Quantitative Data Essay

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Quantitative data
First of all before writing about Quantitative Techniques, we should know about the Quantitative Data. Quantitative data is kind of data that can be measured numerically. For Example: quantitative data is used to measure things accurately, such as the temperature, the amount of people in a crowed or the height of a structure.
Although quantitative data usually involves numbers and equations, some data records actions, such as the frequency.
Quantitative analysis
After knowing about the data we should know about how to analyze the data that are collected. Analysis here means that seeks to understand behavior by using complex mathematical and statistical modeling, measurement and research.
Quantitative analysis can be done …show more content…

With the help of quantitative techniques, the decision maker is able to discover policies for attaining the lay down objectives. Quantitative techniques also include methods that focus on objective measurements and analyzing numbers in order to describe conclusions about research subjects. In short, quantitative techniques are to be expected in decision-making process.
Types of Quantitative Techniques:
Quantitative techniques can be classified into three categories. They are:
1. Mathematical Quantitative Techniques
2. Statistical Quantitative Techniques
3. Programming Quantitative Techniques

1. Mathematical Quantitative Techniques

A technique in which quantitative data are used down with the principles of mathematics is known as mathematical quantitative techniques.

Mathematical quantitative techniques entail: Permutation and Combinations Set Theory Matrix Algebra Determinants Differentiation Integration Differential Equation
Among the above mention mathematical quantitative techniques, we did about the Matrix Algebra and …show more content…

Uses of Quantitative Techniques
Today, all decisions in business and industry are made with the help of quantitative techniques.
 Quantitative techniques of linear programming are used for best allocation of scarce resources in the problem of determining product mix.
 Inventory control techniques are useful in dividing when and how much items are to be acquire so as to maintain a balance between the cost of holding and cost of ordering the inventory.
 Quantitative techniques can use statistics to generalize a finding.
 It often reduces and restructures a complex problem to a limited number of

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