All entries for Tuesday 15 March 2011

March 15, 2011

Combination of qualitative and quantitative data

Some of the decision tools can be used to make decisions based on the qualitative data and some can be used to make decisions based on quantitative data. For example the decision trees can be used for the quantitative data. If the probabilities or the monetary values of the alternatives are known then this tool can make the decision making easy. On the other hand SWOT can be used for the analyses of the qualitative data.While solving the Waveriders problem our team used both the different types of tools to incorporate both the qualitative and quantitative information available to us and used it to make the final decision. The use of these tools helped us organize the whole information and made decision making easy. In organizations effective use of these tools can help them utilize the full range of information effectively. These tools can help them make robust decisions by utilizing the complete set of qualitative and quantitative information. 

March 2011

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