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

Reference: Kolková, A., Rozehnal, P., Gaži, F. & Fajmon, L. (2022). The Use of Quantitative Methods in Business Practice: Study of Czech Republic. International Journal of Entrepreneurial Knowledge , 10(1), 80-99. doi: 10.37335/ijek.v10i1.159

Authors

DOI:

https://doi.org/10.37335/ijek.v10i1.159

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.

Author Biographies

Andrea Kolková, Department of Business Administration, Faculty of Economics, VSB - Technical University, Ostrava, Czech Republic

Andrea Kolková is an academic staff member of VŠB - TU Ostrava, Faculty of Economics. The main field of research is demand forecasting, statistical methods used in business and quantitative methods in small and medium businesses. She is the author of 12 publications on WOS and 29 other articles and conference papers. She is the author and co-author of 8 university textbooks. She has participated in several scientific and pedagogical projects.

Petr Rozehnal, Department of Applied Informatics, Faculty of Economics, VSB - Technical University, Ostrava, Czech Republic

Petr Rozehnal is an academic staff member of VŠB - TU Ostrava, Faculty of Economics. The main field of research is IT/Business alignment, IT governance and management, application of information technologies. He is the co-author of the monograph, 14 publications on WOS, several chapters in the book and other articles and conference papers. In addition, he has participated in several scientific and pedagogical projects.

Filip Gaži, Department of Business Administration, Faculty of Economics, VSB - Technical University, Ostrava, Czech Republic

Filip Gaži is a master's student at VŠB - TU Ostrava. He focuses mainly on research in business economics. He is actively participating in the second scientific project. He is included in the program of development of talented students at VŠB - TU Ostrava. He also studied at the Department of Economics, Management, Industrial Engineering and Tourism, University of Aveiro, Aveiro, Portugal.

Lukáš Fajmon, Department of Business Administration, Faculty of Economics, VSB - Technical University, Ostrava, Czech Republic

Lukáš Fajmon is a master's student at VŠB - TU Ostrava. He focuses mainly on research in business economics. He is actively participating in the second scientific project. He is included in the development program of talented students at VŠB - TU Ostrava.

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Published

2022-06-30