Quantitative Decisions in Business Discuss each of the steps

Quantitative Decisions in Business

Discuss each of the steps in the quantitative analysis approach using a business example. Be sure to use terms and concepts from your reading this week in your post. Also, make sure to develop a real mathematical model of the situation.

Solution

In order to find out the relationship between the age and number of computers sold, quantitative research approach is being used. Quantitative research approach finds out the numeric analysis of certain characterisitics of the product and customers.

Type of Research : Descriptive Research as we study the characteristics of the customers in terms of age and its impact on the number of computers sold.

Sampling

Population : Customers of computers in different age groups

Sampling Technique : Simple random Sampling

Sample size : 500

Data collection

Primary Data : Survey method

Instrument used : Structured Questionnaire

Secondary Data : Sales Data collected from the computer stores

Data Analysis : Graphs and Excel Analysis

Hypothesis Testing

H0 : There is no association between the age and the number of computers sold.

H1 : There is a direct association between the age and computers sold.

Mathematically it can be written as :

N = f (A)

where N is the number of computers sold

A is the Age of the population.