Topic Summaries

Using quantitative data for business decisions

GCSE > Business > OCR > GCSE Business Topic Summaries > Finance > Using quantitative data for business decisions
Previous Module
Next Module

Formula sheet

Businesses use data to make informed decisions and identify trends. This helps compare profit margins across product lines and can forecast the impact of pricing changes.

  • Types of data:
    • Financial: income statements, cash flow forecasts.
    • Marketing: sales figures, customer surveys.
    • Market: competitor analysis, economic indicators.
  • Limitations of data:
    • Lag: data may be outdated by the time it’s used.
    • Incomplete: not all factors are captured.
    • Qualitative factors: doesn't show customer loyalty, staff morale, etc.

Unlock Using quantitative data for business decisions

Subscribe to SnapRevise+ to get immediate access to the rest of this resource.

Premium accounts get immediate access to this resource.

Previous Module
Next Module