Question

Question No.1:

[LO1 ~ LO3] ]

Give the short answers of the following questions.

1. What is Quantitative Analysis in Business?

2. Identify the steps of the Quantitative Analysis approach.

3. What is the Transportation Model Problem?

4. Identify any three possible problems in the quantitative analysis approach.

5. Give the names of methods to solve transportation problems

Answer 1

1 quantitative analysis

quantitative analysis is using data from business to determine its success . It help to look at data to determine what needs to be changed in the company or what is working for the company. Business can use quantitative analysis to determine purchasing decisions, marketing decisions and even sales decisions.

2 steps in quantitative analysis

The following are the steps in quantitative analysis

   1 theory

2 hypothesis

3 research and design

4 operationalising concept

5 selecting a research site

6 selecting respondents

7 data collection

8 data processing

9 data analysis

10 finding or conclusion

11 publishing results

3 transportation model problem

Transportation model problem is a special type of linear programming problem , where the objective is to minimize the cost of distributing a product from a number of sources to a number of destinations.

4 problems of quantitative analysis

* some time the data used in quantitative analysis are no available or accessing or available data is difficult or impossible

* data may not be robust enough to explain complex issues

* difficult to understand the context of a phenomenon

* expensive , more paper and human power are required

5 method to solve transportation problems

1 matrix minimum method

2 Vogel approximation method

3 modified distribution method

The above are the detailed explanation

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