Quantitative analysis refers to the process of collecting and analyzing numerical data to obtain insights about a specific phenomenon or problem. Such, is based on statistical methods to ascertain meaning and inferences from data.
Main Features of Quantitative Analysis
Objective: The quantitative study intends to be objective and unprejudiced based on numbers.
Generalizability: The results of quantitative studies often lend themselves to broader conclusions about populations.
Statistical Analysis: Statistical techniques analyze data and inference.
01Structured Data : Very structured data, such as surveys, experiments or observational study.
Common Quantitative Methods
Descriptive statisticsSummarizes data using scale measures, such as mean median mode and standard deviation
Polish: Inferential Statistics: Employs statistical tests to make inferences about a population from a sample.
Correlation analysis : Assess the degree of association between two variables.
Regression Analysis — Models the relationship between a dependent variable and one or more independent variables.
Time Series — Analysis done on data over time to see trends or patterns
Areas Of Use For Quantitative Analysis Quantitative analyses are used across a wide range of disciplines, including:
Business — Market research, financial analysis & operational research.
Clinical trials, epidemiology and healthcare policy analysis.
Social Sciences: Sociology, psychology, economics and political science.
Science: Physics, chemistry and biology/environmental science
Benefits of Quantitative Analysis
Less Subjectivity: As compared to qualitative data, quantitative data is less likely to be misused or extended because it does not include personal perceptions and interpretations.
Generalizability: Generalizing findings to broader populations is often possible.
That said, quantitative data comes with precision: After all, it represents measurements and statistical significance.
It makes for a more comparable standard across different studies and years lost to death.
Constraints of Quantitative Analysis
Shallow: Quantitative studies often lack the depth and nuances that can come from qualitative work in later stages (i.e. speaking to users) when trying to quantify in which market(s) those insights would be applied.
Pitfall 1: Strong dependence on numbers — reduces complex social phenomenon oftentimes.
