Respond to... Quantitative analysis is the processes of making informed decision by using data that has been interpreted form raw research. If one wants to avoid making risky decisions for themselves

Respond to...

Quantitative analysis is the processes of making informed decision by using data that has been interpreted form raw research. If one wants to avoid making risky decisions for themselves or a larger organization, one should make decisions that are both informed and logical, reviewing quantitative analysis is one way to accomplish this. Let say that you are the head of a company that makes soda (or pop) and you are thinking about adding bubble gum blueberry blast to you line of beverages. Before you unleash this on to the public, you may want to see if it is something that they want to buy, right? So, one may want to send people into the public to gather data on what people like. This can be done by doing services of different people, analyzing the data into a form that can be interpreted so you can make the best decision you can.

Who doesn’t appreciate a good quote? I feel that all of the above quotes point to a tow incorporated themes and that is although at times the work can be difficult and even tedious at times, it is important to know and understand what quantitative analysis is but how it works so that we can not only use it to make the better decisions but also help us understand when we are given misleading or slanted information. This latter point maybe why HG Wells felt that understanding “statistical method” was so important.

Lind, D. A., Marchal, W. G., & Wathen, S. A. (2017). Statistical techniques in business and economics. (17th ed.). Retrieved from http://connect.mheducation.com/class/

H.G. Wells (unknown)

Respond to... 

Greetings all, One of the quotes that stuck out to me the most is “The coming century is surely the century of data.”—David Donoho (2000). When I was a new supervisor for Nissan, we would have these daily meeting that I (being new in the manufacturing world) thought was a waste of time. We would have these charts with all this data that at the time did not make sense to me as to how I was to access and give a break down of it. Later on, in my career, I learned that by showing repeat trends by a person or repeat trends by a model (Titan, Frontier, etc.) could help me to understand who was creating my defect, was it across all three shifts, etc. After this data was pulled and dumped, it allowed me to know the who, what, where, when, and why along with what action I needed to put in place to correct this issue. We used Edward Deming slogan heavily "Without Data You Are Just Another Person With An Opinion (Jones & Silberzahn, 2016). I learned that data is a powerful tool if you use it correctly. At the same time, data has to be keyed correctly to ensure the output is correct as well. According to Lind, this is why quantitative analysis is the preferred method because it defines more precise outlook about the past, current, and future concern. 

References:

Jones, M., & Silberzahn, P. (2016). Without An Opinion, You're Just Another Person With Data. Retrieved 18 July 2019, from https://www.forbes.com/sites/silberzahnjones/2016/03/15/without-an-opinion-youre-just-another-person-with-data/#571a0566699f

Lind, D. A., Marchal, W. G., & Wathen, S. A. (2017). Statistical techniques in business and economics. (17th ed.). Retrieved from http://connect.mheducation.com/class/