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Businesses use historical data for performance evaluation, planning, and to make future
predictions. Managers must use various quantitative data to analyze past performance,
define their future goals, and aid in effective decision making to achieve higher
performance levels. According to Weinberg (2007),“Quantitative data is measurable data
and it can be represented in terms of actual quantities or figures, such as prices and sales
figures" (p. 63);therefore, managers can use quantitative data to track the productivity of
manufacturing. Analyzing quantitative data helps managers to have an insightful, influence
on their future decisions. For instance, managers can track cost and profit of products over
a period of time to see whether the company should improve its equipment efficiency, or
change the product’s price to match the market’s demand, or change the number of units
that are produced. Managers need to keep their data up to date and accurate in order to
make reasonable decisions. Data is fact and neutral which is necessary for making
effective decisions without people's bias. Accurate data and good analysis can help a
company reach their potential. By clearly defining the problem, managers can make better
decisions about the future production. On the disadvantage side, data can face privacy and
security issues so protecting that data is very important. Also, misuse of or inaccurate data
can have devastating effects.
There are some things data cannot be used for. For instance, data can’t predict how reliable
or efficient employees will be. Or if the business has just released a new product there will
