Sample Answer

situation that may well help. Naturally such quantitative analysis will produce information that must be assessed and used in conjunction with other sources. Business problem are tackled from the quantitative perspective. The decisions that must be made lie at the centre od the process. These will be strongly influenced by the chosen organisatons strategy with regard to its future direction, priorities and activities.[4, pg.2] Before reaching a decision many factors and information must be considered. Also, techniques have potentially important role to play in helping a decision but they are not sufficient by themselves. This is illustrated in figure 2. A business situation must be examined from both a quantitative and a qualitative perspective. Information and analysis from both these perspectives need to be brought together, assessed and acted upon.

We can define quantitative techniques like mathematical and statistical models which are describing a diverse array of variables relationship, and they are designed to assist managers with management problem-solving and decision making. There are many of mathematical and statistical techniques which can be used to help decision making by managers of all types of business organization: large or small, private sector, public sector, profit-oriented, manufacturing, or service sector. Statistics is defined as the process of collecting a sample, organizing, analyzing and interpreting data. The numeric values which represent the characteristics analyzed in this process are also referred to as statistics. However, in statistics we are applying numerical way of exploration, and method of analysis and synthesis population of numerical data depend on their nature and extrapolation purpose. [2, pg.1] When information related to a particular group is desired, and it is impossible or impractical to obtain this information, a sample or subset of the group is obtained and the information of interest is determined. Collected data are the row material which by treatment should transform into useful quantitative measures. [2, pg. 19] The quantitative models

The transformation of data into information, also called information analys