Question

1. Identify five examples in our personal and business lives where quantitative analysis can be of value in our decision-making process?

2.Identify five examples in our personal and business lives where qualitative analysis can be of value in our decision-making process?

3. When attempting to make a quality business decision ... explain the importance of gathering, data, facts and utilizing multiple sources?

4.When working for a business, explain why making decisions analytically (Quantitively), is usually a better option, then by emotions, gut-feeling and sensibilities (Qualitatively)?

Answer 1

1. Quantitative analysis examples in business lives can be for figuring out the sales revenues, return on assests or profit margins, in personal lives can be for purchasing of new car, monthly budgeting of groceries.

2. Qualitative analysis in business live can be for analyzing internal employee morale, brand reputation, customer preferences, in personal lives can be for determining the standard of living, inter social relationships.

3. While making a quality business decision, it is important to gather data, facts and utilize mutiple sources because quality of a product or service in the market is based on its performance and level of satisfaction it gives to the consumer but analyzinf it can be a tedious and inaccurate work if it is just done by guess work and not based on any accurate figures. Hence to make a qualitative decision also the quantitative data of it is useful. The attributes used for qualitative analysis may vary due to several internal and external factors but quantitative facts and data will be fixed and accurate for the analyzing done for decision making.

4. While working for a business quanititative analysis is better than qualitative analysis because quantitative analysis is based on more accurate and strong information which gives a clear picture of the data required to make the decisions. Qualitative study may vary if made by different people or by different methods but quantitative study always give the fixed or same figures and data no matter done by which method. Analysis like market reasearch sales analysis, budget variance analysis, production data analysis etc can be easily done by quantitative measures not qualitative and decisons made based on these figures are much more dependable and effective.