Quantitative Methods in Project Management
Quantitative methods refer to research techniques employed for analyzing numerical data, enabling decision-makers to interpret and organize figures that elucidate various managerial or economic phenomena. Consequently, these methods aid in making informed administrative decisions.
There are four primary types of quantitative methods, each suitable for specific scenarios. Below is a brief overview of each type:
Survey Research Method
This exploratory tool is utilized by both large and small organizations to elucidate the characteristics of populations on a broad scale. For instance, it helps in understanding the opinions of a substantial customer segment regarding a particular product or service. The surveys associated with this quantitative method can be categorized into two types:
- Cross-sectional survey
This survey is conducted on a targeted customer demographic for a specific product or service and is commonly used in commercial contexts, such as retail stores.
- Longitudinal survey
Conducted over various time intervals, this type of survey is typically employed in scientific fields like medicine and applied sciences.
Descriptive Research Method
The descriptive research method serves as a tool for researchers to characterize the current state of a specific variable. This variable may encompass individuals, events, phenomena, or settings. Typically, researchers using this method do not formulate a hypothesis at the outset; however, they may develop one after collecting data about the specific variable, subsequently validating that hypothesis.
Examples of descriptive research include describing global warming from a scientific perspective, detailing physical education activities in schools, or outlining how elementary teachers proficiently teach mathematics in a manner that is easily comprehensible for students.
Experimental Research Method
This method is rooted in scientific approaches to establish cause-and-effect relationships among the variables under study. The experimental method may rely on one or more theories.
There are two main variables in this method: the first is the independent variable or experimental variable, which is applied to the experimental group. The second is the dependent variable, which is measured consistently across all randomly selected groups to observe its effects.
Correlational Research Method
This method enables researchers to identify the relationship between two closely related entities, exploring how the behavior of one influences the other. This type typically involves two or more separate groups.
Characteristics of Quantitative Methods
For a research method to be classified as quantitative, it should exhibit the following characteristics:
- The variables under study must be measurable in relation to the population, such as age, economic status, education level, and number of children.
- Standardized research tools must be utilized, which have predetermined impacts on the direction of data collection, ensuring accuracy and reliability.
- The analysis of quantitative data should primarily focus on the normal distribution curve of the population rather than on non-normal distributions.
- Data should be categorized and represented in forms such as tables or graphs, consolidating large amounts of data into a single table, graph, or illustrative form to facilitate the demonstration of relationships or differences among variables.
- The method must be replicable, allowing researchers to reuse it across various studies, thus enhancing the validity of results while minimizing errors or distortions.
- The methodology should be capable of predicting outcomes using computer-generated formulas, equations, and statistical analyses.
- The tools employed in the research method should align with the standardized benchmarks of reference tools.