What are Quantitative Techniques in Management?

EducationWhat are Quantitative Techniques in Management?


What are Quantitative Techniques in Management?

Quantitative data collection is important to know the exact figures and numbers that aim to attitudes, behaviors, attributes, etc. Surveying or interviewing the study sample is vital for quantitative research. As per a researcher’s viewpoint, data collection is done online or in a traditional method in quantitative techniques in management. Quantitative data can be collected for getting statistical, mathematical, and computational tools to get the required results.

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Data or information can be counted to understand the events or levels of concurrence. The quantitative data get both objective and definitive data. Quantitative information is more organized for statistical and mathematical analysis, thus making it useful to express the information in terms of charts and graphs. Quantitative data has two types such as discrete and continuous data values. If research is organized to analyze the number of vehicles owned by Indian households then we get the research result as a whole number, which is a good example of discreet data.

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As the research is restricted to the analysis of physical measurements of people like weight, height, age, distance then the result is a wonderful example of continuous data. Any traditional or online data collection method can help in collecting numerical data, which is a sure-shot way of collecting quantitative data. Probability sampling, interviews, questionnaires are some forms of quantitative methods of data collection.

Probability sampling is a way of selecting random numbers and allows researchers to come up with a probability statement depending on the data collected at random from the demographic areas. Simple random sampling, systematic random sampling, and stratified random sampling are some examples of probability sampling.

In today’s times, mail questionnaires and telephonic interviews are some of the best ways of quantitative data collection of different products and services that are offered by the companies. Quantitative data research also shows results of the analysis in the form of charts and graphs. 

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