solved R1“Quantitative analysis is a scientific approach to managerial decision making

R1“Quantitative analysis is a scientific approach to managerial decision making in which raw data are processed and manipulated to produce meaningful information” (Render, Stair, Hanna, & Hale, 2018). With this process, you are able to use data that can be accurately calculated and turn it into meaningful information that can be used to aid in decision-making. An example of quantitative data could be looking at gross profits, net profits, costs of goods, etc. My boss needs to review these numbers frequently in order to keep the business running. If your costs are becoming more than your profits, you will need to find a way to cut costs and increase profits. Businesses also look at these numbers and compare them to years prior in order to see changes and make decisions.“Qualitative analysis uses subjective judgment to analyze a company’s value or prospects based on non-quantifiable information, such as management expertise, industry cycles, strength of research and development, and labor relations” (Smith, 2021). This analysis does not often deal with numbers. An example of qualitative analysis would be conducting a written survey or interviewing customers about how they feel about your business.As an assistant manager at a restaurant, I have a little bit of experience with both of these. However, most of my experience is with quantitative analysis because I am looking at numerical data such as costs of goods sold. Do any of you have any experience with quantitative or qualitative analysis? If you have good experience with both, is there one that you prefer?References:Render, B., Stair, R. M., Hanna, M. E., & Hale, T. S. (2018). Quantitative Analysis for Management (13th ed.). New York, NY: Pearson, Inc.Smith, T. (2021, March 07). Qualitative Analysis. Retrieved March 15, 2021, from https://www.investopedia.com/terms/q/qualitativeanalysis.asp#:~:text=What%20Is%20Qualitative%20Analysis%3F,and%20development%2C%20and%20labor%20relations.R2Qualitative analytics is the step taken after the quantitative work has taken place. The data is gathered and analyzed and that will reveal information that can help draw conclusions about the population. However, when it comes to reviewing that information and taking other factors that affect your business or could affect it into consideration, that is the crux of quantitative (The Difference Between Quantitative and Qualitative Analytics | MSU Online, 2019). For example, in my prior position managing the fraud investigation unit, our analysts would pull data from multiple sources that would provide us with information that might reveal patterns of large scale fraudulent behavior. That could be narrowed down to entity, geographical area, connections between parties, and monetary amounts. This was the quantitative portion. With that information the department could make decisions such as opening major cases for further investigation, drawing a line for a threshold for cases to pursue, or proceeding with legal actions if the data was strong enough to support doing so. Those choices could either result in stopping the fraud, deterring it, or recovering financially or criminal charges. Any of these outcomes could be expensive for the company or expose the company to litigation if not undertaken with the utmost of attention to detail and preponderance of data and factual evidence. Works Cited The Difference Between Quantitative and Qualitative Analytics | MSU Online. (2019, May 28). Michigan State University. https://www.michiganstateuniversityonline.com/resources/business-analytics/difference-between-quantitative-and-qualitative-analytics/