Adrian D’Souza - 22929

ASSIGNMENT NO 3 MARKS 5

What Do You Mean By Quantitative Methods For Business Analysis? How Is It

Helpful in Decision-Making?
Quantitative methods for business analysis are techniques used to analyze quantitative data
and enable professionals to organize and understand numbers, to make good decisions. It
includes the process of collecting and evaluating measurable and verifiable data such as
revenues, market share, and wages in order to understand the behavior and performance of a
business.
In quantitative decision analysis, we use scientific methods to inform the decision-making
process. These methods help put a value to several critical pieces of information, which include:
 Problem facing the organization
 Impact of the problem
 Uncertainty involved in the decision
 Desired outcomes
 Cost of various courses of action
 Overall risk involved in the decision
 Likelihood of various scenarios occurring
Quantitative analysis utilizes data from businesses to determine its success. It helps to look at
data to determine what needs to be changed in the company or what is working for the
company. Quantitative analysis can be used to make purchasing decisions, marketing decisions,
and even sales decisions.
To sum up, quantitative techniques also help managers improve the overall quality of decision
making. These techniques are most commonly used in the rational/logical decision model.
Quantitative decision analysis helps decision-makers choose better solutions for the challenges
they face through measurement. By measuring the right things in the right amount, decision-
makers can make critical decisions faster and with greater confidence.