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Essay: Risk management procedures

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  • Subject area(s): Management essays
  • Reading time: 3 minutes
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  • Published: 29 October 2015*
  • File format: Text
  • Words: 858 (approx)
  • Number of pages: 4 (approx)

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This chapter describes the research methodology used in this study where it systematically discusses the sampling procedure, structural questionnaire, data analysis technique and the measurement applied. The decision to study on risk management in DEFTECH is made in order to find out the critical success factors for effective risk management in this project-based organization. I believe that this study could be beneficial for a wide range of businesses and the education sector.

3.1 Introduction
From the literature review, 10 critical success factors for effective risk management were identified. The main purpose of this study is to determine the most critical success factors for effective risk management in DEFTECH. The methodology used focuses on collecting data by using a structural questionnaire. The primary data collected were supported by the secondary data from previous research. The population of this study consists of employees from DEFTECH.
A set of questionnaire was used as the main instrument for assessing the most critical success in DEFTECH. Particular attention was given in designing the questionnaire so that the questions are clear, precise and understandable to the respondents. The language used in the questionnaire were give particular attention so that it would be free with no hint of bias. All of the questions were designed by using ready-made optional answers as a way to make it easier for the respondents to answer. The respondents need to give answers to each of the questions in order to advance through to the question and finalize the process.

3.2 Variable and schematic diagram
Dependent variable : Risk management procedures
Independent variables : Commitment and support from top management
: Communication
: Culture
: Organization structure
: Trust
: Information Technology (IT)
: Training

3.3 Hypothesis
The following assumptions were to gain the first insights into relevant critical success factors in effective risk management in DEFTECH. On the basis of a framework of variables, the following hypothesis are tested in the study:
H1. Commitment and support from top management is an essential factor for risk management procedures.
H2. Communication is an essential factor for risk management procedures.
H3. Culture is an essential factor for risk management procedures.
H4. Organizational structure is an essential factor for risk management procedures.
H5. Training is an essential factor for risk management procedures.
H6. Informational Technology is an essential factor for risk management procedures.
H7. Trust is an essential factor for risk management procedures.

3.4 Sampling design
Ultimately, 150 respondents were selected, which was smaller than the sample size proposed. A selection of samples was performed, through random selection based on departments in DEFTECH (Transformation, System Development and Integration, Human Resource, Finance, Sales and Marketing, Warranty, Production, Engineering, Information Technology, Procurement, Logistics and also Administration).
Method used

3.5 Sampling analysis
A self-completion questionnaire is designed to collect primary data. A questionnaire is vital for this research in order to evaluate for each critical success factors. Respondents were required to provide their personal data and general information (gender, department and working years). This is necessary as a way to ascertain whether there will be difference in the opinions of each of these groupings. No information was kept on file that would allow the respondents who participate in this research to be identified. As all of the respondents were anonymous, the data collection was then governed under the laws of statistical secrecy and data protection. The responses were used on an aggregate basis, with no individual references.
Microsoft Office (Word) was used to design the structure and format of the questionnaire. Raw data were examined to ensure for validity and completion.
The used of the questionnaire will help me to strengthen the response for each question in this study, so that the objective of the research can be achieved. Once the completed questionnaire has been received from the respondents, each of the questionnaires was studied individually in order to certify for the quality of the data provided by them. The data from the completed questionnaire were gathered and stored in spreadsheet format, where it reflects the answer to each item from respondents. The file was organised into rows and columns. Each of the rows corresponding to one satisfactorily completed questionnaire (one interviewee per row), while the columns reflect the questions contains in the survey. The results of the survey were taken from the recorded information on this spreadsheet. The SPSS for Windows which is possibly the most used computer software for the analysis of quantitative data was used in this study to manage, analyse and handle the statistical data.
From the information gathered from the survey, questions in the questionnaires were then amended and improved. The final survey exercise was carried out within a period of two months. With good research method, the data will be converted into knowledge. The quantitative data analysis was performed to enable research questions to be answered. After the data has been edited, coded and transformed, the data was then used in searching for the findings.

3.6 Summary
This chapter shows the whole methodologies used in this study. By running a few means in statistical analysis, this preliminary study is hoped to give some meaning that will contribute to DEFTECH and the general audiences. The next chapter will discuss the empirical data from the data collection methods.

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