Business is the reason for life of many people. There are those who dedicate their lives to working for a superior, or those who decide to undertake by themselves, and this article is intended for the latter, those who want to undertake and need basic information on how to manage and how to take the correct actions to end up benefiting.
It is important to highlight that to understand this article certain notions of statistics are needed, however, in the present information the information will be presented in a concrete and easy to understand way.
In statistics numbers and expressions of information are handled, therefore, different methods are established to record the data and qualities of the objects to be studied. Likewise, in statistics the concept of variables is handled, which are the aspects that can change the results of an operation/process.
The variables tend to appear in two ways: Qualitative, which is when these variables only take into account the qualities of the object in question. On the other hand, there are Quantitative variables, which are all those that only take into account the numerical values ​​expressed by the variable.
At present, different types of tweezers are observed. For example, let’s choose the ones that are made of wood. That said, the wooden tweezers have two variables: the number of these, this being quantitative, because to determine it you only have to count how many there are.
On the other hand, the fact that they are made of wood is the qualitative variable, which takes into account the qualities of the objects, or rather, their differences from others. In this case, the main quality that can be appreciated is the fact that they are made of wood, have a metal spring and a simple mechanism.
Quantitative and Qualitative Forecasting Methods
A forecast is an assumption of what is to come in the future, however, this is supported by hard facts and supported by the scientific method of research.
When it comes to running businesses, companies or managing personnel, future prospects are extremely important and they will be able to decide different ways to carry out the actions that keep the establishment running and producing money.
A company should always have a forecast in which it specifies what will be the best time to start operations, launch a product, carry out a work, among other things.
Based on the forecasts received, the management directs the company with the aim of obtaining the greatest flow of money and optimizing the processes already established in it.
For example, let’s say there is a cell phone service provider X. It predicts that the country will go into quarantine, and for this reason its leaders receive the forecast that people will be at home longer, and therefore spend more cellular data or call balance. Based on this, a decision can be made on what action to take.
differences
The way in which the company obtains the information is crucial to determine the distinctions between both forecasting processes, because when it seeks to study data regarding how much people like its product, it performs two different procedures.
One in which he asks the company’s customers how satisfied they are with the service/product, because when they give their opinions they constitute a qualitative variable.
On the other hand, if the company studies the market in the sense of annual, monthly, and other sales, it will take into account the quantitative variables.
Those prospects that the company sees based on the opinions of the professionals it hires, and of the people its products serve, will be the qualitative forecasts of the operation, which seeks as a result the greatest economic benefit for the company.
When the company instead of looking for opinions from third parties, but instead looks within any numerical value in its history, it is the quantitative forecast. After that, a panel of experts is assembled who will issue a judgment regarding what actions should be taken to keep the exercise productive.
