A person managing a production unit, where it is a farm, factory, or domestic kitchen, has to coordinate men, machines, and money against several constraints like that of time, cost and space, in order to achieve the organizations objectives in an efficient and effective manner. The manager has to analyze the situation on a continuous basis, determine the objectives, identify the best options from the set of available alternatives, implement, coordinate, evaluate and control the situation continuously to achieve these objectives

Definitions

Quantitative techniques are those statistical and programming techniques, which help decision makers solve many problems, especially those concerning business and industry Quantitative techniques are those techniques that provide the decision makers with systematic and powerful means of analysis, based on quantitative data, for achieving predetermined goals

These techniques involve the use of numbers symbols, mathematical expressions, other elements of quantities, and serve as supplements to the judgment and intuitions of the decision makers

Evolution

The utility of quantitative techniques has been realized long ago and the science of mathematics is probably as old as the human society The evolution of industrial engineering, scientific methodologies the were prominent earlier in the natural sciences, were found applicable to management functions-planning, organizing and controlling of operations 19th century, Frederick W. Taylor proposed an application of a scientific method to an operations management problem- Productivity. Determined that the variable that was significant was the combined weight of the shovel (move) and its load. Henry L. Gantt, devised a chart-to schedule production activities
Classification

They can broadly be put under two groups
1)Statistical Techniques: Which are used in conducting the statistical inquiry concerning a certain phenomenon...

...Assignment No. 1
QUANTITATIVETECHNIQUES (5564)
Executive MBA/MPA (Col)
ZAHID NAZIR
Roll.No. AB523655 Semester:Autumn 2008
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Question 1
a). Explain the use of QuantitativeTechniques in Business and Management? Marks: 10 b). What are limitations of Statistics? Marks: 10
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a). QUATITATIVE TECHNIQUESQuantitativetechniques refers to the group of statistical and operations research techniques. All these techniques require preliminary knowledge of certain topics in mathematics. QuantitativeTechniques
Statistical TechniquesTechniques
Operations Research
USE OF QUANTITATIVETECHNIQUES IN BUSINESS AND MANAGMENT
Due to increasing complexity in business and industry, decision making based on intuition has become highly questionable especially when the decision involves the choice among several courses of action each of which can achieve several management actions. So there is need for training the people who can manage a system efficiently and creatively. QuantitativeTechniques now have a major role in effective decision making in various functional areas of management i.e. marketing, finance, production and personnel. These techniques are also widely used in...

...obtained using simplex algorithm is unique or not?
a) What is the difference between a feasible solution, a basic feasible solution, and an optimal solution of a linear programming problem?
b) What is the difference between simplex solution procedure for a `maximization’ and a `minimization’ problem?
c) Using the concept of net contribution, provide an intuitive explanation of why the criterion for optimality for maximization problem is different from that of minimization problems.
Outline the steps involved in the simplex algorithm for solving a linear programming maximization problem. Also define the technical terms used therein.
3. ``Linear programming is one of the most frequently and successfully employed Operations Research techniques to managerial and business decisions.’’ Elucidate this statement with some examples.
…2…
…2…
4. Describe the transporation problem and give its mathematical model. Explain, by taking an illustration, the North-West Corner Rule, the Least Cost Method and the Vogel’s Approximation Method to obtain the initial feasible solution to a transportation problem.
Discuss the various methods of finding initial feasible solution of a transportation problem and state the advantages, disadvantages, and areas of application for them.
5. What is an assignment problem? It is true to say that it is a special case of the transportation problem? Explain. How can you formulate an assignment problem as a standard linear...

...1. a. “Statistics is the nerve center for Operations Research.” Discuss.
b. State any four areas for the application of OR techniques in Financial Management, how it improves the performance of the organization.
2. At the beginning of a month, a lady has Rs. 30,000 available in cash. She expects to receive certain revenues at the beginning of the months 1, 2, 3 and 4 and pay the bills after that, as detailed here:
Month Revenue Bills
1 Rs. 28,000 Rs. 36,000
2 Rs. 52,000 Rs. 31,000
3 Rs. 24,000 Rs. 40,000
4 Rs. 22,000 Rs. 20,000
It is given that any money left over may be invested for one month at the interest rate of 0.5%; for two months at 1.0% per month; for three months at 1.5% per month and for four months at 1.8% per month. Formulate her problem as linear programming problem to determine an investment strategy that maximizes cash in hand at the beginning of month 5.
3. What is degeneracy? How does the problem of degeneracy arise in a transportation problem? How can we deal with this problem?
4. Give the various sequencing models that are available for solving sequential problems. Give suitable examples.
5. A company has determined from its analysis of production and accounting data that, for a part number KC-438, the annual demand is equal to 10,000 units, the cost to purchase the item is Rs 36 per order, and the holding cost is Rs 2/unit/pear...

...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 performance as good,
fair, or poor), in general, they are difficult to
quantify and measure
Spreadsheet packages are capable of handling many decision
modeling techniques
Some advantages of using spreadsheets for decision modeling
are:
spreadsheets are capable of quickly calculating results for a
given set of input values
spreadsheets are effective tools...

...DMT0064 INTRODUCTION TO QUANTITATIVETECHNIQUES
Exercise 1
1. What is the difference between qualitative data and quantitative data?
2. What is the difference between discrete data and continuous data?
3. If an experiment results in data are continuous in nature, must the data be quantitative, or can they be qualitative?
4. Determine whether the given values are from a discrete or continuous data set.
a. In the Chapter Problem, it was noted that when 50 letters were sent as part of an experiment, 3 of them arrived at the target address.
b. In a survey of 1059 adults, it is found that 39% of them have guns in their homes.
c. The amount of shampoo through into a bottle.
d. The amount of electricity used by workshop every month.
e. The number of book per lecturer has.
5. Identify the level of measurement used in each of the following :
a. The weights of people being hurled through the air at an enthusiastic rock concert.
b. A movie critic’s rating of “must see, recommended, not recommended, don’t even think about going”.
c. A movie critic’s classification of “drama, comedy, adventure”.
d. Bob, who is different in many ways, measures time in days, with 0 corresponding to his birth date. The day before his birth is – 1, the day after his birth is +1, and so on. Bob has converted the dates of major historical events to his numbering system. What is the...

...03/07/12
Quantitative research techniques used in Sociology
Devon D.E. Francis
Definition
Quantitative research consists of those studies in which the data concerned can be analyzed in terms of numbers; Research can also be qualitative, that is, it can describe events, persons and so forth scientifically without the use of numerical data. Quantitative research is based more directly on its original plans and its results are more readily analyzed and interpreted. It is more open and responsive to its subject. Both types of research are valid and useful. They are not mutually exclusive. It is possible for a single investigation to use both methods.
Key Characteristics
* Control: This is the most important element because it enables the sociologist to identify the causes of observations. Studies are conducted in an attempt to answer certain questions. They represent attempts to identify why something happens, what causes some event, or under what conditions an event does occur. Control is necessary in order to provide unambiguous answers to such questions. To answer questions in social science we have to eliminate the simultaneous influence of many variables to isolate the cause of an effect. Controlled inquiry is absolutely essential to this because without it the cause of an effect could not be isolated.
* Operational Definition: This means that terms must be defined by the steps or operations used...