Research philosophy (interpretivism)
Research philosophy informs the data collection process (Sekaran, 2006). According to Johnson and Christensen (2010), appropriate and effective data collection process depends on the research philosophy chosen by the researcher. Besides, Johnson and Christensen (2010) asserted that the chosen study philosophy is the viewpoint that is founded on the shared standards, suppositions, perceptions and practices. In other words, research philosophy is a function of the study regarding the development of knowledge. The study philosophy is the combination in which the nature of the world is observed and the function of the study (Saunders, 2003). As such, the philosophy aids the effectiveness of the study. In other words, the study philosophy helps the researcher to eliminate the constraints that are related to time and costs (Saunders, 2003).
Interpretative viewpoint is the conviction that the topics under study are within the multifaceted setting that cannot be interpreted merely through the existing suppositions (Johnson & Christensen, 2010). In other words, the social science in which business, management and finance are found is complicated to be expressed in edicts and models such as those found in the natural sciences. According to Sekaran (2006), interpretive philosophy involves various meanings of simple facts, which are appropriate for a single situation in each research problem.
Essentially, the interpretive philosophy plays a critical role in producing a credible outcome of the collected data (Johnson & Christensen, 2010). The reason is that using this philosophy, the researchers not only interrelate with the surroundings but also tend to find more meaning of it through various interpretations of events (Johnson & Christensen, 2010). The philosophy tends to take into consideration various factors that affect the main variables under the study (Johnson & Christensen, 2010).
Various approaches have been applied in different studies depending on the variables and measurements used (Bound & Campbell, 2011). In order to attain the objectives of the study and gain an in-depth understanding of the variety of measurements and dimensions involved in financial risk management in the government projects in Dubai, a qualitative interpretative approach has been selected. Besides, the approach is found to be the most appropriate in attaining the study objectives given the methodology applied (Campbell, 2011). The interpretative approach has continuously been applied in various social scientific studies due to its flexibilities in interpreting the social phenomena (Johnson & Christensen, 2010). Most importantly, the approach involves the grounded theory, which is built through various processes including determining on the study problem, formulating the research aims, objectives and question, data collection, coding and analysis as well as theory development (Bitsch, 2005).
Dissimilar to other quality research approaches where the study begins from a theory, which is then proved through the subsequent data collection and analysis, the grounded theory takes a heterogeneous process. As Corbin and Strauss (2008) indicated, the grounded theory is not a model, rather is a process through which the concepts within the collected data is determined. In other words, the theory is developed as the data is being analysed. The rationality of the concept is continuously being verified as the auxiliary data increases (Gibbs, 2010). The reliance of the grounded theory on the collected data reinforces the analytical process of the data employed in the study (Gibbs, 2010). Through the approach, the researcher would build a whole representation of the study and analyses the data from the in-depth interviews as well as conduct the study in a natural setting.
Case study is selected to be the most appropriate in attaining the goals of this study. Specifically, case studies on government entities managing aviation projects would be applied in understanding the dynamics within the setting of this study. Yin (2003) asserted that several cases remain critical in understanding the dynamics present within the solitary study environment. Further, Yin (2003) argued that the application of multiple cases is more appropriate given the robust and compelling nature of such studies. Moreover, the case studies are generalised to theoretical suppositions, which directly link this study to the grounded theory approach. Therefore, this study will be based on the analytical generalisation of theories.
Case study design
In order to gain in-depth understandings of different perspectives involved in financial risk management within the government projects in Dubai, about four cases involving government entities managing aviation projects will be selected for this study. The cases will remain important for the researcher in examining the manner in which risk management within the government projects are conducted in Dubai. In fact, the decision involving the selection of cases and the government entities is based on the study theoretical framework, hypothesis as well as the research questions. The study questions, hypothesis and purpose will provide the framework for the selection of the cases (Yin, 2003).
Data collection method
Even though case studies utilise various data collection method, in this study, semi-structured interview will be applied. The semi-structured interview method of data collection will help the researcher to build a comprehensive picture of the manner in which risk management within the government projects in Dubai is conducted particularly, in the selected government entities (Puelba, 2004). The data collection method would be designed with the consideration of the time frame as well as the budget constraints. Other factors such as the case definitions, research questions and intended reporting will also inform the design of the data collection method.
As indicated, the semi structured interviews will remain critical in the collection of data through the application of case study approach (Yin, 2003). The semi-structured interviews will be conducted among the managers of the selected government entities. Well-developed interview questionnaires will be used in the interview process. The questionnaire will be divided into various parts. Each part will focus on the research questions. For instance, part one will constitute the manner in which financial risks are managed within the government projects while other parts will elicit on the most appropriate financial risk management methods that can steer increased performance in the current government projects in Dubai. However, some impromptu questions will be used to interrogate further on the current changes occurring in the current financial risk management. Conversely, much of the information will be obtained from the review of relevant literature on the concerned topic.
Content analysis would be employed to determine the frequency with which the variables under the study have been linked. In particular, how the methods of financial risk management have been applied within the government projects in Dubai. Through the content analysis, the patterns and instances in which various organisations have applied financial risk management will be identified. The conclusion on how financial risk management has been applied within the government projects in Dubai will be made. Similarly, the information from the in-depth semi-structured interviews will be analysed to identify the contrasts and relationships observed in the literature. Matching the patterns in the literature and the real data will help in establishing a model that could be used to explain how financial risk management is applied in various projects.
Bitsch, V 2005 “Qualitative research: a grounded theory example and evaluation criteria,” Journal of Agribusiness, vol. 23 no. 1, pp.75-91.
Bound, M & Campbell, J 2011, “Qualitative method of research: grounded theory research,” Qualitative Research Methods, vol. 16 no. 2, pp. 76-89.
Campbell, J 2011, Introduction to qualitative research methods, Nova Southeatsern University Press, Ft. Lauderdale, Florida.
Corbin, J & Strauss, A 2008, Basics of qualitative research: techniques and procedures for developing of grounded theory, Sage, Thousand Oaks.
Gibbs, G 2010, Grounded theory, University of Huddersfield Press, UK.
Johnson, B & Christensen, L 2010, Educational research: quantitative, qualitative, and mixed approaches, SAGE, London, UK.
Puelba, C 2004, Forum: qualitative social research, University of California Press, San Francisco, CA.
Saunders, M 2003, Research methods for business students, Pearson Education, London.
Sekaran, U 2006, Research methods for business: a skill building approach, John Wiley & Sons, UK
Yin, RK 2003, Case study research: design and methods, Sage Publications, Thousand Oaks, CA.