What are quantitative indicators?
When performing statistical or business analysis, both qualitative and quantitative factors are considered. Quantitative indicators are those that can be objectively measured. Among other things, they may include sales numbers, expenditure data and customer satisfaction assessment. It differs from qualitative indicators that are primarily unofficial and cannot be measured specifically. While both types provide viable information, quantitative indicators generally provide the most useful data because hard numbers are easily understandable and compared. Quantitative indicators
may be expressed in several ways, depending on the relevant data and their use. They may include integers, decimal places, ratios, fractions, percentage and monetary value - quantitative factors can always be expressed as a number. Qualitative indicators, on the other hand, are expressed as independent statements or as relative terms such as "good", "better" and "best".
Detending on the type of analysis would be a companyT could consider many different types of quantitative indicators. For example, if the company wants to know if it will take place financially, it may consider annual sales and annual expenses. He may also want to look at the average profit for sale and the total number of clients. If, on the other hand, the company deals with the customer's satisfaction, the number of customer complaints, the number of repeated buyers, the number of recommendations and the number of revenues can instead evaluate the number of customer complaints.
One of the main advantages of quantitative indicators is that they are easily compared. For example, the company can use data to compare a particular indicator over the time period. By comparing monthly sales data over the year or by comparing year -on -year sales data, for example, it can easily determine whether it increases its sales. He can also compare his numbers with the competitor numbers.
There is a large number of uses for data obtained from quantitativesthe indicators. In addition to allowing companies to monitor overall improvements or decline, it can be used to assess the effectiveness of employees, departments, programs, projects or initiatives. Quantitative data are also commonly considered by potential investors and creditors.
Business and industry are not the only segments that use quantitative indicators. They also play an important role in most sciences and scientific industries such as medicines and medicine. Research and experiment results are also often recorded as quantifiable data, so progress can be measured clearly and efficiently.