Quantitative Methods Used For The Business Scenario Essay

1016 Words Apr 6th, 2016 null Page
Introduction According to Schilling (2012), developing innovative novel projects in order to initiate products or services really takes considerable time, uses a tremendous budget, as well as is extremely risky. As mentioned in Schilling (2012), there are a lot of evidences that indicates the majority of projects is failed. Consequently, it is important for each organization to emphasize on considering which projects are worthwhile for the investment and time-consuming and whether the projects are pursued with a meticulous and well-organized development process (Schilling, 2012). There are two methods in evaluating and choosing innovation projects including quantitative and qualitative method or using combination of both methods (Schilling, 2012).
In this paper, I will discuss how each can method apply to my final project and recommend a particular method to use for the business scenario. Besides, clarifying that whether the recommended method suggests the same innovation I chose in my final project.
Quantitative Methods According to When is it better to do qualitative or quantitative research? (2010), Quantitative methods are suitable for analyzing novel projects by comparing data in a systematic way, which converts the projects into the forecast of future cash returns from a project. Moreover, as mentioned in Schilling (2012), Quantitative methods enable users to use mathematical and statistical data to analyze and compare those information in order to estimate the…

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