Identify the two main different types of analyses that business planners use when making a decision are quantitative decision-making and qualitative decision-making. Provide an example for each.
Which one do you prefer and why?
The most commonly used forms of quantitative analysis in business are the cost-benefit analysis, the break-even analysis, the statistical analysis, and the feasibility study. Qualitative analysis is the analysis of qualitative data such as text data from interview transcripts. The emphasis in qualitative analysis is “sense making” or understanding a phenomenon, rather than predicting or explaining. I would prefer qualitative analysis over quantitative because it creates openness: encouraging people to expand on their responses can open up new topic areas not initially considered.