Quantitative analysis is acquiring and evaluating measurable and verifiable data such as a company’s sales, market share, and wages. The purpose of quantitative analysis is to learn how a company works and how well it performs. In the past, business owners and directors of firms placed a high value on their experience and gut impulses when making decisions. On the other hand, as data technology has advanced, quantitative analysis has become the tool of choice for making informed decisions. In order to give an accurate picture of a hypothetical situation, a quantitative analyst uses numerical quantities to do so. Quantitative analysis can evaluate performance, appraise financial instruments, and anticipate future outcomes. Three main methods of analyzing data included: regression analysis, linear programming, and data mining (or mining of data).
Quantitative analysis is a tool that assists businesses in conducting data analysis to determine which aspects of the company require modification or improvement to achieve maximum output. It can be accomplished by determining what aspects of the company require reconfiguration or optimization and using the tool to conduct the analysis (Basias & Pollalis 2018). Consequently, a quantitative analysis may be utilized to make purchasing decisions, which assists businesses in evaluating their acquisitions and ensuring that they are acquiring the optimal mix of price and quality for the amount of money they spend.
A company’s potential return on investment in marketing research can be quantified through qualitative and quantitative approaches. It is possible to assess the contribution that various marketing endeavors make to the growth of the company’s sales by measuring how well these activities perform. Quantitative analysis aids organizations of decision making since they are able to compare their previous performance, they are able to avoid risks by taking precautions based on the past occurrences.
Reference
Basias, N., & Pollalis, Y. (2018). Quantitative and qualitative research in business & technology: Justifying a suitable research methodology. Review of Integrative Business and Economics Research, 7, 91-105.