Why is quantitative data important in decision-making?

Why is quantitative data important in decision-making?

Quantitative data provides measurable evidence that can guide decisions, ensuring they are based on facts rather than assumptions.

Can you give me an example of how it's used in business?

Sure! Businesses use quantitative data to analyze sales trends, customer behavior, and market research, helping them make informed strategies.

What are some common methods for collecting quantitative data?

Common methods include surveys with closed-ended questions, experiments, and analyzing existing datasets.

How does it differ from qualitative data?

Quantitative data is numerical and can be measured, while qualitative data is descriptive and focuses on understanding concepts and experiences.

What tools can I use to analyze quantitative data?

You can use tools like Excel, SPSS, R, and Python libraries such as Pandas for analyzing quantitative data.