Quantitative Data Problem Solving - 1790 Words

The use of quantitative data to solve a problem may seem as everyday and common sense-ish as any other problem solving style; perhaps even more so as it seems to make so much sense. First though – what exactly is quantitative data? It is measurable (through a suitable measure such as dollars, degrees, inches, millimeters) and verifiable data. It is however, amenable to statistical manipulation. Quantitative data defines whereas qualitative data describes (BusinessDictionary.com, 2010). Why then, don’t we – as a society – use it more? It would seem that our biases toward everything from race and gender to reality and fantasy get in the way. One need look no further than the classic movie â€Å"12 Angry Men† (Rose Lumet, 1957),†¦show more content†¦Next is attachment (Bazerman, Loewenstein Moore, 2002), where we value some relationship, reputation or arrangement in such a way as to become motivated to please the other party. This motivation may cause us to overlook, ignore or discount any data or evidence that would put the relationship in harms way. A third scenario is discounting (Bazerman, Loewenstein Moore, 2002), where the immediacy of something might diminish a future consequence. People are far more responsive to the ‘here and now’ than the ‘there and may never be’. A final scenario is escalation (Bazerman, Loewenstein Moore, 2002), where we may explain away indiscretions by blaming some other inconsequential event or situation. We escalate the importance of an excuse to overpower the thing or circumstance – or data – that doesn’t seem to fit our need at that moment in time. For example, one will blame the traffic for arriving home late when the data will show the person left work late. However, the escalation of the traffic patterns will keep us from getting in trouble for arriving late. Real data would clarify the actual circumstance, but let’s not let t he truth get in the way of a great story, or excuse. Fortunately, all of this bias can be identified, and the following section provides some alternatives which allow us to use data over bias. Decision by data versus bias There are certainly strong argumentsShow MoreRelatedImproving Second Graders Communication Of Mathematical Thinking976 Words   |  4 PagesThe article analyzed in this paper is the mixed research study titled Using Math Journals to Enhance Second Graders’ Communication of Mathematical Thinking. The quality of the research problem stated in the article was well put together. The researcher stated the problem clearly and identified why it was a problem. The gap in the literature the study is attempting to fill is communication of mathematical thinking. Often time’s students cannot intellectually explain how they got to their answer.Read MoreMaster in Financial Analystics760 Words   |  3 Pagesapplying advanced analytics tools to solve complex financial problems. Having worked as a financial analytics analyst for more than 6 months at EnovaFinancial, a Chicago-based consumer online financing company, I reinforce my passion towards financial analytics. Ranging from basic data query and reporting to predictive modeling and optimization, data analytics has assumed an important role in today’s financial services industry. Mastering data analytics could help financial institutions acquire the relevantRead MoreResearch Methodology : Mixed And Action1095 Words    |  5 Pagesor groups as a whole. 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