Quantitative Analysis:
1. There are several research designs that can be used in business applications. The two we will focus on here will be quantitative and qualitative. Quantitative research tends to use hard data such as statistics to frame and interpret the research, where qualitative research tends to depend on observation.
Respond to the following:
- What are the differences between a qualitative research design verses a quantitative research design?
- When would it be appropriate to use one design over another in investigating a business process problem? For example, a toothpaste company wants to find out what the demand for a tooth whitening gel is among male customers between the ages of 30-40 years. What research design would be appropriate for the company to use?
200 words to answer the 2 bullets for 1. References.
2. Confidence intervals are used in the business environment to determine how positive the data articulates that a certain event may take place. The closer the confidence interval is to 100% or 1, the more confident one can be that the event may take place.
Respond to the following:
- In marketing, how would a confidence interval be used in validating a forecasting estimate in sales for a given point in time?
- Consider this example: General Motors would like to find out how much of a demand for mini vans there will be in the month of May? How would they use the confidence interval?
200 words to answer the two bullets in 2. References.