Great post! I agree with you,quantitative data refers to information about quantities that can be measured and reported using statistics, whereas qualitative data refers to knowledge about values that cannot be quantified. In terms of which is more important, I think, in New Earth Mining's case, qualitative information is more important. Without that information the company could have invested in South Africa and failed due to high risk. Having information such as country demographics, etc. can be integral to any business decision. In this case, do you think the qualitative or quantitative information is more important?

I currently reside in New York City. This would be my second semester at Southern New Hampshire University in the MBA program. I graduated with my bachelor's in business administration from Purdue University. I have been in the healthcare industry for 21 years. I worked in various roles within the many years, working my way up.

Quantitative data refers to knowledge about quantities that can be calculated and recorded using numbers ("Probability and Statistics Qualitative v. Quantitative Data," n.d.). For example, statistics. This type of information or analysis is used to measure beliefs, opinions, and habits, among other things.To measure evidence and articulate statistics and trends, quantitative analysis of data may be used (DeFranzo, 2017).

Surveys, polls, and experiments are a few examples of approaches (DeFranzo, 2017).

Qualitative data refers to knowledge regarding values that cannot be quantified ("Probability and Statistics Qualitative v. Quantitative Data," n.d.). This data analysis is used to figure out what's behind people's decisions, opinions, and motives. It aids in the development of solutions and gives insight into issues (DeFranzo, 2017). Interviews, focus groups, findings, and other standard approaches for Qualitative Research or data are recommended (DeFranzo, 2017). Using the Harvard Business Review Case Study. When evaluating New Earth Mining, Inc, you can come across different quantitative and qualitative results. New Earth Mining is a precious metals manufacturer headquartered in Denver, as we hear in the case study (MBA-640 232).

At the beginning of 2013, gold experienced an "unprecedented surge from $300 per ounce to $1,700 per ounce" (MBA-640 232), allowing the industry to enjoy fast earnings growth (MBA-640 232). Executives were concerned about gold's long-term viability. Since they were in good financial shape, they wanted to diversify their market by making a new capital investment in base metals and other minerals.

Quantitative- We see a variety of quantitative data in the case study that is useful for this new expansion. The first statistic that New Earth requires is that their new steel capital spending constitutes 95% of all products consumed worldwide. This is important since they now know that the commodity will be used in the industry they are joining (MBA-640 232). Many of the investment options/packages that New Earth has to go forward and all of the guidance offered by Drexel for their new business growth are relevant quantitative information that is useful to New Earth (MBA-640 235).

Qualitative- New Earth Mining moves into a new industry and potentially into a country they have never dealt with before. Even though South Africa has a lot of experience exporting iron ore, there are many risks involved with having a big investment in this sector. There are significant issues that New Earth Mining must consider before making a decision, but they are fortunate in that they have the support of several other countries and investors (MBA-640 234). And before entering the iron ore industry, whether they can protect these customers is critical. In addition, the knowledge given by Drexel was beneficial. They were able to develop some excellent findings, such as reporting on insufficient capital spending and low manufacturing costs (MBA-640 233).

References

DeFranzo. (2017, September 21). Difference between qualitative and quantitative research. Retrieved fromhttps://www.snapsurveys.com/blog/qualitative-vs-quantitative-research/MBA-640. McGraw-Hill Create. VitalBook file. Probability and Statistics Qualitative v. Quantitative Data. (n.d.). Retrieved fromhttps://www.shmoop.com/probability-statistics/qualitative-quantitative-data.html