What is a quantitative analysis approach?

Answer 1

Steps of the Quantitative Analysis Approach Defining the Problem: The First Step in the quantitative approach is to develop a clear, concise statement of problem . this statement will give direction and meaning to the following steps. In many cases defining the problem is most important and most difficult step. Developing a Model: An important part of the quantitative analysis approach is the modeling, model is a representation usually mathematical of the situation. Models can save time and money in decision making and problem solving. Acquiring Input Data: Once we have developed a model we must obtain the data that are used in the model (input data). Obtaining accurate date for the model is essential, improper data will result in misleading results. Collecting accurate data can be one of the most difficult steps in performing quantitative analysis. Developing a Solution: Developing a solution involve manipulating the model to arrive at the best optimal solution to the problem that is practical and can be implemented, this requires that an equation to be solved for the best decision. Solving equations is a common technique. Testing the Solution: Before a solution can be analyzed and implemented it needs to be tested completely because a solution depends on the input data and the model, both requires testing. Testing the input data and the model includes determining the accuracy and completeness of the data used by the model. Analyzing the Results: Analyzing the results starts with determining the implications of the solution. Implementing results often requires change in an organization, the impact of actions or changes needs to be studied and understood before implementation.
Implementing the Results: The final step is to implement the results, this is the process of incorporating the solution into the organization. The optimal solution will hundred of Bahraini dinars and it will help the users manage dedicated time more efficiently