Role Of Quantitative Techniques In Business And Industry Pdf
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- IMPORTANCE OF QUANTITATIVE TECHNIQUES IN MANAGERIAL DECISIONS
- Future Institute of Engineering and Management - [FIEM], Kolkata - News & Articles Details
- Importance of Operations Research in Decision-Making
Business managers and directors used to rely on their experience and instinct to make tough decisions. Increasingly, however, they want to know what the numbers say. In the era of big data, quantitative methods used by operations analysts and economists provide solid evidence to guide management decisions on production, distribution, marketing and personnel management. These methods also help managers project future business conditions, enabling them to adjust their strategies as needed.
IMPORTANCE OF QUANTITATIVE TECHNIQUES IN MANAGERIAL DECISIONS
A small business owner is always making decisions under uncertainty. In the world of business, nothing is ever done with total confidence that you have made the right decision. Fortunately, numerous quantitative techniques are available to help organize and assess the risks of various issues. Quantitative models give managers a better grasp of the problems so that they can make the best decisions based on the information available. Quantitative techniques are used by managers in practically all aspects of a business. Quantitative methods have found wide applications in project management. These techniques are used for optimizing the allocation of manpower, machines, materials, money and time.
The management science school emerged to treat the problems associated with global warfare. Today, this view encourages managers to use mathematics, statistics, and other quantitative techniques to make management decisions. Operations management is a narrow branch of the quantitative approach to management. The product outputs can be either goods or services; effective operations management is a concern for both manufacturing and service organizations. The resource inputs, or factors of production, include the wide variety of raw materials, technologies, capital information, and people needed to create finished products. The transformation process, in turn, is the actual set of operations or activities through which various resources are utilized to produce finished goods or services of value to customers or clients.
Future Institute of Engineering and Management - [FIEM], Kolkata - News & Articles Details
In order to work effectively in an organization, managers need to use quantitative techniques positively and consistently. Accountants, Economists, Marketing managers make decisions based on the information relating to the framework of the concerned business perspective. Such information is accurate and quantitative, and it is apparent that managers need a working knowledge of the procedures and techniques appropriate for analyzing and evaluating such information. Such analysis and business evaluation cannot be delegated to the specialist statistician or mathematician because of their limited understanding of the business relevance of such analysis. In this article, we will explore why the understanding of quantitative techniques can be crucial in management careers:. Quantitative techniques in management study, which includes methods or tools, focusing on objective measurement and analyzing numbers in order to conclude given problems. It is a scientific method or technique used by the business world for problem solving and decision-making.
Importance of Operations Research in Decision-Making
Business managers face an endless list of complex issues every day. They must make decisions about financing, where to build a plant, how much of a product to manufacture, how many people to hire, and so on. Often, the factors that make up business issues are complicated, and they may be difficult to comprehend. Operations research is a way to deal with these thorny problems.