QM LEC 1.docx

**QM LEC 1** - **QUANTITATIVE METHODS** - Quantitative methods (QM) emphasize objective measurements and the statistical, mathematical, or numerical analysis of data collected through polls, questionnaires, and surveys, or by manipulating pre-existing statistical data using computa...

**QM LEC 1** - **QUANTITATIVE METHODS** - Quantitative methods (QM) emphasize objective measurements and the statistical, mathematical, or numerical analysis of data collected through polls, questionnaires, and surveys, or by manipulating pre-existing statistical data using computational techniques. Quantitative research focuses on gathering numerical data and generalizing it across groups of people or to explain a particular phenomenon. - QM are used for: - Survey Research - Correlational Research - Experimental Research - **QUALITATIVE RESEARCH** - Qualitative research is defined as a market research method that focuses on obtaining data through open-ended and conversational communication. - This method is about "what" people think and "why" they think so. For example, consider a convenience store looking to improve its patronage. A systematic observation concludes that more men are visiting this store. One good method to determine why women were not visiting the store is conducting an indepth interview method with potential customers. - Quali can be used: - One on One Interview, Case Study Research, Focus Groups, Record Keeping, Ethnographic Research, Process of Observation. - **QM Scope** - The process typically involves designing experiments or surveys, gathering measurable data, and analyzing this data using mathematical models to draw conclusions or make predictions. Quantitative methods are valued for their precision and the ability to handle large volumes of data, making them crucial for making informed decisions and validating theories. **SIGNIFICANCE OF QM** - **Objective Analysis** - Quantitative methods provide a framework for obtaining objective data that can be universally measured and analyzed. This reduces the influence of personal biases and subjectivity in interpreting results. - **Generalizability** - Using statistical methods to analyze data from a sample, quantitative research allows for conclusions that can be generalized to a larger population. This is particularly valuable in fields like medicine or economics, where researchers must broadly apply findings. - **Predictive Capabilities** - Quantitative analysis often involves developing models to predict outcomes based on measurable variables. These predictions are essential in weather forecasting, finance, and logistics. - **Replicability** - The structured nature of quantitative research, emphasizing precise measurement and replicable procedures, ensures that studies can be repeated. This replication is key to verifying results and building on existing knowledge. - **Statistical Validity** - Quantitative research uses statistical tools to validate hypotheses. This provides a robust framework for testing theories and establishing facts with a known degree of accuracy. - **Decision Making** - Quantitative methods are used to make informed decisions in business and policy-making. For example, by analyzing customer data, businesses can optimize their strategies to meet market demands better. **CATEGORIS OF QM** - **Survey and Questionnaires** - **Purpose:** To collect data from a large group of people efficiently. - **Method:** Involves standardized questions to ensure consistency and comparability of responses. Surveys can be conducted online, in person, or over the phone**.** - **Application:** Common in market research, sociology, and health studies to gauge public opinion, satisfaction, or behaviors. - **Experiments** - **Purpose**: To determine cause-and-effect relationships by manipulating variables. - **Method:** Participants are typically divided into control and experimental groups to test the impact of specific changes - **Application:** It is widely used in scientific research, psychology, and medicine, such as testing new drugs or psychological interventions. - **Longitudinal Studies** - **Purpose:** To track changes over time. - **Method:** Data is collected from the same subjects repeatedly over a prolonged period. - **Application:** Useful in developmental psychology, education, and health sciences to study changes across the lifespan or the effects of long-term interventions. - **Secondary Data Analysis** - **Purpose:** To analyze existing data collected for other research purposes. - **Method:** Involves the statistical analysis of data from government databases, historical records, or previous research studies. - **Application:** Economists, historians, and policy analysts often use this method to conduct large-scale studies without requiring direct data collection. **ATTRIBUTES OF QM** - **Structured tools** - Quantitative research relies on structured tools such as surveys, polls, or questionnaires to gather quantitative data. Using such structured methods helps collect in-depth and actionable numerical data from the survey respondents, making it easier to perform data analysis. - **Sample Size** - Quantitative research is conducted on a significant sample size representing the target market. Appropriate Survey Sampling methods, a fundamental aspect of quantitative research methods, must be employed when deriving the sample to fortify the research objective and ensure the reliability of the results. - **Close-ended Questions** - Closed-ended questions, specifically designed to align with the research objectives, are a cornerstone of quantitative research. These questions facilitate the collection of quantitative data and are extensively used in data collection processes. - **Prior Studies** - Before collecting feedback from respondents, researchers often delve into previous studies related to the research topic. This preliminary research helps frame the study effectively and ensures the data collection process is well-informed. - **Quantitative Data** - Typically, quantitative data is represented using tables, charts, graphs, or other numerical forms. This visual representation aids in understanding the collected data and is essential for rigorous data analysis, a key component of quantitative research methods. - **Generalization of Results** - One of the strengths of quantitative research is its ability to generalize results to the entire population. It means that the findings derived from a sample can be extrapolated to make informed decisions and take appropriate actions for improvement based on numerical data analysis. **IMPLEMENTATION OF QM** - **Business and Economics** - **Market Research:** Businesses use quantitative methods to understand market trends, consumer preferences, and buying behaviors, helping them make informed decisions about product launches, marketing strategies, and pricing. - **Financial Analysis:** Economists and analysts use quantitative techniques to predict market movements, assess investment risks, and evaluate economic policies. - **Healthcare** - **Clinical Trials:** Quantitative methods are essential in testing the efficacy and safety of new drugs and medical treatments through controlled experiments and statistical analysis. - **Epidemiology:** Researchers employ these methods to understand the patterns, causes, and effects of health and disease conditions in defined populations. - **Social Sciences** - **Sociology and Psychology:** Quantitative studies help in understanding social phenomena, measuring attitudes, examining behavioral patterns, and testing psychological theories. - **Political Science:** Quantitative analysis is used to gauge public opinion, predict election outcomes, and study the impact of political policies. - **Education** - **Assessment and Evaluation:** Educators and policymakers use quantitative methods to evaluate the effectiveness of educational programs, measure student performance, and inform educational reforms. - **Longitudinal Studies:** These studies track students\' progress over time, providing insights into educational outcomes and the long-term effects of teaching methods. - **Science and Engineering** - **Experimental Research:** Quantitative methods are fundamental in designing experiments to test hypotheses about natural and engineered systems. - **Statistical Quality Control:** Manufacturing industries employ quantitative techniques to ensure product quality and optimize production processes. - **Environment and Geography** - **Environmental Research:** Quantitative methods are used to model climate change scenarios, assess pollution levels, and study the impact of human activities on ecosystems. - **Geographical Information Systems (GIS):** These systems use quantitative data to analyze spatial relationships and patterns for urban planning, resource management, and environmental conservation. - **Information Technology** - Quantitative methods help coders get the most performance out of a machine, or use the least energy, or otherwise meet the objectives of the code. - **Statistics** (a quantitative method) can profile code and not only tell you how to improve performance, but it can classify code and even find bugs in the code, or mistakes in the data. It can find fraud in the data. - In real time code (code with a real-world time limit for response, like in the stock market, or monitoring chemical reactions, or piloting a vehicle, or an implantable medical device), quantitative methods are crucial for proving the code will execute on time without missing its window of response, regardless of the decision paths taken in the code or interrupts handled. **BENEFITS OF QM** - **Collect Reliable and Accurate Data** - Quantitative research is a powerful method for collecting reliable and accurate quantitative data. Since data is collected, analyzed, and presented in numbers, the results obtained are incredibly reliable and objective. - Numbers do not lie and offer an honest and precise picture of the conducted research without discrepancies. - In situations where a researcher aims to eliminate bias and predict potential conflicts, quantitative research is the method of choice. - **Quick Data Collection** - Quantitative research involves studying a group of people representing a larger population. - Researchers use a survey or another quantitative research method to efficiently gather information from these participants, making the process of analyzing the data and identifying patterns faster and more manageable through the use of statistical analysis. - This advantage makes quantitative research an attractive option for projects with time constraints. - **Wider Scope of Data Analysis** - Quantitative research, thanks to its utilization of statistical methods, offers an extensive range of data collection and analysis. - Researchers can delve into a broader spectrum of variables and relationships within the data, enabling a more thorough comprehension of the subject under investigation. - This expanded scope is precious when dealing with complex research questions that require in-depth numerical analysis. - **Eliminate Bias** - One of the significant advantages of quantitative research is its ability to eliminate bias. This research method leaves no room for personal comments or the biasing of results, as the findings are presented in numerical form. This objectivity makes the results fair and reliable in most cases, reducing the potential for researcher bias or subjectivity. **SUMMARY** - **SIGNIFICANCE OF QM** - Objective Analysis - Generalizability - Predictive Capabilities - Replicability - Statistical Validity - Decision Making - **CATEGORIES OF QM** - Survey and Questionnaires , Experiments Longitudinal Studies, Secondary Data Analysis - **Attributes of QM** - Structured tools - Sample size - Close -- ended questions - Prior Studies - Quantitative data - Generalization of results - **IMPLEMENTATION OF QM** - Business and Economics, Healthcare, Social Sciences, Education, Science and Engineering, Environment and Geography, Information Technology. - **BENEFITS OF QM** - Collect Reliable and Accurate Data - Quick Data Collection - Wider Scope of Data Analysis - Eliminate Bias - Quantitative research involves collecting, analyzing, and presenting quantitative data using statistical analysis. - It offers numerous advantages, including the collection of reliable and accurate data, quick data collection, a broader scope of data analysis, and the elimination of bias, making it a valuable approach in the field of research. - When considering the benefits of quantitative research, it's essential to recognize its strengths in contrast to qualitative methods and its role in collecting and analyzing numerical data for a more comprehensive understanding of research topics.