Quantitative Techniques and Data Analysis

The assignment details a comprehensive study on quantitative techniques, covering data collection methods such as questionnaires and interviews, their limitations, and applications in various settings. It also delves into the differences between population and sample, organizing samples using factors like transactions, and provides a decision tree for project analysis. The assignment justifies choosing project alpha over beta based on higher return, cash flow, and risk considerations.

MBA - Quantitative
Techniques

Table of Contents
PART B...........................................................................................................................................1
Question 2....................................................................................................................................1
Question 3....................................................................................................................................2
Question 4....................................................................................................................................3
REFERENCES................................................................................................................................4

PART B
Question 2
a) Explain two suitable methods of primary data collection
In order to collect primary data, there are different methods that is applied. It depends on
type of research that what method will be preferred. Also, from each method data obtained
differs. Primary data refers to gathering fresh data (Asmus and Radocy, 2017). The two methods
that can be used are as follows :-
Questionnaire – It is a method in which several questions are asked to participants to collect
data. It can be of two types that is open and close ended. For present survey open ended
questionnaire will be used to gather primary data.
Interview – In this method interview is conducted either face to face or through mobile. It is also
further divided into two categories that is open and close. Here, close and face to face interview
will be conducted.
b) Explain the limitations of each method mentioned in above
While applying method in collecting primary there are certain limitations of each method.
It results in gathering insufficient or irrelevant data. The limitations are specified below :-
Questionnaire- In this the customers may not provide answer of some questions. This will result
in gathering insufficient data. Also, it limits customers is only answering with options provided.
So, they can not give their views openly. However, customer could give all answer in dishonest
way. Moreover, it becomes hard to convey feeling through questionnaire as well as it could be
difficult for customers to analyse question.
Interview- in this customer might not be willing to give answer of any question asked in
interview. This will lead to insufficient data (Ciarli, Coad and Rafols, 2016). Also, it may take a
long time in conducting interview. Here, interviewer has to enter data manually, so there could
occur mistake in writing data. It will hamper results.
e) Which of the above two methods would you choose for this survey? Give two reasons.
In order to conduct survey, there are many methods available. But among them, two
methods selected are online questionnaire and interview.
 Through online questionnaire it will be easy to collect data from customer quickly. Also,
the response can be taken in effective way.
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 Another reason is that customer can also given their views openly. So, it will be easy in
interpreting data and generating outcomes.
Another method selected from survey is conducting interview.
 Interview can be conducted to take customer feedback. The reason for choosing this
method is it will help in openly taking their opinions.
 Interview will be useful in taking views of customer and their feedbacks.
Question 3
a) Describe how quantitative techniques can be applied at work, industry or in
community?
Quantitative techniques help in analysing and interpreting data in proper manner. Its
importance is it helps in producing accurate and precise results. This is useful in understanding
correlation between different variables. Furthermore, it will assist in studying relation between
theories and models. It can be used in defining whether there is relationship between hypotheses
developed or not. In this there are various techniques available like descriptive, inferences, etc. in
descriptive SPSS is used. It is a software package that is used for quantitative analysis (Else-
Quest and Hyde, 2016). Through this, it becomes easy to describe characteristics of population
that is been studied. Alongside it, by using SPSS mean, mode, median, etc. of that population can
be obtained. But in inference technique a conceptual framework is developed at initial stage and
then hypotheses are made to test that assumptions. Thus, it makes it is difficult to obtain
descriptive results. Moreover, by using SPSS charts, bar graphs, etc. can be produced. Moreover,
quantitative analysis helps in interpreting overall data of community or industry.
The example is given below :-
Bar chart - It represents data into different rectangular bars and showing its values.
Pie chart – It is a circular graph which is divided into different pie and displays each one with
numbers.
Contingency table – It helps in studying the correlation between one or two variables.
b) Explain the differences between a population and sample? How could they organise the
sample?
Population refers to a large group of people that include all data set elements. It may be
related to area, sector, field, etc. whereas sample contains only one specific data set from
population (Cheung, 2015). It means to divide population on basis of factors such as age, gender,
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etc. and then selecting sample from it. Besides this, there are various sampling techniques which
is applied such as random, cluster, stratified, etc.
In present case, company can organise sample on basis of transactions. It means that by
setting a standard transaction limit in invoices sample can be taken. This will help in selecting
sample and organising them.
Question 4
a) Draw a decision tree for this situation.
The decision tree is as follows : -
b) Justify which project you will choose.
The manager should choose project alpha as it will give more return as compared to
project beta. Also, cashflow received from at 80% confidence level will be 24000 but in project
beta it will be 7500. Furthermore, the risk is project alpha is more so return obtained will also be
more. Moreover, in higher confidence level positive cashflow will be more. Therefore, the IT
manager should choose project alpha to invest in it. It will give more return after a particular
period of time. But project beta will also give return but it will be less as compared to project
alpha.
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REFERENCES
Books and journals
Asmus, E.P. and Radocy, R.E., 2017. Quantitative analysis. In Critical Essays in Music
Education (pp. 129-172). Routledge.
Cheung, L., 2015. Quantitative Techniques for Competition Analysis.
Ciarli, T., Coad, A. and Rafols, I., 2016. Quantitative analysis of technology futures: A review of
techniques, uses and characteristics. Science and Public Policy. 43(5). pp.630-645.
Else-Quest, N.M. and Hyde, J.S., 2016. Intersectionality in quantitative psychological research:
II. Methods and techniques. Psychology of Women Quarterly. 40(3). pp.319-336.
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