Impact Of Global Economic Crisis On Shipping Industry

Research Design
This study aims at analysing the impact global economic crisis on the international shipping industry. In order to realise this goal, the research will use two research methodologies: Questionnaires and extensive literature review. The method used here is called triangulation and according to Malhotra (2008), use of more than one research methodology increases accuracy and authenticity of the findings. To date, I have contacted some of the key interviewees, both financial and operations managers of major shipping companies in Cyprus and they all have agreed to be interviewed. I have also accessed several databases from different countries that would be able to provide me data on the global shipping countries.

Primary Method:
Questionnaire (Online)
Questionnaires will be administered online to 100 respondents from all over the world; 25 shipping companies operating in Asia, Africa, Europe and America will be chosen randomly giving a sample of 100. A copy of the questionnaire will be emailed to either the financial or operational manager for each selected company. The aim of these questionnaires will be to analyse the impact of GEC on the chosen shipping firm. The reason for using this method is to increase the reliability and validity of the data collected. The method also helps understand the preferences of firms in adopting any particular strategy method and activities as well as the performance of the firm before and after GEC and the reasons for each. The questions will be structured to cover all the most important areas of the research with an aim to unearth the facts and not opinions.

The respondents will be given enough time to go through the questions and respond to them without pressure or intimidation. One questionnaire will be designed and it will be brief enough yet investigative to help gain business interests and insights regarding the impact of GEC on ISI. The sampling technique for the study of this research is "Convenience Technique", a non-probability sampling technique. The technique will be employed because it increases the availability of respondents. The respondents will be chosen based on their willingness and availability (Gravetter & Forzano, 2011). Initial emails will be send to a population of 400n financial and operational officers from the four parts of the world (100 respondents each from Africa, Asia, America and Europe) requesting them to participate in the research. To make the population representative, the countries within each of the four regions will be equally represented. Out of these 400 respondents (100 from each region), only 25 of those who give positive response accepting to assist in the research will be chosen. Country representation will also be considered in the sample.

Secondary Method
Extensive Literature Review and Document Search
As a supplementary to the information obtained through questionnaires, secondary data will be used for good arguments. This will be used to reaffirm reliability of the questionnaires findings. The advice and criticism from experts will be presented and discussed in the literature. In this case the main sources of secondary information collected are books, academic journals and articles and websites (Malhotra, 2008). Past presentations, surveys, reports and other documents will also be analysed.

Data Analysis
Data analysis for the purposes of the present research will be conducted in three different ways. The results of survey research will be subject to content analysis, with categorization of findings. This research approach is significant for the study because it allows the collection of practical evidence from the participants in shipping industry. The second portion of data will be quantitative, and will be analyzed by means of using the statistical correlation methods. The aim of quantitative research is to establish recurrence of events; it is concerned with testing a theory by means of relevant modes of measurement and the analysis based upon statistical techniques. Finally, the third portion of data will be both qualitative and quantitative, and it will be analyzed with the usage of descriptive statistics. .

Spearman's Correlation Analysis
The Spearman correlation is considered a parametric counterpart of the Pearson correlation coefficient; it is used when the requirements for the Pearson correlation are not met, which happens in case the variables are given in the ordinal scale, or the relationship between them is evident but not linear. As Gravetter and Wallnau (2008) noted, the Pearson correlation coefficient measures the consistency of the relationship, and not its form. Therefore, the Spearman correlation fits into the present correlation analysis the best; there are various data in the set of variables chosen for analysis. Some data are indicated in the monetary value, while other data indicate the hectares of crops planted in Africa. There are distinct relationships between the performance of ISI before and after GEC. However, the relationships between all these variables and the food prices are non-linear, which makes the Spearman correlation the best fit for the identification of relationships in the chosen sample of variables.

Descriptive Statistical Analysis
The application of the descriptive statistical method in the present work is explained by the fact that some impacts of GEC on ISI are not easily explained, and they can be more efficiently described and discussed rather than statistically analyzed. In addition, the inductive nature of descriptive statistics will enable the researcher to answer several research questions that cannot be answered by means of applying statistical correlations - for example, what strategies did different stakeholders in this industry use to overcome the negative impacts of GEC? As Gravetter and Wallnau (2009) noted, descriptive statistics helps to present statistical data in form of graphs, charts, and tables in form of data summary for the sake of reducing information to manageable size, and bringing focus to certain aspects of data. Therefore, the indirect negative effects of GEC on ISI will be analysed.

Reflections and Ethical Considerations
Even though the area under study has been under-researched the topic 'global economic crisis' has been widely discussed and the concepts and theories used will be extended in order to offer more data for the study. The conceptual and theoretical data on this study will be derived from publications on the wider topic and therefore narrow down to its influence on international shipping industry.

Ethical and confidentiality issues are likely to arise. In order to avoid these, privacy of respondents should be kept hidden based on Data Protection Act . Third parties should not be used in the data collection process. According to Saunders (2003), the code of ethics should be deployed in all the senses. There are some respondents who will not wish the data they provided to be disclosed and it is therefore important to conceal it . The information that shared by the respective respondents regarding the strategies and core competencies of their firms can only be disclosed to the tutor. The language used in research should be ethically accepted and clear. Deadlines should be maintained in achieving targets. While accumulating and analyzing data, no personal biasness should be involved.

There are also cases where a respondent does not understand a question or misinterprets it. The questions are thereby proposed to be clear and precise to avoid confusion. A pilot study will also be used to identify and correct those questions. The study proposes to use non-probability sampling technique of convenient sampling. Use of different settings of sample has been proposed together with quota and snowball sampling to ensure that the sample is representative of the population. In the wider view, most respondents may not understand some terms. This therefore requires a clear definition and explanations of such terms on the questionnaire to help the respondents understand. The respondents also need to be guaranteed that the information they provide will be confidential .

GEC has offered practitioners, policymakers and economists a learning experience. GEC significantly affected ISI irrespective of the country or region. It is worthy noticing that GEC is not the only factor that affects international shipping industry. Piracy and political unrest, bad weather, legal framework of a country, and other socio-economic factors also influence the performance of international shipping industry. ISI handles 90 percent of commodities transported across the globe. Many investors are interested in this industry since the returns are high. In the event of globalisation, this sector of the economy has become equally important. As the industry recovers from GEC, more focus needs to be shifted to this industry.

Author is associated with Uk Writing service which is a global Research Paper and Term Paper Writing Company. If you would like help in Research Papers and Term Paper Help you can visit online Uk best essay company.

Source: http://articles.submityourarticle.com/impact-of-global-economic-crisis-on-shipping-industry-305125

new york giants hot wings recipe 7 layer dip recipe chris carter superbowl 2012 kickoff time what time is the super bowl 2012 nfl mvp