Quantitative Analysis Mathematics & Economics Coursework (Coursework Sample)
The sample is about how Quantitative reasoning describes drawing conclusions and making predictions and decisions based on numbers and mathematical analysis.source..
Quantitative analysis is the he use of especially computerized mathematical analysis to support decision making, make business forecasts or investment recommendations. It is the examination of measurable and verifiable data such as earnings, revenue, wages and market share CITATION Bar12 \l 1033 (Render, Stair, & Hanna, 2012). Business managers are responsible for making decisions to help a company achieve profitability and maximize profits. Companies that are not able to achieve profit eventually fail. Managers use a variety of methods to inform their decisions, which often involve quantitative reasoning. Quantitative reasoning describes drawing conclusions and making predictions and decisions based on numbers and mathematical analysis.
* Cost-Benefit Analysis
A cost-benefit analysis is a common type of business decision-making tool that involves quantitative reasoning. In a cost benefit analysis, managers decide the best course of action out of two or more possible courses of action by attributing values to the expected benefits of different courses of action and comparing those values. It is the analysis that weighs a company’s revenues against its costs CITATION Mar76 \l 1033 (Agee, Taylor, & Torgersen, 1976). For example, if a company is trying to decide whether to spend its money on launching a new product or spending more toward advertising current products, it might conduct a cost-benefit analysis to estimate how much profit it could expect from each course of action and then choose the course that is expected to produce more profit.
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