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Qualitative vs. Quantitative - Assignment Example

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In the paper “Qualitative vs. Quantitative” the author analyzes different methods of risk analysis, which are used in different areas of industry. Each has its positives and negatives. The two main divisions of risk analysis are qualitative and quantitative…

Extract of sample "Qualitative vs. Quantitative"

Download file to see previous pages 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 prioritizes 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.
The main disadvantage of qualitative is that their findings cannot be extended to a 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 data that shows a result of the process in numeric form. However, this analysis is in-depth and can be sometimes complex and very expensive. Quantitative analysis has different meanings in a different context.
In social science, the quantitative analysis recommends the 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 than a simple analysis of the nature of the reactions.
Quantitative methods involve measurement and a 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 qualitative ideas. This is the way it works with a global qualitative 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.  ...Download file to see next pagesRead More
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