Title Head: QUANTITATIVE METHODS
Analytical methods are useful in any business setting as well as in a variety of fields where the results of an undertaking must be evaluated so as to determine success. Both qualitative and quantitative methods are applied in business evaluation. Quantitative method is applied in some specific fields which require that evaluation be conducted. The evaluation being conducted usually involves a wide variety of methods and techniques that are strictly analytical. This is used to determine business performance by the use of data as well as statistical methods.
It is good to first identify a technique as well as procedure that is useful to analyze data that has been selected in the process of conducting an evaluation. The analysis of data using statistical analysis is more advisable as it gives results that arte more accurate, for example factor analysis, linear regression or the analysis of variance. This method is very helpful in terms of decision-making especially when there is a situation of uncertainty. The manager only needs to analyze the data that is presented and weigh the situation in making the decision. It can help a manager in calculating the monetary value that can be expected from a business venture by using the method of probability. The business world currently needs managers who can make decisions based on a particular data and therefore the correct interpretation is very essential in order to show the probabilities as well as predicting the outcome of an undertaking.
Quantitative methods are very crucial in making business decisions. They help managers in making accurate decisions that are based on facts as they use figures from well researched data. Analytical methods are mainly undertaken to evaluate business performance using the appropriate skills that drive the process of planning within the business and guide management based on facts (Jeffrey & Sutton, 2006).
Jeffrey, P & Sutton, R. I, (2006). “Evidence-Based Management”. Harvard Business Review.