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The main objective of quantitative analysis is to learn and get a better understanding of the market and collect data such as revenues or wages etc. It helps us understand the behavior of the business and the overall performance of the business. Businessmen and directors of the company used to majorly rely on their instincts and experience earlier. However, the changing times have brought a change in this mindset. Quantitative analysis is considered as a better option now due to the easy access to data and technology. The quantitative analyst presents a hypothetical situation using numeric values. There are 3 main techniques of measuring all the data namely regression analysis, linear programming, and data mining.
1. Regression analysis: This is one of the most commonly used techniques used by business owners, analysts, statisticians, and economists. It uses statistical equations that predict the impact of one variable on the other. The other important application of regression analysis is estimating the importance of the effect of education and work experience on an employee’s annual salary. The owners use to estimate the impact of advertisements on business profits. This helps him in understanding whether it is having a negative or positive impact on his business.
2. Linear programming: Linear programming is the method where company managers find ways to allocate resources like production machinery and labor effectively. It helps the managers to find a solution for the lack of resources. It helps to determine how a company can make optimal profits and reduce the operating costs.
3.Data mining: Data mining is considered as a combination of statistical methods and computer programming skills. It is one of the popular and growing methods used to increase the quantity and size of the datasets available. This technique is used in evaluating a large number of data sets with the aim of finding patterns and correlations between them.