Quantitative reasoning is the application of mathematical concepts and skills to solve real-world problems.
Business managers are responsible for making decisions to help a company achieve profitability and maximize profits. Companies that are not able to achieve profit eventually fail. Managers use a variety of methods to inform their decisions, which often involve quantitative reasoning. Quantitative reasoning describes drawing conclusions and making predictions and decisions based on numbers and mathematical analysis.
A cost-benefit analysis is a common type of business decision-making tool that involves quantitative reasoning. In a cost benefit analysis, managers decide the best course of action out of two or more possible courses of action by attributing values to the expected benefits of different courses of action and comparing those values.
A feasibility study is an examination into whether a certain new business or project is actually capable of being carried out and achieving profitability. A feasibility study may involve quantitative analysis, such as determining whether a certain project has the potential to produce profit based on the expected costs of producing the product and the price the company expects to charge for the product.
Apr 23rd, 2015
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