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APPLICATION OF QUANTITATIVE DATA ANALYSIS IN FINANCE
July 14, 2021Qualitative Data Analysis: Making Sense of Interview Data
Introduction to Qualitative Data Analysis Services
To make sense of data is cumbersome, especially when the information it contains is overwhelming. However, patterns derived from data can help build personas and guide design decisions. Proper analysis of interviews is important for the validation of results. The major setback in analysis could be overlooking information. A proper analysis will ensure that you go through your data in a systematic and thorough manner. A proper analysis is definitely time-consuming if the purpose is broad and explorative. But if given a limited time, the scope is narrowed down.
The method chosen to do qualitative data analysis services primarily depends on the actual purpose of the study. A thematic analysis identifies patterned responses or meanings derived from interview data that inform critical research questions. Thematic analysis is flexible enough to be used both for explorative studies with no clear idea of what patterns to look for or for deductive studies with clear-cut ideas of what to look for.
Different research fields use thematic analysis in qualitative research, but the steps are always the same. The most important thing in thematic analysis is to represent the interview as honestly as possible. This ensures people can trust the validity of results. Thematic analysis services describe a process of converting messy data into a chart of the most important themes found in the data. Themes can be either semantic (also labeled as manifest), addressing explicit surface meanings, or latent, reflecting deeper, underlying meanings, assumptions, and ideologies. Themes and their subdivisions, including subcategories and subthemes, are the outcomes of qualitative data analysis services.
The process contains the following six important steps:
Familiarizing with the data, assigning preliminary codes to data to describe the content, searching for patterns or themes across interviews, reviewing themes, defining and categorizing themes, and producing your report (Figure 1 below).

Figure 1. Thematic Analyses Summary
Step 1: Familiarizing with the Data
To familiarize yourself with the data, audio recordings must be transcribed. Taking notes and marking preliminary ideas helps in becoming familiar with the data through repeated reading and active reading—searching for subjective meanings, cultural-contextual messages, and patterns. It’s a good idea to start taking notes or marking ideas for coding. In some cases, when the interview is a minor part, summarizing specific themes can be sufficient.
Step 2: Assigning Preliminary Codes in Qualitative Research
A code organizes data into significant groups. Coding depends on whether an exploratory data analysis or a deductive analysis is performed. It is essential to match the code to the section of the interview it refers to. You can code by identifying common points where similar pieces of data can be tied together, and within which the researcher may answer the question “Why?” Next, organize all sections that fit into each code.
Example:
- Physician feelings toward patients: “So, I think there’s a couple of families that I’ve taken ownership on, and part of it is, I think – like, I just like them so much. They’re such nice people. Not that like, I don’t take ownership of the patient families that aren’t nice, but the ones that I truly felt like…”
Coding manual examples:
- Physician feelings toward patients: The feelings, either positive or negative, that a physician has toward his or her patients.
- Intrinsic sense of responsibility: The sense of responsibility that a physician feels toward his/her patient, as opposed to the requirements imposed by attending physicians, systems, or clinic-wide expectations.
Step 3: Searching for Themes in Thematic Analysis
A review of the list of codes and their associated extracts leads to broader themes that say something interesting about the data. Codes that seem redundant may be placed in a temporary mixed theme.
Step 4: Reviewing Themes for Valid Results
Reading through the extracts relating to the codes allows cross-checking whether the themes support, contradict, or overlap. If the theme is too broad, it can be split into separate themes or moved to an existing theme where it fits better. Subthemes can be created to prevent your theme from becoming incoherent.
Step 5: Defining and Naming Themes in Qualitative Research
Theme names need to be descriptive and engaging. If the themes are too diverse, they can be reworked. This ensures clarity and strengthens the validity of qualitative data analysis services.

Step 6: Producing the Report
The report should have enough information for the reader to evaluate. Using quotes from participants should be done only with their consent. There is no consensus on which concepts should be used regarding validity in qualitative and phenomenological research. However, scientific rigor and phenomenological validity are discussed in relation to:
- Reflexivity: Maintaining a reflective attitude and questioning one’s pre-understanding.
- Credibility: Ensuring the findings are meaningful and well-presented.
- Transferability: Demonstrating the usefulness and relevance of findings.
Thematic analysis services provide insights into different areas, making interviews meaningful and effective. Proper qualitative data analysis services ensure research results are systematic, credible, and actionable.











