Quantitative business analysis is a vital skill for professionals in a wide variety of industries and roles. Among the many skills learned in school and on the job, the ability to derive insight about potential future scenarios and actions is among the most valuable. Not only does this process provide useful information that can help guide decision-making efforts related to current business issues on a variety of fronts, but it also allows professionals to immerse themselves in valuable data and learn more about operations directly related to their roles. Although there are many skills that provide strong returns, quantitative analysis fills a unique niche.
Prospective students considering a return to the world of higher education to pursue a Master of Business Administration degree should look carefully for programs that offer the chance to develop their ability to perform quantitative analysis for management needs. The University of Alabama at Birmingham includes just such a component in its MBA online degree program, giving students a chance to focus exclusively on the topic during their time working toward a powerful degree. Let’s look at the Quantitative Analysis for Business Managers class as well as how this skill benefits modern professionals.
Quantitative analysis includes a wide variety of concepts
A simple way to approach the concept of quantitative analysis is to view it as the use of numbers or variables to help inform decision-making. The word quantitative means measuring or relating to something based on countable values. That stands in contrast to the word qualitative and the concept of qualitative analysis, which ultimately refer to investigation and analysis of factors that aren’t easily tied to or represented by numbers, such as a company’s reputation or consumer or client sentiment. While qualitative analysis certainly has its place in the business world, quantitative analysis has a wide variety of applications throughout an organization. The results can benefit an employee, a team led by a manager, or the entire enterprise.
Quantitative business analysis stretches from revenue and profit to sales volume, worker output, production of inventory, per-customer spending and a variety of other measurable factors. This type of review and information gathering has clear ties to financial metrics, and is often used in that context by those both in and outside of the finance arm of a company. However, any sort of output or other measure that can be consistently and reliably tallied may be included in quantitative analysis efforts. That means it’s just as valuable for professionals in charge of parts of a supply chain and even in applications related to human resources, health care, internal use and repair of equipment, and many other areas.
Business leaders who want to have hard data in place to back up their decisions, especially in cases where those determinations are especially complex or seemingly irrational on the surface, have few more powerful tools at hand than quantitative analysis. When you can point to specific numbers and analytical processes that turn assumptions into fact and draw clear lines between past performance and likely future outcomes, it’s far easier to gain support across an organization.
A dedicated learning environment: Quantitative Analysis for Managers
The value of quantitative business analysis is clear for professionals across much of the global economy, especially those who have to make important decisions and want to rely on more than their gut feeling or a cursory look at statistics. UAB is proud to offer a class to help all students in the MBA online degree program learn more about this valuable process and develop a basic proficiency with it.
The focus on management-level business needs helps set Quantitative Analysis for Business Managers apart from other classes on the topic, as well as self-learning efforts. The topics, examples, workflows, and other integral elements of the class all target the role of higher-level employees. Common responsibilities, desires, and requirements related to decision-making and data investigation for professionals in management roles are all addressed. The course’s stated goal is to provide the essential analytical skills that lead to better business decisions and, ultimately, more positive outcomes for their team and employer.
On a practical level, the class helps students develop proficiency with Microsoft Excel, one of the most common and effective tools for quantitative business analysis. This effective combination of learning about the basis of the process along with training that improves the individual skills used to craft powerful, reliable, and useful analysis gives students in the course the best of both worlds. Although plenty of room exists for future learning — both self-led and through a variety of programs — Quantitative Analysis for Business Managers provides a solid foundation of skills students can start using almost immediately.
Developing quantitative business analysis skills and many others at UAB
Building confidence and competency in quantitative analysis skills is one of the many advantages of seeking an MBA online degree through UAB. Our completely online and asynchronous program offers students the chance to earn their degree on their terms and balance a variety of personal and professional responsibilities alongside a significant educational commitment. With the school’s top-flight faculty, a competitive ranking in The Princeton Review’s Best 295 Business Schools list, and accreditation by the Association to Advance Collegiate Schools of Business (AACSB), UAB students can be confident in the high quality of their learning experience. To find out more, get in touch with one of our advisors today.
Recommended Readings:
Top 5 industries for MBA graduates
It’s never too late to go back for your MBA
Sources:
UAB.edu, Course Descriptions MBA by UAB Collat School of Business
Investopedia, Quantitative Analysis by Investopedia
Study.com, Basic Techniques of Quantitative Business Analysis
Online Master of Business Administration by UAB Collat School of Business