Chapter Three: Methodology
Introduction
The study will examine how the current UK economic status is by comparing the signs to the previous crisis period in need to obtain signs that could cause a potential crash in the UK near future. This chapter will present the methodology for the study that comprises of population analysis, research design, sizing of samples and selections, sampling methods & procedures, data gathering instruments, data analysis, as well as ethical considerations all used to build detailed analysis and help guild towards solutions.
Research Designing:
A research design as the outline, sketch, or planning, which can be utilised for generating responses to the researcher’s questions. Research design constitutes a blueprint for the collection, measurement and analysis of data (Gill et al., 2008). The study will utilise a descriptive survey research design in which participants’ opinions and views were considered and described accordingly to establish the challenges during the 2008 financial crisis, the lessons learned and how these lessons have been implemented in terms of legislation and workforce perceptions and actions. The study adopted both quantitative and qualitative techniques. The Qualitative method is justifiable because it helps in the generation of non-numerical data, while quantitative methods are important for generating quantitative data. The triangulation of the two methods subsequently will aid to generate both quality and quantity data sets regarding ways of preventing a future financial crisis in the UK economy. With the aid of quantitative methods, it was easy to have a clear, as well as the scientific perspective by having them on the questionnaire along with analyzing them with Graphs and Tables.
Research Strategy
The case study has been selected since we can show a deeper investigation process of finding out a way to prevent the financial crisis in the UK economy. The study used three financial institutions in the UK as case studies. This decision to use the case study becomes supported by Ary et al. (2006) and argues where the case study approach leads to a detailed investigation of the causes under study. For this purpose of this case study, I made the decisions that I will set boundaries by using the perspectives of 3 representatives from the identified financial institutions.
Sample Selection and Sampling Procedures
The study was carried out within the UK financial sector with a specific focus on three financial institutions. Because of the vastness of the UK financial sector, I decided to focus on only three banks which provided the needed data through a bank representative because using all the financial institutions as case studies would be unrealistic and impractical. The actual population for the study is (1) junior employees, (1) line managers, and (1) senior managers. In this study, a sample of 10 UK banks was given questionnaires to fill out in phase one. In phase two of data collection, an interview was undertaken on the same banks, who constituted representatives of the financial institutions. Simple random sampling was used to select the ten banks for the study. This sampling technique adds credibility to the process of data collection. The method was suitable for the study since each participant in this sample gives equal opportunity to be selected for inclusion in the sample.
Data Collection Methods and Instruments
In selecting the most suitable research method, Patton, (2005) recommended problems connected to data gathering must be considered. They underscore the need to consider the research questions to guide the researchers with the type and quantity of data to be gathered. Consequently, research questions were consistently referred to when making decisions for a kind of datasets to be gathered. The paper will utilise both quantitative and qualitative methods of data collection. Quantitative data was gathered using questionnaires, which was filled out by the bank representatives and qualitative data gathered through carrying out interviews (Devers and Frankel, 2000).
Questionnaires
By questionnaire, we mean a data collection tool or instrument, which is utilised for collecting datasets across large numbers of staff volunteers. Semi-structured questionnaires were used in this study as they are an economical method to provide answers to the research questions. The self-administered questionnaire was used due to the speed of administration (Jack and Clarke, 1998). Equally, it has a greater percentage rate of return. The main motive for choosing questionnaires to collect data is that it encourages expediency from the participants. In every section of the questionnaire, the participants were given clear instructions on how to complete the item.
Interviews
An interview guide is a set of questions that the researchers ask the participants during an interview (King, N., Horrocks, C. and Brooks, J., 2018). A structured interview was undertaken for this study to stimulate the participants into a detailed discussion regarding the different measures taken to prevent a future financial crisis in the UK economy. Semi-structured interviews are beneficial not only because they show excellent validity, but because they offer an opportunity to probe answers. Also, the semi-structured interview was suitable for the study as it guarantees adequate quantities of data pertinent to the study have been collected (Kvale, 2008).
Data-Analysis
Data analytics involves the separation of data into different parts (Oso & Onen, 2008). In this study, data about email communications, productivity and performance within the selected bank in the UK was assessed using quantitative and qualitative techniques. Quantitative data gathered is going to be tabulated and bar graphs, pie charts, as well as frequency tables, were designed. The data from the questionnaires and semi-structured interviews was transcribed expanding the verbatim transcripts, followed by coding the data and lastly summarising and interpretations. (The SPSS) was used to analyse the data gathered.
Reliability and Validity
According to Kirk, Miller and Miller (1986.), there is a need for researchers to proceed with due caution in regards to the validity, as well as the reliability of the data gathered. In the study, triangulation methods were utilised to validate the data collected because of the quantitative method used in the study. Data triangulation is an effective tool for determining the validity and reliability of data when compared to a single data source or instrument (Golafshani, 2003).
Ethical Considerations
According to Munhall (1988), Ethical issues can crop up in nearly all research when employees participate. For this motive, the researcher was bound by the Ethical committee of research and selected banks for the survey to provide consent for staff participants before they are asked or are given the internal SharePoint link to participate and respond. Confidentiality is an important consideration that was catered for as no personal information was used or shared. The researcher also thought it wise to indicate in the survey paper the fact that the names of the participants would be kept confidential and that the study would comply with GDPR Legislation.
References
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Gill, P., Stewart, K., Treasure, E. and Chadwick, B., 2008. Methods of data collection in qualitative research: interviews and focus groups. British dental journal, 204(6), p.291
Golafshani, N., 2003. Understanding reliability and validity in qualitative research. The qualitative report, 8(4), pp.597-606.
Jack, B. and Clarke, A.M., 1998. The purpose and use of questionnaires in research. Professional nurse (London, England), 14(3), pp.176-179.
Kirk, J., Miller, M.L. and Miller, M.L., 1986. Reliability and validity in qualitative research (Vol. 1). Sage.
King, N., Horrocks, C. and Brooks, J., 2018. Interviews in qualitative research. SAGE Publications Limited.
Munhall, P.L., 1988. Ethical considerations in qualitative research. Western Journal of Nursing Research, 10(2), pp.150-162
Patton, M.Q., 2005. Qualitative research. Encyclopedia of statistics in behavioural science