Measuring Happiness in Monetary terms Essay

THE MONETARY MEASUREMENT OF HAPPINESS

by
AMIT SINGH
BBA12004
Section B

Table of Contents Page
1.1. Difference between Psychology and Sociology…………………………3
1.2. Targeted survey……………………………………………………………………....3
2.0. My hypothesis…………………………………………………………………….……4
2.1. Introduction and importance……………………………………………………4
2.2. Research paradigm…………………………………………………………………..4
2.3. Methodology……………………………………………………………………………4
2.4. Research aim and question………………………………………………………4
2.5. Research design and sampling………………………………………………….4
2.6. Data collection………………………………………………………………………….6
2.7. Data analysis…………………………………………………………………………….6
2.8. Contributions and implications in UAE………………………………………7
2.9. Limitations/ethical issues………………………………………………………….7
3.0. The ten step process…………………………………………………………………8
4.0. Bibliography…………………………………………………………………………….10
1.1 Difference between Psychology and Sociology
Psychology by definition pertains to the study of the workings of the human mind and says the individuals actions are influenced by his or her thinking, whereas in sociology, by definition pertains to learning and understanding the human behaviour and says that the actions of an individual are influenced by the society and other factors around him or her. Psychology mostly deals with individuals or small groups of people not necessarily related in demographics, on the other hand, sociology deals with a larger group of people mostly related in demographics or the society itself. Psychology is usually studied and termed as an experimental process whereas sociology as an observational and interpretative process after which the observations can be used to help the society. Sociology deals with the interaction of people with each other whereas psychology deals with human emotions.
1.2 Targeted survey
Introduction- For my targeted survey, I have decided to use the authentic happiness inventory test.1 It’s a self-evaluation test inclined towards psychology. It is an online survey test where respondent is asked a series of questions with options on how they felt in the last week, including today. The options range from extreme ends of choices and a neutral option. Once the respondent has completed the questions, their results are compared with all other results of the other respondents and they are told where they stand when compared to the rest of the respondents on basis of their demographics (e.g- gender, zip code, etc)
Question/variety- There are about 24 questions in the survey which cover topics like what the individual feels about their achievements, their workplace, future hopes, time management, etc.
Reliability/ Repeatability- As an individual respondent, I ran the test numerous times manipulating the options (eg- ran the test 3 times choosing all options as ‘A’) and the results were consistent.
Measurement/self-report issues/sampling- The results were only compared with the previous respondents who could have minimal or no common factors between each other. The test was majorly relied on the individuals perception which can be easily altered by the mood which they are in(eg- a student is likely to score higher if he just got an ‘A’ as compared to a student who got a ‘C’ on the same test). Also, the number of people, or sample size is unknown to us as there is no set criteria for selecting the respondents. So it is a possibility that majority of the respondents could be happy or sad, therefore making this method of measurement ineffective.

2. 0 My hypothesis
2.1 Introduction and Importance
In the industrial era, economies of scale was the holy grail of all firms. It’s how Henry Ford and other industrialists made their fortunes. But as we move on to a more modern world, it’s no longer sufficient to just focus on the level of production, but also the individual workers. What all major corporations like google have figured out is that to boost

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