Quantitative Methods in Decsion Making Essay - 1584 Words

Decision Making Betty Pittman Grand Canyon University Quantitative Methods November 16, 2011 Decision Making Analytics competitors are leaders in their varied fields consumer products, finance, retail, and entertainment. For organizations to become and prosper as an analytics competitor they must use analytics data because many industries offer similar products and use comparable technologies, business processes are among the last remaining points of differentiation. And analytics competitors use every possible analytics value from these processes. In order for organizations to prosper they must know what products their customers want, what prices those customers will pay, how many items each will buy†¦show more content†¦Quantitative analysis can allow decision maker to put a â€Å"price† on the sum total of qualitative characteristics. For example, suppose Air Trans’ controller gives top management a quantitative analysis showing that by the elimination of the flight to Rome will increase annual profits by $2,000,000. But the quantitative considerati ons favor the option of continuing the Rome flight. If the top managers decided to continue the flight to Rome, the quantitative consideration must be worth at least $2,000,000 to them. The quantitative consideration is the essence of management decision making process. The skill, experience, judgment, and ethical standards of managers all come to bear on difficult choices. In reading this article and other articles I’ve learned there are three criteria that stood out for me that played an important role in quantitative analysis when decision are to be made and they are relevance, accuracy, information that is pertinent to a decision problem must also be accurate, or it will be of little use. In other words, highly accurate but irrelevant data are of no value to top management when making decisions. Timeliness is the third important criterion for determining the usefulness of information. A long wait for accurate information can delay management’s decision. The views t hat I have formulated from reading these articles has supplemented the views I have about quantitativeShow MoreRelatedMarket Research2682 Words   |  11 PagesA1697509 By : Bryan Phua A1697509 | Contents 1. INTRODUCTION 2 2. BUSINESS OBJECTIVE 2 2.1. Research Parameters 2 3. QUALITATIVE RESEARCH (FOCUS GROUP INTERVIEWS) 3 3.1. Purpose 3 3.2. Sampling 3 3.3. Procedure 4 4. QUANTITATIVE RESEARCH (SELF-ADMINISTERED QUESTIONNAIRES) 4 4.1 Purpose 4 4.2 Sampling 5 4.3 Procedure 6 5. DATA ANALYSIS 6 6. TIMELINE 7 7. APPENDICES 8 1. INTRODUCTION Palmer’s is one of the world’s leading brands in skincare - sold in moreRead MoreAdaptation vs. Standardization in International Marketing – the Country-of-Origin Effect9552 Words   |  39 Pagessuggests that companies make contingency choices, which relate to key determinants in each circumstance. This research aims to investigate the practical complex relationship of the two extreme approaches (adaptation and standardization) and suggest methods and ways in determining the right level of integration. This will increase the understanding and knowledge of the integrated approach and develop models to guide multinational companies compete effectively and efficiently within the internationalRead MoreCase Study Questions On Marketing Process Essay9933 Words   |  40 Pagescustomers. The Various Stages of the Market Process are as follows: 1. SITUATION ANALYSIS 2. MARKET STRATERGY 3. MARKETING MIX DESCIONS 4. IMPLEMENTATION 5. CONTROL The Market Process involves extensive research (Primary, Secondary, Qualitative and Quantitative) which is important in understanding the required needs, features and specs of customers. The various types of research undertaken are as follows: PRIMARY RESEARCH: Primary Research is current and unused research which is undertaken in collecting