write 200 words on your thoughts
Quantitative analysis is described as a scientific oroperations research approach in the decision making process whereboth quantitative and qualitative aspects must be measured (Renderet al., 2015). Furthermore, quantitative analysis turns raw datainto a more meaningful form of information that can be used tobenefit people who are in charge of making decisions. Theattributes of a good quantitative analysis model include being ableto solve the question given or develop a solution to theproblem.
The approach used in quantitative analysis starts with firstdefining a problem. As stated in the text, defining the problem isthe most important step in quantitative analysis (Render et al.,2015). Next, one should develop a model that will best suit solvingthe problem at hand and then acquire input data. After that,developing and testing a possible solution occurs. Lastly, theresults are analyzed and then implemented. Each step can be adaptedand revisited numerous times throughout the process before a finalimplementation is set in place. Additionally, there may be timeswhen the solution is tested and then reveals that the model isincorrect and the steps must be revised.
After reading the assigned text and researching quantitativeanalysis models, I do not believe that the best quantitativeanalysis models are the ones that are the most elaborate andcomplex mathematically speaking. The best quantitative analysismodel is really dependent upon the field in which one is working,the problem being addressed, and the input data (QuantitativeAnalysis, 2015). For example, the way that the military usesquantitative analysis will differ from the way a major corporationuses it. Just because a model is elaborate or complex does not meanthat it is the best choice or even the correct choice. Due totechnology, complex mathematical formulas and equations can besolved much easier than before. For example, technology has helpedto make great strides in quantitative analysis; the role ofcomputers and spreadsheets help to quickly develop and test asolution when using mathematical models (Render et al.,2015).
