DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SCIENCES
103210 – QUANTITATIVE ANALYSIS I (20194)
ASSIGNMENT
Assignment Task:
“Critically analyze the quantitative information based on the evolution of quantitative analysis adopted by the various business and prepare a report covering essential aspects of quantitative analysis.”
Student ID: _______________ Name of the Student: _______________________________
Instructor: Dr. BALAMURUGAN MUTHURAMAN
GUIDELINES FOR ASSIGNMENT
- The length of the report should be 1000 words, excluding cover page and references (+/- 10%).
- Do not copy from friends or the internet. Read the article from the web, books, newspapers, periodicals or journals. Read, understand, and write on your own words—plagiarism not more than 20%.
- The assignment must be typed as mentioned below and should submit a soft copy.
Font – Times New Roman; Size – 12”; with 1.5 space: Alignment – Justify;
- A minimum of 2 references should be used for the assignment.
- The assignment must be sent through TEAMS – on or before 04-07-2020.
1.Introduction: (50 to 100 words)
Quantitative analysis refers to the process of gathering and assessing data which can be easily measured, such as market share. This is done purposely to understand the behaviour besides the performance of a business. It was hence giving quantitative analysis aptitude of better approach in aiding company directors in making informed decisions. In the field of business, quantitative analysis plays an essential role as it illustrates the prevailing situation and revealing the inefficiencies that can be addressed to increase competitiveness. This comprises of measuring profitability, comparing firm performance and value chain against the existing competitors.
- Quantitative Analysis: Conceptual framework (Meaning, definition and nature) (300 to 400 words)
Conceptual framework refers to the capability of the researcher to understand how numerous variables within the field of study link with each other. The frame is usually established to analyses and evaluate the response patterns within the business organization under diverse sociocultural conditions. In which the external environment of the business is assessed by distributing the elapsed amid the manifestation of a problem that may hinder the ongoing competition of market with existing enterprises (Render, 1997). Earlier identification of the problem’s facilities integration of the ultimate solution into numerous stages. Through carrying out qualitative analysis, it will be easier for the investigator to define the issues that may occur the business leading to the incidence of severe losses. This is evaded through assessing the data obtained from the analysis hence enacting appropriate solutions to ensure adequate recovery of the business from such problems as they may lead to ineffective competitive nature of the company. Quantitative analysis is generally adopted in the company as it is a system of ideas and goals that lead to the establishment of a consistent standard which is set within the company to ensure effective competitiveness through provision of quality products. The essence of incorporating quantitative analysis in marketing is primarily to improve the business programs incurred in production hence increasing its completeness within the market. However, the quantitative analysis might be perceived as an enterprise whereby the critical thinking, interest and expertise are integrated to discover the problems that a particular business faces hence facilitating easier attendance of the solutions to such issues confronting the company through investigations and research. The quantitative analysis aids in establishing a suitable method that can be used in modelling a negotiated choice between the buyer and seller. This is realized as the quantitative which is obtained after the analysis will define the encounters that the business may be facing and through enacting appropriate measures to minimize the effects which may be started by prevailing contests. Therefore, this approach offers a framework for the application of the transaction cost economics to the quantitative study of markets and thus aiding individuals within the firm to make suitable decisions regarding supply chain.
- Quantitative Analysis: An overview (Importance and limitations) (400 words)
The quantitative analysis which embraces the use of the statistical analysis and numerical values found in the research comprises of several advantages in the process of conducting research. These include; the ability to be tested and checked due to the high necessity of careful experimental design and strength of any researcher to replicate both test and the fallouts attained after analysis. This makes the data collected to be more reliable and thus inhibiting the incidence of arguments among the individual within the organization who may be against the information offered after the research. Another merit is the provision of straightforward analysis. Once the data has been collected, the kind of results obtained aids in identifying the best type of statistical test to be used. As a result, the data is interpreted efficiently hence presenting the findings acquired properly, thus evading the incidence of errors while presenting the findings obtained after assessing the data collected (Woodrum, 1984). Finally, prestige is a merit that facilitates quantitative research to be allied with technological advancements such as computer modelling, stock selection, as well as data-based business decision making since study may involve complex statistics which in turn enables the data analysis to be conserved valuable. Due to the inability of the people to understand the mathematics involved in collecting data. Therefore, with the aid of prestige, the complex data can be easily analyzed, thus acquiring solution from the existing challenges within the business through evaluating the findings and enacting appropriate measures to overcome or minimize such problems.
However, despite the advantages allied with quantitative analysis, the fabulous focus on the numbers or numerical values in the research can be limiting, hence leading to innumerable disadvantages. The act of the quantitative studies focusing on the high use of the statistics is assumed to be more credible as compared to the qualitative observational analysis, and this makes the quantitative analysis to be misleading. Additionally, numerous difficulties are incurred in setting up the research model. Having conducted quantitative research, there is a necessity of establishing a hypothesis as well as setting up an appropriate model for collecting and analyzing data. There is a possibility of incidence of errors while the researcher is attempting to set up a suitable for the proper collection of data.
Further, their prospect of prevalence of mistakes while executing the data collected hence invalidating all the results. The high reliability of the numbers in analysis, false focus on numbers may occur. This is because the focusing on the numbers alone may lead other risks of missing big-picture information that can be beneficial to the business.
- Conclusion (50 to 100 words)
In conclusion, it is manifested that quantitative analysis aids in collecting data in which on assessing or evaluating it assistances in measuring market share. This is done deliberately to comprehend the behaviour besides the performance of a business. It is evidenced that the incorporation of the quantitative analysis in conducting various researches, enhances acquisition of error-free results. This is chiefly aided by the integration of technologies such as computer modelling in collecting complex data.
Reference
Woodrum, E. (1984). “Mainstreaming” content analysis in social science: Methodological advantages, obstacles, and solutions. Social Science Research, 13(1), 1-19.
Render, B. (1997). Quantitative analysis for management. Pearson Education, India.