept as compare to what quantitative analyses can. One reason may be the fact they are tested for. Whenever a qualitative approach is adopted, their statistical importance is not measured. Quantitative analysis: In quantitative analysis, numeric values are assigned to probabilities and cost. This analysis is very advantageous because it determines the risk of failure and then presents you with a data that shows result of process in numeric form. However, this analysis is in-depth and can be sometimes complex and very expensive. Quantitative analysis has different meanings in different context. In social science, quantitative analysis recommends use of numerical and statistical techniques rather than verbal material. In finance, a quantitative analysis is done using applied mathematics. In analytical chemistry, quantitative analysis involves the measurements of quantities of substances produced in reactions rather simple analysis the nature of the reactions. Quantitative methods involves measurement and lot of counting. The result of the research is a number, or a series of numbers. These are presented in forms of tables, graphs.Using quantitative methods, one can give a certain statement based on the qualitative ideas. This is the way is works with a global qualitive frame. For example Protest/Survey which concludes that the average patient has to wait 2 hours in the waiting room for a doctor to get examined or an experiment in which group x was given two tablets of Aspirin a day and Group y was given two tablets of Tylenol a day where each participant is randomly assigned to one or other of the groups. The numerical factors such as two tablets and the time of waiting makes the situations and results quantitative. Advantages: With Quantitative Analysis, your smallest investment into analysis will give you great increase in revenues, profits, and better understanding of the decision well before. By following quantitative analysis, you can examine different techniques that are likely to be genuine reflections of the behavior of a certain variety, and which are merely chance occurrences Disadvantages: The picture of the data, which emerges from quantitative analysis, is less affluent than that obtained from qualitative analysis. An item has to be categorized in one or another way. So in the above example about the phrase "the red flag" we would have to decide whether to classify "red" as "politics" or "color. Quantitative approaches allow for large-scale measurement of ideas, beliefs, and attitudes. But generally, the set of questions is kept to minimum to ensure that certain tests provide reliable result. This allows for development of a generalizable set of findings. Choosing the best risk analysis method for an Organization: The difficulty of choosing a method is compounded by the fact on where the research will be performed. Researches are often affiliated with universities and other institutions. The findings of research projects often guide important decisions about specific practices and policies. The choice of which approach to use may reflect the interests of those conducting or benefiting from the research and the purposes for which the findings will be applied. Because of the lack of clarity with purely qualitative analysis and the expense associated with quantitative analysis, a combination of the two is typically recommended. A mix of qualitative and quantitative data gathering enriches risk analysis. Qualitative research, on the other hand, sometimes focuses too closely on individual’s responses and fails to make connections to larger situations or possible causes of the results. Researchers should find the most effective ways to incorporate elements of both to ensure that their studies are as accurate and thorough as possible [3]. When you want "strength in numbers," choose quantitative research. When "size doesn't matter," qualitative research is the best option [4]. The choice does not depend on your wish but the kind of research or process contributes in making the decision. So the choice of whether to follow qualitative or quantitative approach is rather tricky as this decision will be reflecting the outcome of the process. The risk analysis itself being an important phase of the development process demands a careful selection of the analysis method. These methods are categorized through some study and there are no hard and fast rules to use one. There is no compulsion that if one is used the other has to be ignored completely. It is extremely important to judge the nature of the process and what would be best for the process. For example if the process involves quality issues, legislative monitoring, Assessing individualized outcomes (how well a program or product meets individual needs) or Implementation (learning how and the extent to which a product or program was actually operational zed/implemented) then qualitative analysis is recommended. On the other hand quantitative is used when the generation of models, theories and hypotheses, collection of empirical data, modeling and analysis of data, evaluation of results. So the decision is based more on the nature of the process rather the wish. Sometimes the combination of both is taken into practice. Work Cited [1] Weiss, C. H. (1998).” Evaluation methods for studying programs and policies (2nd ed.)”. Upper Saddle River, NJ: Prentice Hall. [2] Dr. C George Beoree. “Qualitative method” http://www.ship.edu/~cgboeree/genpsyqualmeth.html [3] “Qualitative versus quantitative debate” < http://writing.colos”tate.edu/guides/research/gentrans/pop2f.cfm>. [4] Albert Fitzgerald (2000), “Qualitative vs. Quantitative”. < http://www.answersresearch.com/article9.php> [5] “Qualitative Data Gathering: A Summary” < http://edweb.sdsu.edu/Courses/Ed791BCF02/QualitativeGathering.doc> Read More