Report on Application of Quantitative techniques in business and economics

Abstract of Application of Quantitative techniques in business and economics

The advanced methods and the techniques are crucial for any process. They better help to perform the analysis and evaluate certain items per pre-defined criteria. So as is the case with quantitative techniques. It better helps to facilitate both the businesses and the economics. By making use of these advanced methods and the techniques, the desired outcomes can better be achieved. The most significant parameters may relate to achieving the business strategic goals and the objectives. This is how the efficient methods and the techniques can help to enhance the firm’s profitability. It is just a step away from streamlining the business operations and the processes. The numerical, mathematical and statistical analyses are emphasized by the quantitative methods. The numerous kinds of the objective measurements are emphasized by the quantitative methods as well. It also includes that data that is being collected by the various kinds of the surveys, polls and questionnaires. The Quantitative methods also can emphasize by manipulating the statistical data that is preexisting as well as by using the various kinds of the computational techniques. The collection of the numerical data is particularly focused in the Quantitative research methods.

Contents

Quantitative Methods Techniques and its Area of Using. 4

Applications for Quantitative Techniques in Business Decision Making. 5

Project Management 5

Production Planning and Scheduling. 6

Purchasing and Inventory. 6

Marketing. 7

Finance. 7

Research and Development 8

Agriculture. 8

Need for Quantitative Analysis in Economics. 9

Uses of mathematics in economics field. 10

Uses of statistics in economics field. 11

Means of economic planning. 12

Basis of economic models and functions. 13

Conclusion and Recommendations. 13

References. 16

Application of Quantitative techniques in business and economics

Quantitative Methods Techniques and its Area of Using

The numerical, mathematical and statistical analyses are emphasized by the quantitativemethods. The numerous kinds of the objective measurements are emphasized by the quantitativemethods as well. It also includes that data that is being collected by the various kinds of the surveys, polls and questionnaires. The Quantitative methods also can emphasize by manipulating the statisticaldata that is preexisting as well as by using the various kinds of the computational techniques. The collection of the numerical data is particularly focused in the Quantitative research methods. The Quantitative researches are also utilized in order to generalize the data across the various groups of individual and people. It is also utilized to explain the various kinds of the problems related to the particular phenomena.

For the research problems related to the economic the Quantitative researchmethods are the best approach in order analyze the data and explores the views in effective manners. The Quantitative research methods are particularly utilized in order to examine the relationship among two or more than two variables. These two variables can be related to various kinds of the particular terms that are required to analyze in effective and good manners. The data of the Quantitative research method is particularly utilized for seeking out the cause and effects relationships among the entire variables. It also includes the relationships of the cause and effects that can be utilized in order to make the predictions for the various points. In the terms of the business the Quantitative research methods are utilized at wide and vast level and it is particularly utilized in order to explore the reasoning in figures rather than facts. There are numerous other fields. There are the numerous other fields in which the Quantitative researchmethods are entirely used. These fields are; demography, economics, community health, psychology, marketing, gender and political sciences, health and human development, community health and lessfrequently history and anthropology.

Applications for Quantitative Techniques in Business Decision Making

There are numerous uncertainties under which the decisions are made by the owners of the small business. Nothing is ever done, in this innovative world of business along with the total confidence which have been made by the right decisions. Luckily, there are the various kinds of the quantitative techniques that are available in order to help for measuring the risk and organizing the solutions for the various particular issues. The quantitative models offers the better grasp to the managers of the companies for the numerous problems  in order to take a good and better decisions for their various problems. It also includes the information related to these better decisions. For all of the aspects of the business the quantitative techniques are utilized by the mangers in order to take good decisions (Gaurav Verma, 2017).

 

 

 Project Management of Application of Quantitative techniques in business and economics

In the field of the project management for solving the various problems the wide application of thequantitative methods has been observed and these are the good ways to solve the problems in effective manners and getting better decisions. These kinds of the entire techniques are particularly utilized for optimizing the allocation of materials, manpower, time, money and machines. By using theses quantitativemethods these projects are scheduled in good way and these entire can synchronized along with the delivery of the workforce and material (ONUKWULI, 2014 ).

Production Planning and Scheduling of Application of Quantitative techniques in business and economics

In the field of the business this is the one of the most important and well known field that can be utilized and offered the various solutions for the various kinds of problems. It is alsoreferred as the one of the important department of the business field. In the business industry, to determine the location and size for the new production facilities is considered as the one of the most important and complex issues that must be solved efficiently. In order to evaluate the multiple proposals for location, cost, time and even availability of transportation the quantitative techniques are help in this particular issue.In order to maximize the profit and meet the customer demands the product scheduling and mix must be analyzed in good way. It also can utilizeto maximize its profits in good ways (Hall, 2019).

Purchasing and Inventory of Application of Quantitative techniques in business and economics

Inventory and purchasing is considered as key area of the business terms because with purchasing or procurements it’simpossible to perform the functions of the business in good ways. For the various products, the prediction for the amount of demand is considered as always dicey and it has become risky at the time of the solution of the problems. T solve these problems is the one of the most important and major issue. The guidance is offered by the quantitative techniques in order to measure the quantity as how much materials to buy. The quantitativetechniques offer the guidance for the levels of inventory in order to keep as well as costs for ship and storing the finish products in good way.

Marketing of Application of Quantitative techniques in business and economics

Marketing is referred as the ways to offer the awareness about the products that are selling under the name of the company. There are numerous kinds of the marketing campaigns that can get evaluated along with large amounts of the unique data. The quantitativemethodsare applied by the marketers in order to allocate media purchases, set budget as well as adjusting the product mix. The marketers apply the quantitative methods in order to adapt the customer’s preferences. The data is produced by the surveys about viewer’s responses in order to offering the advertisements in the various plat form and media channels. It is also required in order to observed and measure that how many people has been seen that particular ad and from which how many people has been observed it and follow it for purchasing that products. In order to get return on investment of the dollars for the particular advertising campaign the entire information can be evaluated in the particular extensive manners and it offers good solutions to count down the customers of the company.

Finance of Application of Quantitative techniques in business and economics

While we discuss thequantitative techniques in the business field it is impossible to ignore the department of the finance. The financial issues are the one major concern of any kinds of the business industry. The financial manager depends upon the quantitative techniques of the business. The investments are evaluated by them along with models of the discounted cashflows as well as return on capital calculations. For the contribution of the profit the products are get analyzed along with its cost of productions. There are the various workers that are examined for the standards of the productivity as well as for firing and hiring workers in order to meet the changes of the work load. For the mangers the prediction of the cash flows is always has critical concerned. It also includes the quantitative measurements that can help them in order to examine or predict the cash surplus as well as shortfalls of the cash. The statics and probabilities are utilized in order to prepare the annual reports (Lawson, 2019). 

Research and Development of Application of Quantitative techniques in business and economics

For the development and research the risking finds are considered as the always and best guess scenario. The outcomes are never considered as the certain in the various issues and these are one of the most important parts in this issue. Hence, the mangers are seeking for the projections of the mathematical issues related to the particular probability of the success and eventual profitability for the product in order create the investment decisions for the various purposes.

Agriculture of Application of Quantitative techniques in business and economics

 The operations of the research techniques has been implemented by the by the framers of the various areas and it have long been employed by the farmers who are engaged in performing their task for the various areas. The decision trees are utilized by them and they are also engaged in making the assumptions related to the forecast wheatear the decision must be taken about the crops to be planted or not.If the cold weather predicted is predicted by the forecaster that it would be more beneficial the corn or wheat must planted.  In the conditions of the warm water the crops of the rice must be planted. These kinds of the entire probabilities can be utilized by the farmers of the various areas in order to plan their crop rotations.  There is the wide variety of the quantitative methods analysis that is beings observed for the more applications in the business as mangers and it is required learn that how to utilized these techniques in order to offer more insights for the various problems as well as it is also utilized to helping in the decision making of the routine life.

Need for Quantitative Analysis in Economics

In the field of the economics thequantitative analysis are utilized for the process of decision making. Quantitative analysis is considered as the mathematical formula, numbers, symbols and expression that are particularly utilized in order to represents models of the reality. It is the one of the most important and essential ways to employs the quantitative methods in the field of the economic. Even it has been considered or understood that quantitative analysis are the essential ways to explore the ways of the economic. The economic is the names of the facts and figures (Socialsciences Manchester.ac.uk, 2019).

Without the quantitative analysis techniques it is impossible to predict the various situations of the economic as well as to count down the figures for the particular conditions. A decade ago, economics is referred as to be entirely non mathematical science. The term of the economic is concerned with utilization of the scarce resource in order to produce commodities as well as to distribute them between the various sections for instance, entrepreneurs, workers, farmers and traders of the society. But to put them in the forms of the concise mathematical it is quite easy and it can be handle n good way.It has been stated by the central aspects of the economic theory functional association between the variable by utilizing the tactical as well as mathematical tools.Statics and mathematics are considered as the one of the most best and scientific approach in the economics. For the measurements of the various economic indicators both of these tools are considered as essential.

            Statistics and mathematics are designed to be best for the scientific approach towards the economics. There are the two aspects of the Quantitative techniques which are named as; 'Statistical aspects and mathematical aspects. In economics, the mathematics uses the literary form of the economic theory in the languages of the mathematics. In order to develop the theories mathematics are considered as best match or best fitted and it is also utilized developing models in the form of the economics. The symbols of the mathematical can be utilized as compare to the equations and terms along with the sentences (Sandmo, 2015).

Uses of mathematics in economics field

The followings are the uses of mathematics in economics field

To determine economic function

There are the various kinds’ functions that plays significant role in order to derive the various functions of the economics. The numerous kinds of the graph and equations can be represented (Schabas, 2014).

To determine equilibrium price

An equilibrium price can be determined at the particular point and it includes price at where the market demandbecomes equal to supply of the market.

To compute marginal economic values

Marginal analysis of the economic variables is considered as the one of the most important variables and it is related to the various calculus.  As derivative ratios the entire marginal concepts can be explained in effective manners (Na, 2016).

To compute total economic values

In aggregate forms the entire economic functions can also be computed along with the help of the particular integration.

To solve problems of optimization

 There are the various kinds of the optimization problems that are occurred in the household and entire business firms. By using the inequalities, linear programming, equations and so on the various kinds of the problems can be solved in good ways. In economics, the statistics for the empirical studies. The required functions can be estimated by utilizing the statistical techniques and tools. It is also required in order to help for estimating the parameter of the economic by which the effects can be measured for one variable to another (Sukhorukova, 2017).

Uses of statistics in economics field

The followings are the uses of statistics in an economics field:

The statistics are particularly utilized for the various functions and fields of the economic and the utilization of the statistics is increasing with passage of time along with rapid growth of technology.

To study the consumption pattern and standard of living

Thestatistics in the economic can be particularly utilized in order to study the pattern of the consumption as well as for studying the living standards. The patterns of are revealed by the statics of the consumptions that can be utilized for the various kind of the commodities. It is also required by the various sections of the society. It is required to enable us to have some particular idea related to the capacity of the purchasing as well as along with its living standards.

To solve production related economic problems

            Thestatistics are required in order to solving the problems that are particularly related to the various kinds of the economic issues and such kinds of the problems must be solved in good ways. The statistics of the production is considered as the one of the most important and useful in order to solve the fundamental economic problem that have risen due to the resources scarce. It also required for helping in the market supply adjustment for the trends of the market demands.

To study the process of pricing

 The pricing process can be viewed and studied by thestatistics in effective manners and views out the statistics problems is one the most important and essential elements to study the prices of the markets. The process of the pricing can be reflects by the statistics of the exchange that is related to maximizing the profit of the business firms and it is also required in order to promote the welfares of the customers. The study of the pricing process becomes easier by utilizing the terms of the statistics.

To study the nature and process of income distribution

The process of the incomes distribution is the essential parts of the economics and even the terms of the economics is employs for distributing the income efficiently and effectively. For the national incomes calculated or distributed, the statistics plays significant role and it is the one of the most important and essential part for the distribution of the income.

To formulate and evaluate economic policies

 The evaluation, formation and formulation are the essential parts of the economics. Even the economics are always engaged in the formation of the various kinds of the policies. But the most important things is that these policies can be formulated by adopting the and utilizing the tools of thestatistics that can offers the goods ways of the equal strategies even it offers the ways of the equal distribution. In order to formulate the economic policies the statistical methods are considered as the mostly use full. The effectiveness of these policies can be evaluated by these policies as well.

Means of economic planning

 The economic planning is the one most important and major problem while we discuss the term of the economic. Actually, the economic terms is the particularlyreferred as the important points that discusses the most important issues at national and international level related to the particular facts and figures. All of these facts and figures are consider by focusing on the major and important issues. The statistical methods play the role of the tools in the panning of the economics. It performs along with its strategy in good way. The problems andachievements are evaluated by it for the particular previous plans in this ways.

Basis of economic models and functions

For the models and functions of the economics the terms of thestatisticsis considers as its basic and fundamental points. It also help it the various kinds of the functions to solve out the problems in good ways. These particular statistics tools are utilized for building the functions and models of the economics.

Conclusion and Recommendations

The Quantitative methods can emphasize by manipulating the statistical data that is preexisting as well as by using the various kinds of the computational techniques. The collection of the numerical data is particularly focused in the Quantitative research methods. The Quantitative researches are also utilized in order to generalize the data across the various groups of individual and people. It is also utilized to explain the various kinds of the problems related to the particular phenomena.

The quantitative techniques better helps to facilitate both the businesses and the economics. By making use of these advanced methods and the techniques, the desired outcomes can better be achieved. The most significant parameters may relate to achieving the business strategic goals and the objectives. This is how the efficient methods and the techniques can help to enhance the firm’s profitability. It is just a step away from streamlining the business operations and the processes.

There are numerous uncertainties under which the decisions are made by the owners of the small business. Nothing is ever done, in this innovative world of business along with the total confidence which have been made by the right decisions. Luckily, there are the various kinds of the quantitative techniques that are available in order to help for measuring the risk and organizing the solutions for the various particular issues. The quantitative models offers the better grasp to the managers of the companies for the numerous problems  in order to take a good and better decisions for their various problems. It also includes the information related to these better decisions.

The quantitative methods are used for different business area. The business processes can better be supports by making use of these quantitative methods. It may include as given: project management, production planning and scheduling, purchasing inventory, marketing, finance, research and development, agriculture etc. The business processes for these areas can better be evaluated and analyzed by making use of the advanced and the latest quantitative methods. The usage of these methods will be quick and efficient in case the employees have knowledge about these methods and their relevant techniques.

It is recommended that the usage of quantitative methods is properly communicated to the employees. For the said purpose they are provided with the proper training. The more the employees are trained about making use of the advanced and the latest quantitative methods the better they can use the said processes for the business operations. This is how the efficiency and the effectiveness can better be brought to the business processes. It ultimately helps to achieve the firm’s long term and the strategic goals and the objectives in a particular domain. There is also a requirement to make use of these business related quantitative methods accurately.

The quantitative methods should be well defined as per the business needs and the requirements. They need to be streamlined for brining the operational efficiencies to the business processes. It will help the firm to have the increased customer count and the enhanced market share. Also, the firm’s profitability can better be enhanced by adopting the above said practices.