qualitative vs quantitative analytics
I rewatched the video few time and read the other answers. I'm still confused between the two. Can you explain more please?
My understanding is that quantitative analytics is more concrete as it relies on mathematical formulas and algorithms to either explain past events or predict future ones. Quantitative analytics also seems to rely on graphs and charts to explain the how and why of a business question. Qualitative analytics relies more on past experience to either explain past events or predict future ones. Qualitative analytics may be less measurable by numbers as well. So in the video example, the online clothing store used qualitative analysis, or article research and past experience in the fashion industry, to decide on the types of clothing to sell. This wasn't measured by numbers but instead by what the video termed intution. On the other hand, the store used quantitative analysis to determine when to sell the clothing, or past examination of sales history that was explained using a line graph. This part relied on actual numbers, something concrete.