Describe in at least two paragraphs the quantitative analysis approach, to include a high level overview of the importance of identifying the problem, developing a model, acquiring input data, developing a solution, testing the solution, analyzing results, and implementation
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Quantitative analysis is a logical way to deal
with administrative choice making in which crude information are handled and
controlled to deliver important data. Quantitative factors are data that can be accurately calculated. Illustrations include: Different speculation
options, Interest rates and Inventory levels. Subjective elements are harder to
measure yet influence the choice procedure e.g. the climate and State and
the problem involves adding to an unmistakable and compact proclamation that
provides guidance and intending to consequent steps. In developing Quantitative
analysis models are realistic, solvable, and understandable mathematical representations
of a situation. Developing Models generally contain variables (controllable and
uncontrollable) and parameters. In acquiring inputs, Data may come from a
variety of sources such as company reports, company documents, interviews, on-site
direct measurement, or statistical sampling. In developing a solution, The best
(optimal) solution to a problem is found by manipulating the model variables until
a solution is found that is practical and can be implemented. In testing the
solution, both input data and the model should be tested for accuracy before
analysis and implementation. In analyzing the result, we determine the
implications of the solution. Implementation incorporates the solution into the
company. Quantitative analysis models are used extensively by real
organizations to solve real problems in modelling the real world.
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Jan 5th, 2016
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