1. Quantitative Methods: Should We Bother?
Published Online: 24 MAY 2011
Copyright © 2011 John Wiley & Sons, Inc. All rights reserved.
Quantitative Methods: An Introduction for Business Management
How to Cite
Brandimarte, P. (2011) Quantitative Methods: Should We Bother?, in Quantitative Methods: An Introduction for Business Management, John Wiley & Sons, Inc., Hoboken, NJ, USA. doi: 10.1002/9781118023525.ch1
- Published Online: 24 MAY 2011
- Published Print: 4 APR 2011
Print ISBN: 9780470496343
Online ISBN: 9781118023525
- decision problem;
- quantitative methods;
This chapter illustrates a few toy examples that hopefully provide a person with enough motivation to proceed. The author has emphasized the role of data to make decisions. If one knew all of the relevant data in advance, then the task would be considerably simplified. Nevertheless, the chapter shows that even in such an ideal situation some quantitative analysis may be needed. More often than not, uncertainty makes the life harder (or more interesting). The chapter deals with different examples in which he has to make a decision under uncertainty. The standard tools that help us in such an endeavor are provided by probability and statistics. Nevertheless, the chapter shows that some concepts, such as probability, can be somewhat dependent on the context. Finally, the chapter discusses how, when, and why quantitative methods (QMs) can be useful, while pointing out their limitations.
Controlled Vocabulary Terms
decision errors; probability; quantitative forecasting; uncertainty