RCH D
Welcome to the Discussion Forum!
Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be a minimum of 300 words in length, with citations and is due on Sunday. By Tuesday, you should respond to two additional posts from your peers, between 75-150 words
For your follow up post…review the responses provided by your peers. Engage in conversation, or even civil debate, as you discuss their insights and viewpoints. You may ask questions for clarification (if you are confused by their initial post) or pose questions that advance the conversation. You might even find a topic that leads you to further research in the area!
Introductions
Hello Class! For this discussion please respond to BOTH of the following questions:
Question B
We know that quantitative analysis approach includes a high level overview of the importance of identifying the problem, developing a model, acquiring input data, developing a solution, testing the solution, analyzing results, and implementation. Can you give a simple example in business to explain how this approach is applied?
John Pfeffer
Question B:
In business, the quantitative approach is one that is used when you can collect information or data on something and use the facts you have learned to come up with an outcome or solve a solution (Anderson, Sweeney, Williams, Camm, Cochran, Fry, & Ohlmann, 2018). It can be applied many different ways in business to benefit the organization using it. An example is the data received on the financial side of the company. If the manager knows information like the cost of goods sold they will be able to come up with a strategy on how to lower that cost so the organization can make more of a profit on the goods sold. It is basically taking an issue or data and turning it into a mathematical equation to help the business.
Alyssa Gutwein
Question B
Quantitative analysis is a method for making sense of decisions in a mathematical or systematic way when a manager or someone does not know how to make the decision based on personal experience alone. Based on this week’s readings and lectures and the courses I have taken in this program thus far, one simple business example that comes to mind that could benefit from applying the use of quantitative analysis is when a business decides to either add a new product to their production or to take one away for some reason. When making this kind of decision, a manager needs to know how the company’s profits and revenue earnings will be impacted to determine if it is a good decision or not. Many things have to be considered for this type of decision, such as how much it would cost to change up the production operations, adding or subtracting staff and production positions, and the cost to market, ship, and sell the new product. The way to make this into a model would require extensive data collection on costs and numbers. Then the information has to be tested to determine if the change would make sense financially for the business.
