Quantitative Techniques

QUANTITATIVE RESEARCH TECHNIQUES Quantitative Research Techniques are used to quantify the size, distribution, and association of certain variables in a study population. ‘How many?’ ‘How often?’ and ‘How significant?’ are important questions. Quantitative Research Techniques are used to quantify the size, distribution, and association of certain variables in a study population. ‘How many?’ ‘How often?’ and ‘How significant?’ are important questions.

Many of the quantitative techniques fall into two broad categories: Many of the quantitative techniques fall into two broad categories: Interval estimation: It is common in statistics to estimate a parameter from a sample of data. Interval estimation: It is common in statistics to estimate a parameter from a sample of data. Hypothesis tests: Hypothesis tests also address the uncertainty of the sample estimate Hypothesis tests: Hypothesis tests also address the uncertainty of the sample estimate

Functions It represents facts in a definite form It represents facts in a definite form It simplifies mass of figures It simplifies mass of figures It facilitates comparison It facilitates comparison It helps in formulating and testing hypotheses It helps in formulating and testing hypotheses It helps in prediction It helps in prediction It helps in formulation of suitable policies It helps in formulation of suitable policies

Elements Of Statistics Statistics is a mathematical science pertaining to the collection, analysis, interpretation or explanation Statistics is a mathematical science pertaining to the collection, analysis, interpretation or explanation The area of statistics incorporates the following five elements The area of statistics incorporates the following five elements 1. Proper collection of data 1. Proper collection of data 2. Organization / Classification of data 2. Organization / Classification of data 3. Presentation of data 3. Presentation of data 4. Analysis of data 4. Analysis of data 5. Interpretation of data 5. Interpretation of data

1) Proper collection of data The data itself forms the foundation of statistical analysis, and hence the data must be carefully and accurately collected The data itself forms the foundation of statistical analysis, and hence the data must be carefully and accurately collected If the data is faulty, it will lead to wrong conclusions. If the data is faulty, it will lead to wrong conclusions. The data may be available from existing published sources which may already be organized into a presentable form, or it may be collected by the investigator himself. The data may be available from existing published sources which may already be organized into a presentable form, or it may be collected by the investigator himself.

2) Organization / Classification of data The collected data must now be edited in order to correct any biases, omissions, irrelevant answers in the survey or any mistakes in the necessary computations. The collected data must now be edited in order to correct any biases, omissions, irrelevant answers in the survey or any mistakes in the necessary computations. After editing, the data must be classified in suitable terms according to some common characteristics of the elements of the data. After editing, the data must be classified in suitable terms according to some common characteristics of the elements of the data.

3) Presentation of data The organized data can now be presented in the form of tables or diagrams. The organized data can now be presented in the form of tables or diagrams. This presentation in an orderly manner facilitates the understanding as well as the analysis of the data. This presentation in an orderly manner facilitates the understanding as well as the analysis of the data.

4) Analysis of data The basic purpose of data analysis is to make it useful for certain conclusions. This analysis may simply by critical observations of data to draw some conclusions about it or it may involve highly complex and sophisticated mathematical techniques. The basic purpose of data analysis is to make it useful for certain conclusions. This analysis may simply by critical observations of data to draw some conclusions about it or it may involve highly complex and sophisticated mathematical techniques. Some simple statistical tools such as averages, dispersions of data around averages, correlation, regression etc. are commonly used Some simple statistical tools such as averages, dispersions of data around averages, correlation, regression etc. are commonly used

5) Interpretation of data Interpretation means drawing conclusions from the data which form the basis of decision making. Interpretation means drawing conclusions from the data which form the basis of decision making. Correct interpretation requires a high degree of skill and experience and is necessary in order to draw valid conclusions. Correct interpretation requires a high degree of skill and experience and is necessary in order to draw valid conclusions.

Functions of statistics Functions of statistics 1) It represents the facts in the form of numerical data: qualitative expressions of facts are prone to misinterpretation Statistics, however, are numerical expressions which are in a precise and definite form, which makes it easier to understand Statistics, however, are numerical expressions which are in a precise and definite form, which makes it easier to understand 2) It facilitates comparison of data: absolute figures themselves do not convey any significant meaning. It is their comparison that helps us draw conclusions. Statistical devices such as averages, percentages, ratios etc. are the tools that can be employed for the purpose of comparison.

3) It condenses and summarizes a mass of data into a few presentable, understandable and precise figures. 4) It helps in formulating and testing hypothesis for the purpose of correlation: It helps us establish a relationship between two or more variables. 5) It helps in predicting future trends: Statistical methods are highly useful in analyzing the past data and predicting some future trends. 6) It helps the central management in formulating policies.

Statistics in Business and Management With the growing size and ever-increasing competition, the problems of the business enterprises are becoming complex and they are using more and more statistics in decision making With the growing size and ever-increasing competition, the problems of the business enterprises are becoming complex and they are using more and more statistics in decision making Statistics influences the operations of business and management in many dimensions Statistics influences the operations of business and management in many dimensions Statistical applications include the areas of production, marketing, promotion, financing, distribution, accounting, marketing research, manpower planning, forecasting, research and development, decision making etc. Statistical applications include the areas of production, marketing, promotion, financing, distribution, accounting, marketing research, manpower planning, forecasting, research and development, decision making etc.

As the organizational structure has become more complex and the market highly competitive, it has become necessary for executive to base their decisions on the elaborate information systems and analysis, instead of intuitive judgment, and statistics are used to analyze this vast base for information As the organizational structure has become more complex and the market highly competitive, it has become necessary for executive to base their decisions on the elaborate information systems and analysis, instead of intuitive judgment, and statistics are used to analyze this vast base for information

Statistics For Entrepreneurs If you are opening a new business or acquiring one, it is necessary to study the market as well as the resources statistically. If you are opening a new business or acquiring one, it is necessary to study the market as well as the resources statistically. To ensure the success of the new venture, a businessman must make a proper and scientific analysis of the past records and current market trends in order to predict the future course for business conditions. To ensure the success of the new venture, a businessman must make a proper and scientific analysis of the past records and current market trends in order to predict the future course for business conditions. To analyze the needs and wants of the consumers, the number of competitors in the market and their marketing strategies, availability of resources and general economic conditions and trends. Would be extremely helpful to entrepreneur. To analyze the needs and wants of the consumers, the number of competitors in the market and their marketing strategies, availability of resources and general economic conditions and trends. Would be extremely helpful to entrepreneur.

A number of new enterprises have failed either due to unreliability of data or due to faulty interpretations and conclusions. A number of new enterprises have failed either due to unreliability of data or due to faulty interpretations and conclusions. The ability of manager to extract pertinent information from the data and use it in making decisions can have a significant effect on his or her own future as well as that of organisation The ability of manager to extract pertinent information from the data and use it in making decisions can have a significant effect on his or her own future as well as that of organisation

Statistics in production The production of any item depends upon the demand of that item and the demand must be accurately forecast using statistical technique The production of any item depends upon the demand of that item and the demand must be accurately forecast using statistical technique Decision about what to produce etc. are based largely upon facts that are analyzed statistically Decision about what to produce etc. are based largely upon facts that are analyzed statistically A production manager looks at quality control data to decide when to make adjustments in a manufacturing process A production manager looks at quality control data to decide when to make adjustments in a manufacturing process

Statistics in Marketing An optimum marketing strategy would require a skilful analysis of data population, Shift in population, disposable income, competition, status of the people, advertising, quality of the sales people, easy availability of the product and other related matters. An optimum marketing strategy would require a skilful analysis of data population, Shift in population, disposable income, competition, status of the people, advertising, quality of the sales people, easy availability of the product and other related matters. Above variables and their inter-relationship must be statistically studied and analyzed. Above variables and their inter-relationship must be statistically studied and analyzed. A marketing researcher in a large company uses data of consumer buying habits to develop new product. A marketing researcher in a large company uses data of consumer buying habits to develop new product.

Statistical tables and charts are frequently used by sales managers to present numerical facts of sales Statistical tables and charts are frequently used by sales managers to present numerical facts of sales Similarly, in deciding what price of the commodities to fix, statistics are of great help Similarly, in deciding what price of the commodities to fix, statistics are of great help

Statistics In Purchasing The purchasing department of an organization makes decision regarding the purchase of raw materials and other supplies from different vendors. The purchasing department of an organization makes decision regarding the purchase of raw materials and other supplies from different vendors. The statistical data on the cost structure would assist in formulating purchasing policies as to where to by, when to buy and what price and how much to buy. The statistical data on the cost structure would assist in formulating purchasing policies as to where to by, when to buy and what price and how much to buy.

Statistics In Investment The financial news papers are full of tables and graphs analyzing the prices of stocks and their movements. Based upon these statistical data, a good investor will buy when prices are at the lowest and sell when prices are at the highest. The financial news papers are full of tables and graphs analyzing the prices of stocks and their movements. Based upon these statistical data, a good investor will buy when prices are at the lowest and sell when prices are at the highest.

Statistics In Banking Banks are highly affected by general economics and market conditions but also about business in which they may be directly or indirectly involved. Banks are highly affected by general economics and market conditions but also about business in which they may be directly or indirectly involved. They must be aware of money markets, inflation rate, interest rates etc. They must be aware of money markets, inflation rate, interest rates etc.

Statistics In Quality Control Statistical quality control consists of using statistical methods to gather and analyze data in the determination and control of quality Statistical quality control consists of using statistical methods to gather and analyze data in the determination and control of quality The technique primarily deals with the samples, taken randomly and as representative of the entire lot size or population, then these samples are analyzed and interferences made. The technique primarily deals with the samples, taken randomly and as representative of the entire lot size or population, then these samples are analyzed and interferences made.

Statistics And Personnel Study of statistical data regarding wage rates, employment trends, cost of living indices, accident rates, labour turnover rates, records of performance appraisal etc. and proper analysis of such data assists the personnel departments in formulating the personnel policies and in the process of manpower planning. Study of statistical data regarding wage rates, employment trends, cost of living indices, accident rates, labour turnover rates, records of performance appraisal etc. and proper analysis of such data assists the personnel departments in formulating the personnel policies and in the process of manpower planning. A manager needs individual worker performance data to support promotion decision A manager needs individual worker performance data to support promotion decision