Preview

Quantitative Techniques

Good Essays
Open Document
Open Document
807 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Quantitative Techniques
 Modeling is the scientific approach to managerial decision-

making
 This type of analysis is a logical and rational approach to making decision  Emotions, guesswork, and whim are not part of the decision modeling approach
 A number of academic and professional organizations support the use of the scientific approach:
the Institute for Operation Research and Management Science
(INFORMS)
the Decision Sciences Institute (DSI)
the Production and Operations Management Society (POMS)
the Academy of Management.
Organizations such as American Airline, United Airlines, IBM,
Google, UPS, FedEx etc

 Deterministic means with complete certainty
 Deterministic models assume that all the relevant input data are known with certainty. That is, these models assume that all the information needed for modeling the decision-making problem environment is available, with fixed and known values
 For example, deciding how many sections of a course to offer during a semester can be modeled as a deterministic model since the costs and benefits of offering each section are known. The most commonly used deterministic modeling technique is Linear Programming

 Probabilistic (also called stochastic) models assume that some input data are not known with certainty  That is, these models assume that the values of some important variables will not be known before decisions are made
 For Example this type of model is the decision of whether to start a new business venture. As we seen with high variability in the stock market during the past several years the success of such venture is unsure.  Quantitative factors are typically identifiable and measurable, making their inclusion in the model relatively easy.
 In contrast, qualitative factors measure such things as perceptions, feelings, and opinions.
Although some qualitative factors do have scales of measures (for example, we can classify opinions of the President’s

You May Also Find These Documents Helpful

  • Better Essays

    Assignment Chapter 1

    • 1477 Words
    • 6 Pages

    Ans: Modeling is used in decision analysis in several ways. Models facilitate gaining insights of a decision problem that may not be apparent or obvious on the surface. For example, influence diagrams and decision trees are used to represent the decision problem. Hierarchical and network models are used to understand the relationships among different aspects or objectives. Utility functions are used to model the way in which decision-makers value different outcomes and trade off competing objectives.…

    • 1477 Words
    • 6 Pages
    Better Essays
  • Satisfactory Essays

    Please Follow These Procedures: If requested by your mentor, use an assignment cover sheet as the first page of the word processor file. The assignment header should include the Learner’s last name, first initial, course code, dash, and assignment number (DoeJXXX0000-1) justified to the left and the page number justified to the right.…

    • 1313 Words
    • 14 Pages
    Satisfactory Essays
  • Good Essays

    Quantitative Research

    • 1088 Words
    • 4 Pages

    The disparities in the U.S. court system regarding paternity of low-income individuals has extreme effects on whether children would ever know their fathers, but they also lead to men being involuntarily held financially or legally responsible for children they did not biologically father; a burden that has disproportionate negative effects on a man with low-income. Dr. Vincent Miller contends "Nearly 30% of the tested paternity cases in our laboratory result in an exclusion of the "alleged father" presented as the biological father." (2010). The mere allegation of a man’s paternity, results in the U.S. court system entering financially, as well as…

    • 1088 Words
    • 4 Pages
    Good Essays
  • Better Essays

    -Misjudging the colour of the indicator as the endpoint is reached, as this can be overcome by asking a few other students to help identify whether the end point has been reached.…

    • 1369 Words
    • 4 Pages
    Better Essays
  • Good Essays

    How you would use the concept of probabilities to apply to profiles for hiring more satisfied individuals and…

    • 1009 Words
    • 5 Pages
    Good Essays
  • Better Essays

    Investigative Techniques

    • 1225 Words
    • 5 Pages

    There are several techniques pertaining to the investigative methods of inquiry, all of which are extremely helpful in performing an investigation. These approaches include surveillance, the tenacity method, intuition method, infiltration, and other exploratory processes. Systematically observing the person of interest is important. This is where surveillance plays a key role within criminal investigation. Surveillance helps to gather pertinent information such as personal contacts, places of frequency, financial activities and more about the suspected person (Osterburg&Ward, 2008). Another method utilized, is the tenacity method. Although the tenacity method is frequently used, it can portray a certain bias. This is due to the fact that this style of analysis is based on preconceived notions and it can be difficult to correct in the face of evidence. However, it does help to gather information regarding a different outlook. Infiltration is also used as another suitable method of inquiry. Infiltration helps to retrieve the information regarding the various unfair activities going on. The intuition method can also be used to investigate. This logic is based on the personal thinking such as it seems to be correct to someone (Hess&Orthmann, 2010). This can sometimes be problematic due to reliability issues. Other methods include systematically gathering intelligence under cover. This particular style helps to obtain many clues and vital data from where the criminal offenses can be determined. Recordings from telephonic communications and forensic laboratories also serve purpose to the methods of inquiry in that they provide undeniable evidence.…

    • 1225 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Qualitative method is one of three methods of conducting research. According to Creswell (2009). Creswell (2009) additionally shares collecting data to analyze and interpret behavior is significantly different from quantitative method due to purposeful sampling. In this process open-ended data is observed unlike the traditional process in quantitative method. Qualitative method is more of hands on inquiry going directly to the scene of where the problem occurs. Speaking directly to the participants is required in the qualitative process. Creswell (2009) states that the process of qualitative research is put together from the bottom up when organizing back and forth resources using different databases that ignite ideas to themes.…

    • 523 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Analytical Approaches

    • 631 Words
    • 3 Pages

    • In what way do literary conventions and forms contribute to its appeal? (Clugston, 16.2, 2010)…

    • 631 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Transshipment Models

    • 403 Words
    • 2 Pages

    The transportation model is an example of decision making under certainty because the sources and destination are known factors before making the decision.…

    • 403 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    In other words, greater information lowers ambiguity and uncertainty can be reduced by gathering necessary information. This model relies greatly on the reliability of information gathered. (4) this model presumes to be objective. Criteria are established and weighted mathematically, and the factors are added up, thus reducing the chance for subjectivity to drive the decision…

    • 1758 Words
    • 8 Pages
    Powerful Essays
  • Satisfactory Essays

    Management Concepts

    • 289 Words
    • 3 Pages

    2. With references to decision-making theory covered in the chapter, describe the type of managerial decision-making evident in this case, and the conditions under which decisions were made.…

    • 289 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    I also understand that for some people decision making can be a problem! But that does not mean that they are the same thing. So my descriptions and ideas below keep these things separate.…

    • 617 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Investigation Techniques

    • 447 Words
    • 2 Pages

    When investigating crimes, each type of crime has different types of investigation techniques that investigators will use to solve the crime at hand. One of the major crimes that investigators take part in is homicide investigation.…

    • 447 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Method of Analysis

    • 1017 Words
    • 5 Pages

    The article spoke of two Haitian immigrants of the fastest growing immigrant communities in the United States coming to the United States for medical care. Geographical, cultural and ethnic factors influence the belief, values and practices of Haitian culture. Haitians beliefs focus on spirituality, care for close and extended family and divine predestination. The culture believes in “Good Health” and there is limited preventive care and silence in regards visible disease and disability (Etienne & Paviovich, 2010, p. 44). Haitians speak Haitian Creole and French. In Haiti, a wide gap exists between…

    • 1017 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    simulation

    • 541 Words
    • 7 Pages

    • Utilizes a computerized model. • To represent actual decision-making under conditions of uncertainty for evaluating alternative courses of action based upon facts and assumptions. MONTE CARLO TECHNIQUE STEPS: 1. Setting up a probability distribution for variables to be analyzed. 2.…

    • 541 Words
    • 7 Pages
    Good Essays

Related Topics