How Can Quantitative Methods Help An Organisation In Decision Making And Problem Solving?


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amber Jhon answered
Quantitative methods are widely used for for making decisions in organizations. They are very helpful in making decisions because they provide more understanding and analytical opportunities as compare to qualitative research. For example, an XYZ company wants to analyze the sales volume of the company. For carrying out this research XYZ can get feedback from the customers or it can also conduct surveys. Feedback from customers can show the views which customers have about the company. But to analyze the impact of the image of the company on the sales volume, company has to analyze the figures of sales of some previous months. Through quantitative methods like graphs you can view the trends in the sales of company. If the sales get lower then XYZ can also make a decision to change its marketing strategy.

Exponential analysis, regression analysis, average weighted trends can analyze the sales trends. In this way these analysis can help the company in making decisions.  Moreover, SPSS, PERT and a number of other techniques can help the companies in making important decisions for the company like selection of a major project and time to complete a project.

Because of the importance of quantitative techniques, courses like QTM, Productivity and Operational Management have been introduced.

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