Using quantitative data for business decisions

Businesses use data to make informed decisions and identify trends. This helps compare profit margins across product lines and can forecast the impact of pricing changes.

• Types of data:
  • Financial: income statements, cash flow forecasts.
  • Marketing: sales figures, customer surveys.
  • Market: competitor analysis, economic indicators.
• Limitations of data:
  • Lag: data may be outdated by the time it’s used.
  • Incomplete: not all factors are captured.
  • Qualitative factors: doesn't show customer loyalty, staff morale, etc.