Quantitative Analysis

First of all let us understand the meaning of Quantitative Analysis. It is business or Financial Analysis technique that seeks to understand behavior by using complex mathematical and statistical modeling, measurement and research.
It is done for number of reasons such as measurement, performance evaluation and used to predict real world events such as changes in a share price.

step in the quantitative analysis approach (in your own words).

Step -1

Defining Problem

The very first step is to develop a clear, concise statement of problem because it give direction and meaning to the following steps

Step -2

Developing a Model

The next step is Developing a Model. Its representation usually mathematical of the situation. It save time and money in decision making and problem solving

Step-3

Acquiring Input Data:

After developing a model one should obtain the data that are used in the model (input data). Collecting accurate data can be one of the most difficult steps in performing quantitative analysis

Step-4

Developing a Solution

It involves manipulating the model to arrive at the best optimal solution to the problem that is practical and can be implemented, this requires that an equation to be solved for the best decision

Step-5

Testing the Solution:

It is important to test the solution completely because a solution depends on the input data and the model, both requires testing. Testing the input data and the model includes determining the accuracy and completeness of the data used by the model.

Step 6

Analyzing the Results and Implementing the Results

The final step is to analyze and incorporating the solution into the organization. The optimal solution will hundred of Bahraini dinars and it will help the users manage dedicated time more efficiently

What does the phrase “garbage in, garbage out” mean?

GIGO means situation in the analysis such as faulty decision made as a result of incomplete information and garbage in, garbage out refers to a tendency to put unwarranted faith in the accuracy of computer-generated data