‘‘A Trend in Contemporary Time is the Increasing Need to Comprehend Basic Quantitative Methodology and its Language as a Tool for Decision Analysis’’ Prof J.A. Fabayo. Do You Agree?

ANSWER:

Background
A person managing a production unit for instance, a factory, a farm or even a kitchen has to coordinate men, machines and money against several constraints like time, cost and space in order to achieve the organization’s objectives in an efficient and effective manner.

He therefore has to analyze the situation on a continuous basis, determine the objectives and identify the best options from the set of available alternatives, then, implement, coordinate, evaluate and control the situation continuously in order to achieve these objectives. This process is otherwise known as Decision Analysis.

Definitions
Decision can simply be defined as a choice made between alternative courses of action in a situation of uncertainty. It can be regarded as the mental processes (cognitive process) resulting in the selection and commitment of resources to a specific course of action among several alternative in order to achieve set goals and objectives

Quantitative techniques on the other hand are those statistical and programming methods, which help decision makers to solve many problems, especially those that have to do with business and industry.

It refers to those techniques that provide the decision makers with systematic and powerful means of analysis based on quantitative data, in order to achieve predetermined goals.
These techniques involve the use language represented by numbers, symbols, mathematical expressions, and other element of quantities and serve as supplement to the judgment and intuition of the decision makers.

Evolution
While the science of mathematics is probably as old as the human society, the utility of quantitative techniques has been realized long ago.
The evolution of industrial engineering and...

...Decision Making
Betty Pittman
Grand Canyon University
QuantitativeMethods
November 16, 2011
Decision Making
Analytics competitors are leaders in their varied fields consumer products, finance, retail, and entertainment. For organizations to become and prosper as an analytics competitor they must use analytics data because many industries offer similar products and use comparable technologies, business processes are among the last remaining points of differentiation. And analytics competitors use every possible analytics value from these processes. In order for organizations to prosper they must know what products their customers want, what prices those customers will pay, how many items each will buy in a lifetime, and what triggers will make people buy more. They must know the compensation costs and turnover rates, and they can also calculate how much personnel contribute to or detract from the bottom line and how salary levels relate to individuals’ performance (Davenport, 2006). Organizations can prosper when they rely on analytics date to help them know when inventories are running low, and they can predict problems with the demand and supply chains, to achieve low rates of inventory and high rates of prefect orders. We have already established that analytics are leaders in a varied of fields, and the important an organization need these top leaders to coordinate strategy...

...Quantitative Research MethodsQuantitative means quantity which implies that there is something that can be counted. Quantitative research has been defined in many ways. It is the kind of research that involves the tallying, manipulation or systematic aggregation of quantities of data (Henning, 1986)
John W. Creswell defined quantitative research as an inquiry into a social or human problem based on testing a theory composed a theory composed of variables, measured with numbers, and analysed with statistical procedures in order to determine whether the predictive generalisations of the theory holds true. (Creswell, 2003)
On the other hand, another author defined quantitative research as the collection of numerical data in order to explain, predict and/or control phenomena of interest. Quantitative research is explaining phenomena by collecting numerical data that are analysed using mathematically based methods (Aliaga & Gunderson, 2000)
Quantitative research can also be said to be a research based on traditional scientific methods, which generates numerical data and usually seeks to establish causal relationships (or association) between two or more variables, using statistical methods to test the strength and significance of the relationships (A dictionary of Nursing, 2008)
Simply put, quantitative...

...QuantitativeMethods
BITS Pilani
Pilani Campus
Course handout
BITS Pilani
Pilani Campus
Session-1
Instructor Details
Dr. Remica Aggarwal 1214 C ; FD-1 Department of Management Email: remica_or@rediffmail.com
Mobile: 09772054839
BITS Pilani, Pilani Campus
Course Details
• • • • • • •
Management Science Use of QM/QA Modelling Techniques Data Analysis Techniques MS Excel QM for Windows Test
BITS Pilani, Pilani CampusQuantitativeMethods
• • • • • • • Operations Research Statistics Management Science Data IT & QM Business intelligence Theory Vs. Use?
BITS Pilani, Pilani Campus
Operational Research
...is concerned with scientifically deciding how best to design and operate man-machine systems under conditions requiring allocation of scarce resources
BITS Pilani, Pilani Campus
Definition of OR
–T.L. Saaty:
A collection of tools and techniques which provide bad answers to problems ………………………….…………….. which otherwise have ………………… worse answers
BITS Pilani, Pilani Campus
Evolution of OR
• History –U.S. Navy –Naval Research Forum –P.M.S. Blackett –Naval Research Logistics • Need – civilian applications • OR – Blend of art and science
BITS Pilani, Pilani Campus
Application Areas
• • • • • • • • Allocation (product-mix) Scheduling & Sequencing Routing Replacement Inventory Queueing Search Competitive
BITS Pilani, Pilani Campus
Application …(contd.)
•...

...Decision Science Management:
Please show all your work with the problems in steps but NOT just answers.
22. Reiser Sports Products wants to determine the number of All-Pro (A) and College (C) footballs to produce in order to maximize profit over the next four-week planning horizon. Constraints affecting the production quantities are the production capacities in three departments: cutting and dyeing; sewing; and inspection and packaging. For the four-week planning period, 340 hours of cutting and dyeing time, 420 hours of sewing time, and 200 hours of inspection and packaging time are available. All-Pro footballs provide of $5 per unit and College footballs provide a profit of $4 per unit. The linear programming model with production times expressed in minutes is as follows:
Max 5A + 4C
s.t.
12A + 6C 20,400 Cutting and dyeing
9A + 15C 25,200 Sewing
6A + 6C 12,000 Inspection and packaging
A, C 0
A portion of the graphical solution to the Reiser problem is shown in Figure 2.23
a. Shade the feasible region for this problem.
b. Determine the coordinates of each extreme point and the corresponding profit. Which extreme point generates the highest profit?
c. Draw the profit line corresponding to a profit of $4000. Move the profit line as far from the origin as you can in order to determine which extreme point will provide the optimal solution. Compare your answer with the...

...
Quantitative Research
Research Methods in Criminal Justice and Security
Professor Beshears
27 February 2014
Quantitative research collects numerical data through surveys, questionnaires, and polls. Quantitative research main purpose is to find the relationship between two variables. According to Babbie (2010) a descriptive study establishes only associations between variables while experimental defines the casualties (pg. 1). The data that is collected from the research is usually used for bigger representation of a population. The data can also be repeated if it was considered to be very accurate and reliable. Every part of quantitative research is scrutinized very carefully before the data is actually collected. The data that is collected is always in a statistics form or number form. Quantitative research can be used to investigate causal relationships, tell the future, or generalize concepts more widely. According to Babbie (2010) to the main purpose of quantitative research study is to classify features, count them, and construct statistical models in an attempt to explain what is observed (pg. 1). There are four approaches under the Quantitative research and they are descriptive research, correlation research, causal-comparative research, and experimental research.
The research that gathers the information to test the...

...Report- Hard Copy
ASSIGNMENT METHOD
The assignment problem is one of the fundamental combinatorial optimization problems in the branch of optimization or operations research in mathematics. It consists of finding a maximum weight matching in a weighted bipartite graph.
In its most general form, the problem is as follows:
There are a number of agents and a number of tasks. Any agent can be assigned to perform any task, incurring some cost that may vary depending on the agent-task assignment. It is required to perform all tasks by assigning exactly one agent to each task in such a way that the total cost of the assignment is minimized.
If the numbers of agents and tasks are equal and the total cost of the assignment for all tasks is equal to the sum of the costs for each agent (or the sum of the costs for each task, which is the same thing in this case), then the problem is called the linear assignment problem. Commonly, when speaking of the assignment problem without any additional qualification, then the linear assignment problem is meant.
Example:
A machine shop currently has three jobs A,B,C to be done on three machines W,X,Y. Any one of the jobs can be processed completely on any one of the machines, and the assignment of jobs to machines must be on a one-on-one basis. Find the job assignments that will minimize the total costs. The cost for each job-machine assignment are given on table.
| |Machines...

...Kent Jackson
11AM-12:20PM
GB 202
Quantitative techniques are mathematical and reproducible. Regression analysis is an example of one such technique. Statistical analysis is also an example of a quantitative technique. Quantitative techniques are applied for business analysis to optimize decision making IE profit maximization and cost minimization. It covers linear programming models and other special algorithms, inventory and production models.
Albert Humphrey, a management consultant who specialized in organizational management, devised the SWOT analysis technique at Stanford Research Institute in the 1960s. Today, not only large corporations but also nonprofit and government agencies employ SWOT analysis. An enhanced method, known as the Six Forces Model, further helps to quantify competition, buyers and suppliers.
Identify strengths and weaknesses to assess whether the desired end state is possible. If it is not, revise your objective to reflect an attainable goal. Use SWOT analysis in strategic planning, crisis management and feasibility studies. Apply SWOT analysis techniques in academic environments for developmental studies. Use SWOT analysis to figure out how to exploit each strong point and minimize each disadvantage.
SWOT analysis techniques facilitate decision making by classifying and categorizing factors that influence the...

...1. Briefly summarize the article. What is the main point or key concept in the article and how do you think it affects or influences you as a current or future employee?
The article “Decision Making” It’s not what you think” (Mintzberg & Westley, 2001) is about making decisions, but using different approaches. When making decisions as stated in the article (Mintzberg & Westley, 2001 p. 89), you have to: Define the problem, diagnose causes, design possible solutions, decide what’s best, and then implement the choice. Most of us are taught to use these basics when making decisions. However, Mintzberg & Westley (2001) found that most people do not follow this process known as the “thinking first” model so they introduced two new models of decision making called,”seeing first” and “doing first”. These three models are categorized by their characteristics (Mintzberg & Westley, 2001 p. 91), which are as follows:
A. Thinking First: science, planning programming, verbal, and facts
B. Seeing First: art, visioning, imagining, visual, and ideas
C. Doing First: craft, venturing, learning, visceral, and experience
Ultimately, Mintzberg and Westley purpose is not to suspend the “thinking first” model all together, but to open our minds to making decisions in various ways. They suggest that the best way is to combine all three models using the positive aspect of each...