Quantitative Methods for Business Paper

Topics: Scientific method, Quantitative research, Qualitative research Pages: 5 (1652 words) Published: April 12, 2012
Kent Jackson
GB 202

Quantitative techniques are mathematical and reproducible. Regression analysis is an example of one such technique. Statistical analysis is also an example of a quantitative technique. Quantitative techniques are applied for business analysis to optimize decision making IE profit maximization and cost minimization. It covers linear programming models and other special algorithms, inventory and production models.

Albert Humphrey, a management consultant who specialized in organizational management, devised the SWOT analysis technique at Stanford Research Institute in the 1960s. Today, not only large corporations but also nonprofit and government agencies employ SWOT analysis. An enhanced method, known as the Six Forces Model, further helps to quantify competition, buyers and suppliers.

Identify strengths and weaknesses to assess whether the desired end state is possible. If it is not, revise your objective to reflect an attainable goal. Use SWOT analysis in strategic planning, crisis management and feasibility studies. Apply SWOT analysis techniques in academic environments for developmental studies. Use SWOT analysis to figure out how to exploit each strong point and minimize each disadvantage.

SWOT analysis techniques facilitate decision making by classifying and categorizing factors that influence the outcome of activities. Identifying the strengths or weaknesses of your product, price, place of sale and promotion strategy in concert with listing economic, technological and legal factors help you identify your competitive position. Quantitative data help you to justify how important each activity is to your company (http://rapidbi.wordpress.com/2008/12/29/history-of-the-swot-analysis/).

SWOT analysis is typically identified as one of two types: planning or marketing. Corporate planning involves setting objectives, assessing abilities, analyzing current strategies, developing new strategies or preparing for different scenarios that might require intervention. This type of SWOT analysis is typically conducted by project-management teams. Marketing analysis, on the hand, involves conducting research to gather opinions, for example, through surveys. These are usually completed by customers or potential clients. The quantifiable results can reveal trends or validate hypotheses you have about how to market your product.

Form a cross-functional team to conduct your planning SWOT analysis. Diverse viewpoints produce the best results and prevent closed thinking. Resist the temptation to abandon your objectives as unattainable without close scrutiny. Think creatively to use the data your analysis produces. Match strengths to opportunities when conducting a marketing SWOT analysis. Find innovative ways to convert threats and weaknesses into strengths. Use SWOT analysis to find new markets while avoiding markets for which your company is ill-suited (http://www.ehow.com/about_54926434_sstrength-weakness-quantitative-technique.html). The use of quantitative and qualitative methods in evaluating and planning business related functions is paramount to business success. Good ideas and hard work are often irreplaceable, but proper application of pertinent analytical techniques can help assure that your company is successful by any measure. Both quantitative and qualitative tools are available to even the smallest of businesses, ranging from straightforward techniques such as break-even analysis and SWOT analysis. Quantitative research refers to the systematic empirical investigation of social phenomena via statistical, mathematical or computational techniques. The objective of quantitative research is to develop and employ mathematical models, theories and/or hypotheses pertaining to phenomena. The process of measurement is central to quantitative research because it provides the fundamental connection between empirical...

References: Brechner, Robert (2006). Contemporary Mathematics for Business and Consumers Fifth Edition.
Duggans, Tara. “Strengths and Weaknesses Quantitative Technique”.
Ehow Money. Retrieved March 28, 2012. From
Why is Math Important. 26 Mar 2012. 28 March 2012.
History of the SWOT analysis. Aug 2004. 4 March 2012. < http://rapidbi.wordpress.com/2008/12/29/history-of-the-swot-analysis/>
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