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How has quantitative analysis changed the current scenario in the management world today?
Quantitative analysis is a technique used in order to analyze and understand the behavior of certain financial instruments. It uses complex mathematical and statistical modeling for such purposes as measurement, performance evaluation and valuation of a financial instrument, or for simulating real world situations.
The main focus in which quantitative analysis has changed the current managerial world is the way in which it is used to simulate real world events by use of a model. This allows a scientific approach to making managerial decisions.
When approaching quantitative analysis there are 7 steps to be taken, as follows:
•Define the problem
•Develop a model
•Acquire data for input
•Develop a solution to the problem
•Test the solution
•Analyze the results taken from this
•Implement the solution based on the results taken
Obviously, the main issue when using quantitative analysis is the collection of quality data to be used as an input to the designed model.
Quantitative finance started in the 1970s in the United States. Investors started to use mathematical formulae in order to price stocks and bonds.
More recently, quantitative analysis has become a common method in businesses as it allows decisions to be made based on predictions and simulations created by the quantitative analysis models. This takes some of the risk factor away from the decision being made.
Quantitative analysts, commonly referred to as 'quants', often come from physics, mathematics and engineering educational backgrounds rather than finance and economics. Also extensive skills are required in computer programming, particularly programming languages such as C++ and/or Java in order to build the models used during the analysis.
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