Copyright

Interpreting Quantitative & Qualitative Business Data

An error occurred trying to load this video.

Try refreshing the page, or contact customer support.

Coming up next: Quantitative Analysis in Business Decision Making

You're on a roll. Keep up the good work!

Take Quiz Watch Next Lesson
 Replay
Your next lesson will play in 10 seconds
  • 0:00 Business Data
  • 0:55 Quantitative Analysis
  • 2:12 Qualitative Analysis
  • 3:45 Lesson Summary
Save Save Save

Want to watch this again later?

Log in or sign up to add this lesson to a Custom Course.

Log in or Sign up

Timeline
Autoplay
Autoplay
Speed Speed Audio mode
Lesson Transcript
Instructor: Natalie Boyd

Natalie is a teacher and holds an MA in English Education and is in progress on her PhD in psychology.

Information is key to help business leaders make decisions. But there are different types of information that businesses can use. In this lesson, we'll examine the different types of data, quantitative and qualitative, and how to approach each.

Business Data

Sam runs the customer service call center for a big bank. Customers from across the country call and Sam and his team help answer their questions and resolve their problems. But Sam wants to know how he can better serve his customers. Should he hire more customer service reps? If so, how many?

Information helps businesses make good decisions. If Sam has enough data, he can know exactly how many, if any, additional representatives he should hire. There's a lot of data out there. In Sam's case, for example, he could track how many calls per day the call center receives, or the average waiting time for customers when they call, or what customers say about their wait times and interactions with the customer service reps. To help Sam sort through the data available to him, let's look at how to approach the two major types of data: quantitative and qualitative data.

Quantitative Analysis

Sam wants to know whether to hire more customer service representatives for his call center. He has some data to help him, but he's not sure exactly what to do with the data. Quantitative data is information made up of numbers. Think of the word 'quantity' and you can remember quantitative. For example, Sam has information on how long different customers had to wait before talking to a customer service representative. The data includes the number of minutes each person had to wait, so it is quantitative. He can use that data to help him decide whether to hire more reps and how many new reps to hire.

Quantitative data is best analyzed using statistical techniques. Whether using simple statistical techniques, like finding the mean of a data set, or complex statistics, like advanced multivariate analysis, Sam can use statistics to make sense of the quantitative data he has. Take the data set about the wait time: Sam can take the numbers he has and find the mean, so he knows how long, on average, customers wait to speak to a rep. With a little more data, like how many representatives were working when the wait time data was collected, he could even calculate an estimate of how that wait time would be shortened if he hires one new rep, or two new reps, and so on.

To unlock this lesson you must be a Study.com Member.
Create your account

Register to view this lesson

Are you a student or a teacher?

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member  Back
What teachers are saying about Study.com
Try it risk-free for 30 days

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Create an account to start this course today
Try it risk-free for 30 days!
Create an account
Support