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Cost Optimization Techniques and Strategies in Organizations Essay

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Updated: Mar 22nd, 2021

The research topic under discussion is “Cost Optimization Techniques and Strategies in Organizations.” Studying this field will essentially require collecting a wide scope of quantitative data; therefore, it is critical to work out a consistent research design in advance. The research will mainly aim at examining the world best practices related to cost optimization techniques and strategies that can be potentially applied to improving the performance of my organization (Abu Dhabi Marine Operating Company).

It is proposed to point out the most commonly used strategies and to identify their efficiency based on the case studies, the relevant financial reports, and other types of data available. Therefore, it is assumed rational to rely on the secondary data in the framework of this study. Saunders, Lewis, and Thornhill (2012, p.259) provide a complex list of the secondary data varieties, within which such types as written materials (organization’s websites and databases) as well as various surveys seem to be appropriate. It is assumed that the secondary data essential for this study can be easily accessed through the Internet and social networks.

In addition, it is critical to target an effective data sampling method. It is assumed that it is essential to choose the random sampling method for this research. Thus, Collis and Hussey (2013, p.197) point out that this sampling method is particularly appropriate for working with large populations. In this particular case, the size of the population is expected to be large, as there are a lot of oil and gas companies that implement different optimization techniques and strategies.

At the moment, it is problematic to target the data analysis methods as they will depend on the nature of the information connected. In the meantime, it might be suggested that the application of such a method as frequency distribution is likely to be required. Hence, for instance, this method can be applied to analyzing how frequently a particular optimization strategy is used and how many companies consider it efficient. For more complex types of data, multivariate analysis can be employed, as Sreejesh, Mohapatra, and Anusree (2013) recommend.

The proposed research design is a rough plan that might naturally overlook some peculiar points. In addition, the size of the studied population is not determined yet; thence, the sampling method has been chosen on the basis of the relevant forecasting. However, the type of data is already determined distinctly, which allows targeting further steps and planning the process. Furthermore, it is considered important that the research methods and tools are selected in accordance with the positivism paradigm. Therefore, the study will be aimed at proposing a hypothesis that can be further tested basing on the deductive principles (Bryman & Bell 2015). Otherwise stated, a particular focus will be put on the objective quantitative data rather than on the subjective impressions.

Moreover, it is considered important to ensure a high level of reliability and validity of the data collected. Wilson (2014) suggests that in order to receive reliable findings, it is essential to consider the three types of validity: content, construct, and external. Otherwise stated, it is important to ensure that the tools and the methods selected are relevant to the data as well as to guarantee that the findings might be further generalized and applied to practice. He likewise recommends to use different evidence sources and form the so-called “chain evidence” in order to elevate the level of a study’s reliability.

Reference List

Bryman, A & Bell, E 2015, Business Research Methods, Oxford University Press, London.

Collis, J & Hussey, R 2013, Business Research: A Practical Guide for Undergraduate and Postgraduate Students, Palgrave Macmillan, London.

Saunders, M, Lewis, P & Thornhill, A 2012, Research Methods for Business Students, Pearson Learning Solutions, New York, New York.

Sreejesh, S, Mohapatra, S & Anusree, MR 2013, Business Research Methods: An Applied Orientation, Springer, New York, New York.

Wilson, J 2014, Essentials of Business Research: A Guide to Doing Your Research Project, Sage Publications, New York, New York.

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IvyPanda. 2021. "Cost Optimization Techniques and Strategies in Organizations." March 22, 2021. https://ivypanda.com/essays/cost-optimization-techniques-and-strategies-in-organizations/.

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IvyPanda. (2021) 'Cost Optimization Techniques and Strategies in Organizations'. 22 March.

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