Describe the value of quantitative analysis.

What will be an ideal response?

The value of quantitative methods depends on the quality of the data being used. For instance, in the case of an actuarial estimate, hard evidence, like the accuracy of records of birth and death, and the causes of injury and loss, coupled with other factors, can be used to build predictive mathematical models. These models can be studied by analysts, and the results from previous time periods can be compared to current results. In the case of risk management, accurate and reliable measures are difficult, if not impossible, to obtain. Furthermore, the changing nature of the IT environment will restrict the application of time studies. For this reason, a blend of both quantitative and qualitative measures is often used to arrive at the desired understanding.