Introduction of Research paper about importance of quantitative analysis/ statistic in construction industry

There are several risks in every constructing industry which can differ depending upon the size of organization. When a new project is started it raises the ambitions and enthusiasms of the constructors depending upon their past experiences, immense knowledge or quality research work. And when looked at the facts it has loopholes [1]. In big projects of construction level of complexity is increased because greater the project, greater is the complexity. It is due to modern developmental designs; aesthetic materials and it doubles the risk and uncertainty. To reduce the risks of any kind quantitative approaches are used because it has capability to overcome the obstacles, reduce the risk factor and attain the accuracy as much as possible [2].

Construction industry of Malaysia is the main area of this study. Quantitative Analysis is known to be an important factor of construction industry, the value provided by the client continuously increases. It is a team work; well structured, multidisciplinary, analytical process and systematic analysis which endures to find best work through unique designs and process of construction which is up till the demand of client. The study includes the exploration and importance of research using mixed design of methodologies [3]. Quantitative Analysis is known as widely accepted tool in the world which provides improved quality work to client. It is considered as vital tool of today’s world construction projects. At international level, construction is an important field for Quantitative Analysis. Quantitative Analysis plays crucial role in success of a construction project. It provides an outlook of information about value rather than cost and describes the balance between quality, time and cost of the entire construction project [4].

Quantitative Analysis provides structure which should be integrated in the constructing industry. In the study it is declared the importance of practice of Quantitative Analysis in construction industry. The advantages increase if it is used appropriately by the clients. The construction industry of Malaysia is of supreme importance as it contributes for the development of Malaysia as a nation. Quantitative Analysis is precious as it can be used to add more value and development to constructing projects of the country. Values management was introduced in Malaysian constructing agency in 1986 [5] when it was not widely known by many people. But there are great numbers of successes in Malaysian construction industry in past few years making Quantitative Analysis of greater worth and importance. Therefore, steps should be taken to make the management strategy fully accessible for constructing industry by giving complete knowledge and understanding of it.

The quantitative analysis approach has sections and is of variable types. It includes; Bayesian method, matrix of decision making, method of belief functions, decision tree analysis, value of expected monetary, failure mode and effect analysis, Monte Carlo method, interviewing, distributions of probability, analysis of scenario, program evaluation and review technique, fuzzy logic, process of analytical hierarchy, even break analysis [6].

Purpose of research paper about importance of quantitative analysis/ statistic in construction industry

To evaluate importance of quantitative analysis and Quantitative Analysis in a constructing project. Main purpose is to find out and establish the importance of Quantitative Analysis in constructing industry of Malaysia. This required extensive investigation of construction industry and how projects were developed before. This resulted in creation of prototype guidelines which can be applied in constructing industry [7].

Examination from Research paper about importance of quantitative analysis/ statistic in construction industry

How to figure out from the research projects that we have enough knowledge and use of Quantitative Analysis in constructing industry of Malaysia? Identification of other relevant issues related to research project and what are the key developments in respect to Quantitative Analysis and Malaysian constructing industry?

Main Purpose of Research paper about importance of quantitative analysis/ statistic in construction industry

Main purpose is to determine the role of Quantitative Analysis in constructing industry of Malaysia. Objective of the study is to determine Quantitative Analysis and its working among the industry. A practical and sustainable approach is developed upon which the framework of constructing industry can be developed. 

The Design of Research paper about importance of quantitative analysis/ statistic in construction industry

The design of research connects the calculated data with the entire research and conclusion. It begins with the collection of data, analysis and report preparation. The researcher of the project had knowledge of concatenated exploratory approach therefore it was applied. The knowledge of Quantitative Analysis was to be understood by research. It turned out to be something as there was lack of knowledge of Quantitative Analysis. The application of concatenated approach provided opportunity to researchers to develop well the increased methodological and theoretical strictness of Quantitative Analysis which was known through quantitative analysis by using mixed methodology design to supreme level [8].

This exploratory approach allowed the researchers to conduct and extensive research starting from the prime in order to further describe the Quantitative Analysis situation in constructing agency of Malaysia. The approach of description depends upon the events which are currently in process or have been completed. It provides greater understanding and knowledge to practice the approach such as Quantitative Analysis in the country. It has set it standards before a strict and brief research was performed over it.

This also provides a research with brief description of Quantitative Analysis with the insight of client as well as the dealers. It further led towards investigation which was to understand the outcome of application of Quantitative Analysis in Malaysia and to determine the consistency of application of Quantitative Analysis. It was necessary to find answers to these questions before properly implementing the phenomena in Malaysia [9].

By implying exploratory approach in the research it was concluded that quantitative as well as qualitative analysis should be done to collect data, ensure the accuracy of methodology and fulfill the aims of research. Data was collected via questionnaires, observations, reports and interviews.

Throughout the research design of mixed methodology was used because it represents the great degree of mixing entities for quantitative and qualitative analysis. Initial steps of research resulted in convergence of results and that increased the spectrum of research. It is stated by researchers that several approaches should be utilized in a project so that one appropriate approach can be selected. This research includes quantitative and qualitative analysis to ensure the coherence between the ideas of research. Prominent relationship between ideas of research was confirmed by quantitative analysis [10].

 It was further said that combination of quantitative and qualitative analysis allows easy understanding of aim and reports along with reports which can be further confirmed through statistical analysis. Data should be collected by record of past, observations, questionnaires etc [11].

Creswell and Green et al. concluded that mixing of different methodologies resulted in converged results. Every sector of result is highlighted and report is well informed. This will allow easy development and answering of contradiction if any arrive and the research can extend further. The quantitative data analysis is vital because it gives information about Quantitative Analysis properties in constructing industry of Malaysia. It also gives the information about putting the applications in actions [12].

study was concluded to be as non-contrived setting. The below figure shows why quantitative figures have significant importance in the Construction Industry:

Source: https://www.researchgate.net/publication/273851647_Malaysian_Construction_Sector_and_Malaysia_Vision_2020_Developed_Nation_Status

Brief Outline of the Research paper about importance of quantitative analysis/ statistic in construction industry   Application of management strategy constructing industry of Malaysia.

Ø    Extent to what application of Quantitative Analysis in constructing industry succeeds and implementation of methodology.

Ø    Literature review, results from research, clients review, requirements of consultants.

Ø    Achievement of certain objectives, primary survey, new methodology, questionnaire, interviews, observations, collection of data.

Ø    Clients were the reason to start the research in first place. Their level of satisfaction and knowledge about Quantitative Analysis is determined.

Ø    Projects that were using the similar management approach were identified.

Ø    New data was added to previously collected record.

Ø    Applications of Quantitative Analysis were observed and practice was studied. In order to obtain experience and increase the knowledge on aspect.

Ø    Main goal was to accumulate primary data for future analysis.

Ø    Another questionnaire was sent to experts who are professionally associated with construction industry of Malaysia.

Ø    This lad to new recognition of consultants who have applied Quantitative Analysis strategy in their projects.

Ø    Another step was to interview these people to understand the success of approach so far.

Ø    38 chiefs were interviewed along with their 10 clients, 6 engineers, 6 architects, and 6 surveyors, 6 manager of the project and 4 supporters of Quantitative Analysis.

Ø    For more knowledge on the aspect, project reports were collected, analyzed to ensure the details. These details can add value to future framework of the process.

Ø    The results of the research facilitated the procedure of Quantitative Analysis implication for future.

Ø    The research was done to ensure correctness, practicality and validity of the Quantitative Analysis in Malaysian industry of construction.

Ø    This required extensive investigation of construction industry and how projects were developed before. This resulted in creation of prototype guidelines which can be applied in constructing industry.

Ø    The aim is to assure the Prototype guidelines of Quantitative Analysis approach and its application for the constructing industry of the Malaysia.

Ø    It is entirely based upon empirical formula and determines the brief overview of each phase [13].

Conclusion of Research paper about importance of quantitative analysis/ statistic in construction industry

The Quantitative Analysis is much commonly used in other countries unlike in developing country like Malaysia. Therefore, there is a need for exploratory research in order to explore the method briefly and obtain more knowledge about it. This approach allows the questions to be answered accurately. The methodological approach allows the use of quantitative and qualitative analysis in order to collect data.  The triangle diagram of the study shows most perfectly addressed issues such as strictness of method, it also signified the problems like reliability and validity. These documents, literature reviews, observations, interviews etc. allow to gather the data as per required to know the application of strategies in constructing industry of Malaysia [14].

Source: https://www.researchgate.net/publication/273851647_Malaysian_Construction_Sector_and_Malaysia_Vision_2020_Developed_Nation_Status

The study hereby suggests that constructing industry requires more efficient approach for delivery of the projects. The data which was collected though quantitative approach suggests that Quantitative Analysis  methodology should be acquired and used in the industry to enhance the quality of work and perform the work efficiently so that maximum amount of quality is made accessible for the clients. It is also explained that a brief solutions of innovation and better work which are proactive in type should be implemented in the industry of construction. The research suggested that Quantitative Analysis strategy is still in its developmental stage in Malaysia and it is still new. Efforts should be done to make it easily accessible to the people and consultants. Awareness should be loud and clear.

All the techniques which are analyzed in this research are vital in order to take a decision and come out as a great help. All the decisions taken require risks to be taken. Quantitative analysis requires more sources than the qualitative resources and is therefore complex and difficult. But the results obtained via this approach are detailed, well explained, and easy to understand. There are several techniques which can be used and implemented but three prime techniques of great importance are interview, probability distribution and expected value of monetary. These three acts as an intermediate o make other strategies applicable [15]. The results of survey can tell about the knowledge, information about the techniques which are used by the professionals of the field. This motivates the users of quantitative analysis to come up with easily performable techniques depending upon the data collected. When conveniently performed techniques are used it lessens the risk of the project, if there was any and the industry prevails by taking calculated and well evaluated steps and can leave behind the rivals.

The quantitative analysis of constructing industry guides to enhance and improve the quality of techniques of present day and increase the application of new methodologies or lesser known quality technologies. First step is to implement some of the strategies which are derived for finding the solutions of problems. The next step is to improve the quality and methods of quantitative analysis by bringing new or advanced technologies by knowing the use of it and having understanding of it.

Vision of 2020 of Research paper about importance of quantitative analysis/ statistic in construction industry

In the Malaysian economy, it is focused by the government that there is need to perform efficiently so that there could be effectiveness in the performance of construction sector of Malaysia. The construction sector of the Malaysia is growing because of the economic growth and also because of the revenue generation. It is analyzed that construction sector of the Malaysia is focused on the growth so that there could be increase in the gross domestic product (GDP). There are several internal political conflicts that can be hindrances in the strong industrialized economy [7]. Consequently, for the modernized Malaysia, there is demand for the social justice as well as the political stability so that there could be growth in the construction sector of the Malaysia. The government in other way also focusing to increase the quality of life of the people through construction sector of the Malaysia; as in this way, people will get the spiritual values. Construction sector of the Malaysia through the development of the sector wants to increase the national pride and confidence. In is noticed that there are benefits to transform Malaysia and the vision 2020 supports that as through development in the construction sector the Malaysia prosperity can be there. However, in this way, country can be competitive, dynamic, robust etc. [9]. In order to make the Malaysia a resilient country and in order to improve living standards of the people the construction sector need to be focused effectively, as there could be increase in the tourism in this way. Malaysian economy positively related to the success developed economies so that economy could produce wealth. However, construction sector of Malaysia through development of the sector can achieve better quality of life [5].

References of Research paper about importance of quantitative analysis/ statistic in construction industry