First and foremost, when you make business decisions as a manager or director in the company, you take into account quantitative data such as sales figures, profitability and return on investment, as well as qualitative factors like reputations, employee morale and brand strength. Both quantitative analysis and qualitative methods can be used to make decisions. The decision often results in desired outcomes using one formula to check whether the predictions of the other formula are reasonable. Essentially, it’s a system of checks and balances. (Bert Markgraf, 2018) Quantitative methods deal with data while qualitative methods rely on information that is not easily measurable.
You also can analyze how positively customers view one of your product, you can interview a cross-section of your customers and ask for the feedback. Qualitative information is hard to express as numbers. Analyze objective data for example how many customers buy the product again, how many persons have warranty claims, how many customers complaint and how many return of the product. You can express this quantitative information in mathematically.
(Bert Markgraf, 2018) Qualitative information represents subjective info that cannot be expressed in monetary terms. They are relevant in decision-making. For example, staff morale. It needs to be bought to the attention of management during the decision-making process, since otherwise there may be a danger that a wrong decision will be made. Quantitative information is information that is measurable financially and non-financially. Quantitative financial information is information that can be measured numerically and expressed in monetary terms.
They are relevant in decision-making. For example, sales revenue, cost of materials, target cost and target profit (RM) of a new product. Quantitative non-financial information is information that can be measured numerically but expressed not in monetary value. They are relevant in decision-making. For example, number of working hour, number of machine hour, business operating hours of outlet and number or staff required in the outlet.
