Final answer:
Quantitative techniques are used by organizations to make informed decisions, improve efficiency, and solve business problems.
Step-by-step explanation:
Quantitative techniques are widely used by organizations in their day-to-day activities to make informed decisions and improve efficiency. These techniques involve the collection, analysis, and interpretation of numerical data to gain insights and solve business problems. Examples of quantitative techniques include statistical analysis, forecasting, optimization, and data visualization.
For instance, a retail organization might use quantitative techniques to analyze sales data and identify patterns, such as peak sales periods or trends in customer preferences. This information can then be used to optimize inventory management and pricing strategies. Another example is a financial institution using quantitative techniques to assess credit risk by analyzing credit scores, income levels, and other numerical factors that contribute to a borrower's creditworthiness.
Overall, quantitative techniques provide organizations with a systematic and objective approach to decision-making, helping them measure and evaluate performance, identify opportunities for improvement, and make data-driven decisions.