Final answer:
The statement is false; both quantitative and qualitative data are essential for analysts to make informed decisions. Qualitative techniques provide depth and context that quantitative data alone cannot offer, and both types of data complement each other in comprehensive research.
Step-by-step explanation:
The statement that analysts can rely principally on ratio analysis and other quantitative measures for enough information to make informed decisions, suggesting that qualitative techniques provide interesting but non-essential data, is false. In the field of social sciences, particularly in the study of society and human behavior, qualitative assessments play a critical role. While quantitative data, such as statistics deriving from ratio analysis, provide direct insights into specific questions and reveal trends, qualitative data contribute depth and context to these insights.
Qualitative techniques such as in-depth interviews, focus groups, and content source analysis are essential in understanding the nuances of human behavior that quantitative data alone cannot capture. These techniques provide a rich understanding of why people behave the way they do, reflecting internal thoughts, beliefs, and motivations that are impossible to measure directly with numbers. Furthermore, empirical analysis, which can include both quantitative and qualitative approaches, aims to place observable facts into a larger context, offering a more comprehensive understanding of complex issues.
Therefore, to make truly informed decisions, analysts must consider both quantitative and qualitative data. The two complement each other and are both essential parts of a comprehensive analytical approach to understanding human behavior and social phenomena.