THE USE OF QUANTITATIVE METHODS IN BUSINESS PRACTICE: STUDY OF CZECH REPUBLIC

Abstract

The purpose of the study is to evaluate the use of quantitative methods in companies and determine the reasons for the non-use of quantitative methods. First, the context of dependence on individual characteristics of the company, such as size, amount of foreign share, and business sector, is analysed. Subsequently, the methods companies use, and those for which companies require scientific support and research are identified. The study is carried out in companies in the Czech Republic and is based on an electronic survey. Methods of statistical testing of dependencies are used for evaluation. The inputs showed that the size of the company is the most dependent on the use of quantitative methods in companies. From the results of the question on the reasons for not using quantitative methods in business practice, the most significant number of respondents answered that the methods are too academic and often their use in business practice is unrealistic due to their complexity. It is the trend of academic institutions and scientific societies to develop quantitative evaluation software with simple input and interpretation. They identified the forecasting of business variables as the method with the greatest scientific potential. The following are simulation methods and logistics management methods. The article may provide a central theme for future science and research development in business.

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