Quantitative techniques may be defined as those techniques which provide the decision makes a systematic and powerful means of analysis, based on quantitative data. It is a scientific method employed for problem solving and decision making by the management. With the help of quantitative techniques, the decision maker is able to explore policies for attaining the predetermined objectives. In a conclusive way, the techniques (quantitative) are expected in the final decision composing process.
There are different types of quantitative techniques. The types of techniques are as follows:-
-Permutations and Combinations.
Permutation means arrangement of objects in a definite order. The number of arrangements depends upon the total number of
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It helps to determine the most economic replacement policy.
Non Linear Programming is actually a technique of programming which actually finds out the finest solution to any type of problem which involves non –linear variables.
Sequencing tool is used to determine a sequence in which given jobs should be performed by minimizing the total efforts.
Quadratic programming technique is designed to solve certain problems, the objective function of which takes the form of a quadratic equation.
Branch and Bound Technique it is a recently developed technique. This is designed to solve the combinational problems of decision making where there are large numbers of feasible solutions. Problems of plant location, problems of determining minimum cost of production etc. are examples of combinational problems.
The following are the important functions of quantitative techniques:
1. To facilitate the decision-making process
2. To provide tools for scientific research
3. To help in choosing an optimal
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Here we have and
Thus the degrees of freedom for the chi-square independence test is given as
Here we set level of significance.
Using Chi-Square Distribution tables, we find the critical value of right-tailed test for 2 degrees of freedom at level of significance as
Thus the critical region is for this test is obtained as
Under the assumption of the null hypothesis, the test statistics for the chi-square independence test is defined as follows:
By observe that the test statistics is less than the critical value, we fail to reject the null hypothesis. That means the variables are independent. Hence we can conclude that the health condition is independent of Risk in the occupation.
Using regression analysis to estimate the absenteeism by using independent variables as medical issue, number of children and risk his/her occupation.
REGRESSION /MISSING LISTWISE /STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT No_Absents /METHOD=ENTER Medical_issue Childrens Risk
At a level of significance of 0.05 the researcher is accepting a possible type I error 5 cases out of a 100 and 95 cases out of 100 a true null hypothesis (Loiselle et al., 2011). Step 3: Selection of one-tailed or two-tailed test The selection for a one-tailed or two-tailed test is not required for a Chi-Square for independence test (Salkind, 2013). Chi-Square test has both variables that are of a categorical level of measurement therefore, there is no direction (Salkind, 2013). Step 4:
1. Weekly Planning – Observing weekly tasks, prioritising short term jobs and allocating time slots for a weeks’ worth of work. Included would be allocated time frames and tasks for the days, setting out what needs to be done and for how long. Even such things as going through emails, talking with staff, having computer input and discussing matters of importance should be included to reduce stress and time pressures from the individual. This creates a meaningful and realistic plan for greater time management and something to aim for while undertaking tasks for the greatest efficiency.
Some of these techniques include the use of
This allows them to make the most accurate decision that they could with the information
U6: Establishing audiences Quantitative: Quantitative research is a form of research where people are asked something with a simple answer that can be quantified afterwards to represent a larger group. This type of research has simpler answers (yes or no) than qualitative which has more complicated answer (such as a paragraph of text) that can not be quantified but tells a lot more information with 1 answer. Quantitative research is quicker and easier to gather result. Quantitative research can be used for things such as seeing how much of the population in the UK like corn flakes. They would do this by making a survey with a simple answers for the person being surveyed to choose from, the people doing the survey would be people chosen at random
Companies like FedEx use them to determine the effects of price change or new services, and has seen 65%-90% accuracy. This ability to determine the best solution before it happens is an incredible achievement. Making changes that aren’t well receptive can cost your business customers, reputation, and much more. Putting out the right plan the first time can save your face and more importantly, you cash flow. For the city planner, predicting which bus stops will have the
The p-value for the number of correct answers was 0.09288. This p-value indicates no significant difference between the two sets of data. The t-critical value for the number correct t-test was 2.0117 and the t-statistic was 1.71525. The t-statistic did not meet the t-critical value and therefore, the data also confirms there is no significance between the scores.
Other than utilizing it to examine patterns. The quantity of associations for the client to break down the distinctive
So, manufactures can use this information to select their
This method is ranked as the median method in regards to favoring either large or small
For tests about one mean , when the population standard deviation s is known, we use s when calculating the test statistic. (for population standard deviation), , (for sample standard deviation), the equations above are called the z scores. Therefore in our case we use . Hence for bottle 19, , = 0.346. Using Moore’s table the p-value = 1, and significant level = 0.1.
The first step in this assessment is to look at the biological factors influencing this case. The social worker has virtually no information from the family about their biological history and family illnesses. It is known that the mother of the family is chronically ill but it is unknown with what disease or disorder. She is on pain medication to maintain daily functioning and has to visit her doctor on a very regular basis. This would cause a huge strain on the mother, as well as the family as they are worried about her well-being and taking care of her, as well as having to schedule her appointments, transport her, and pay for the medical expenses.
It’s useful for the company when they want define how to increase market share. • It helps to get feedback about the product from the consumer products. • Provides quick feedback because by meeting customer directly. QUANTITATIVE RESEARCH Quantitative research is about asking people for their opinions about your organization like for example KFC is able to do this through surveys and questionnaires as stated above so it’s very important to use Quantitative research
The term Research Methodology refers to a set of procedures, methods & techniques that are put together by the researchers to obtain a solution to the problems they confront during the collection of data. The researchers look for the most crucial data which is inevitable for the research. Generally there are three kinds of approaches or research methods namely Qualitative, Quantitative and Mixed. These methods are used to gather data and resolve issues that emerge during the process of data gathering. The researcher can bring forward his findings either in the form of quantitative or qualitative or mixed research methodologies only when the data is collected based on the preliminary data gathering process and the secondary data gathering process.