Final answer:
The application of quantitative techniques in management is known as quantitative management. It involves the use of statistics and data analysis to inform decision-making and predict trends. Quantitative sociology, in particular, uses extensive surveys and statistical analysis to understand human behavior.
Step-by-step explanation:
Quantitative Management in Business
The application of quantitative techniques, such as statistics and computer simulations, to management is called quantitative management. Quantitative methods are crucial in various fields, including business and social sciences, as they entail the collection of data in numerical form. This data can be used for statistical analysis and gives a concrete foundation for making decisions and predictions.
In the realm of quantitative sociology, researchers use statistical methods to analyze large volumes of data, such as those gathered from surveys with extensive numbers of participants. Quantitative data provide insights into patterns and trends within human behavior and are instrumental in driving research forward.
Contrary to qualitative data, which is interpretive and descriptive, quantitative data are numeric and can be measured or counted, making it possible to perform statistical comparisons and evaluate changes over time. Examples of quantitative data include demographics from census data, pulse rates, or the number of students enrolling in a class. Such data helps in understanding societal trends and behaviors through descriptive and inferential statistics.