The impact of Oil Price Drop on Companies Order Instructions: (The problem) The topic that I chose
The impact of an oil price drop on GCC countries, governments, companies and individuals
Research methodology can help to define the activities of research, how to proceed with the research, how to measure progress and how to determine success. This week you explored how different epistemologies relate to particular research methodologies and the highlights of some methodologies in use today. In this Discussion, you will evaluate existing methodologies and explore the methodology that you will use for your dissertation.
To prepare for this Discussion, identify two or three journal articles that address research problems similar to the problem you have chosen, and evaluate the methodology used to conduct the research. With these thoughts in mind, in an 850-word response, post your answers to the following questions to the Discussion Board by Saturday:
How has your problem or question been studied in the past?
What methodology would be most useful in addressing your research problem or question?
Defend your choice of methodology. Discuss whether you would use a research design and approach similar to those you reviewed, or approach your problem differently and why.
The impact of Oil Price Drop on Companies Sample Answer
Research Methodology: The impact of an oil price drop on GCC countries, governments, companies and individuals
In this paper, three peer-reviewed journal articles that address the research problems like the research problem I selected are identified. The research methodology utilized to carry out the study as described in these three research articles is evaluated. In essence, the existing methodologies are evaluated and the methodology that I will use for my dissertation is explored.
How the problem has been studied previously
- Content analysis methodology
In his study, Hvidt (2013) employs a comparative and empirical approach to analyze the future trends and the previous record of economic diversification in the 6 member states of the Gulf Cooperation Council (GCC). The author applied content analysis methodology and studied potential future diversification trends from existing national visions and development plans published by the governments of the GCC states. According to Hvidt (2013), diversification is a vital means of securing both the sustainability and stability of income levels in the future. Diversification involves reinvigorating the private sector and therefore it calls for the execution of wider reforms. Content analysis methodology as employed in the study by Hvidt (2013) is essentially a research methodology that is utilized in making valid and replicable inferences through interpreting textual material and coding it. Through evaluating texts such as graphics, oral communication, and documents in a systematic manner, qualitative data could be transformed into quantitative data (Williams 2011).
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Statistical analysis methodology and The impact of Oil Price Drop on Companies
In another study, Ahmed (2015) investigated if the United Arab Emirate’s diversification strategies are sufficient enough to manage the country’s economic development. Ahmed (2015) used statistical analysis procedure as the methodology for examining the contribution of diversified sectors basing upon the Gross Domestic Product of the United Arab Emirates particularly during and following the 2008-2012 global financial crisis. Statistical analysis methodology is an essential method for getting approximate solutions whenever the actual process is unknown or very intricate in its true form. Statistical analysis, as Williams (2011) pointed out, is a part of data analytics. The researcher collects and scrutinizes each data sample in a set of items from which samples could be obtained from. It is notable that a sample refers to a representative selection which is drawn from a total population. The findings of the study by Ahmed (2015) revealed that investing in various sectors instead of oil would have improved the performance of UAE’s economy significantly.
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Case study methodology and The impact of Oil Price Drop on Companies
In his study, Edwak (2012) used a case study methodology to examine Libya’s oil dependency and how this North African oil-producing country can diversify its economy so that it does not rely solely on oil exports as the only revenue source. According to Edwak (2012), the economy of Libya is heavily dependent on growing revenues from oil, which could actually deteriorate in the event of a drop in oil prices in the future. The economy of Libya could be affected adversely considering that in the global market, oil prices typically fluctuate widely. Even though in the coming years Libya could increase its oil production and revenues considerably thanks to its sizeable oil reserves, Libya’s dependence of public finance on just one sector implies that shocks threaten the financial balance and stability of the economy of Libya.
To avoid over-reliance on the oil sector which could really hurt the economy when prices drop and when demand declines due to the proliferation of alternative sources of fuel, the Libyan government should foster and encourage the growth of the non-oil sectors and stimulate economic diversification. Through the use of case study research methodology, Edwak (2012) carried out a detailed study of a specific situation – in this case how Libya is highly dependent on oil and how Libya can diversify so that its economy is not adversely affected by a drop in oil prices or a decline in demand – instead of an extensive statistical survey. Case study methodology is generally a detailed investigation of a single community, event or group. It is notable that case studies are an ideal methodology when an in-depth, holistic investigation is required (Williams 2011). For the study by Edwak (2012), a case study entailed a detailed investigation of a single country – Libya.
Most useful methodology in addressing the research question/problem
I would not use the research methodology similar to those reviewed; I would use a different methodology. In addressing the research problem of the proposed research, the most useful methodology that would be used is the positivist approach and gathering data through the use of open-ended interviews. The study will take on the positivist approach in establishing the impact of oil price decline on GCC member states, governments, business organizations, as well as individuals (Sang, & Seong-Min 2013). In particular, this research study would assume the onion research approach which depicts the layers that are involved in the research study. The fundamentals of the positivist viewpoint in the proposed research study determine the independence of the study and its influence that is value free. Positivism sees the element of knowledge as a facet which decreases the phenomena into simple facets which clearly depicted the general policies of the study (Toksoz 2012). The response of this study revolves around the views of the stakeholders including governments, nationals, residents, and states within the GCC member states. Given that there are various stakeholders, the aspect of critical realism would be initiated to answer the research questions of the study and take an analysis of the situations. Qualitative interviews would be carried out for the purpose of ascertaining a holistic representation of the study from all the stakeholders involved in the oil/gas industry.
The impact of Oil Price Drop on Companies References
Ahmed, ZE 2015, The role of diversification strategies in the economic development for oil-depended countries: The case of the UAE. International Journal of Business and Economic Development, 3(1): 1-11
Edwin, AA 2012, Oil dependency, economic diversification, and development: A case study of Libya. Middle East Journal, 31 (4): 85–102.
Hvidt, M 2013, Economic diversification in GCC countries: Past record and future trends. London: London School of Economics.
Sang Hoon, K, & Seong-Min, Y 2013, ‘Return and Volatility Transmission Between Oil Prices and Emerging Asian Markets’, Seoul Journal Of Business, 19, 2, pp. 73-93, Business Source Complete, EBSCOhost, viewed 7 June 2016.
Toksoz, M 2012, ‘The Gulf Cooperation Council and the global recession’, Journal Of Balkan & Near Eastern Studies, 12, 2, pp. 195-206, Academic Search Premier, EBSCOhost, viewed 7 June 2016.
Williams, C 2011, Research Methods. Boston, MA: The Clute Institute.
