IMPORTANCE OF QUANTITATIVE TECHNIQUES IN MANAGERIAL DECISIONS
IMPORTANCE OF QUANTITATIVE TECHNIQUES
IN MANAGERIAL DECISIONS
*P.Murugesan
Abstract
The term ‘Quantitative techniques’ refers to the methods used to quantify the variables in any discipline. It means the application of subjects like mathematics and statistics, econometrics and operations research to understand and solve problems.. It is a study of the application of differential calculus, integral calculus and matrix algebra, measures of central tendencies, measures of averages, correlation and regression etc. It also includes the application of the techniques of management science such as Linear programming, Game theory, CPM and
PERT analyses to business problems.
The relevance and usefulness of
Quantitative Techniques in seven functional areas of Management are discussed in this paper.
For example, consider the following simple mathematical problem:
A) “A Mayor of a town wants to improve the bus services between 2 destinations falling within his district. The destinations are 1 hour journey apart and he wants the bus services in such a way that a traveler need not wait for more than 20 minutes time, at either side. So, how many buses are totally required ?
For convenience sake assume that the buses will be operational for 24 hours continuously and also ignore lunch breaks, tea breaks etc”
B) 10 black colour cards (both sides black) and 20 green colour cards (both sides green) are available in a box.
Assuming you close your eyes and pick up the cards one by one, how many cards you should pick up, before you have 2 cards of the same colour ?
Introduction:
Truly, the importance of Quantitative proficiency cannot be over emphasized to Management Professionals!
This
body of knowledge involving quantitative approaches has been given various names likeBusiness Mathematics,
Business
Statistics,
Operations Research, Decision Science and Management Science. All are concerned with rational approaches
IN MANAGERIAL DECISIONS
*P.Murugesan
Abstract
The term ‘Quantitative techniques’ refers to the methods used to quantify the variables in any discipline. It means the application of subjects like mathematics and statistics, econometrics and operations research to understand and solve problems.. It is a study of the application of differential calculus, integral calculus and matrix algebra, measures of central tendencies, measures of averages, correlation and regression etc. It also includes the application of the techniques of management science such as Linear programming, Game theory, CPM and
PERT analyses to business problems.
The relevance and usefulness of
Quantitative Techniques in seven functional areas of Management are discussed in this paper.
For example, consider the following simple mathematical problem:
A) “A Mayor of a town wants to improve the bus services between 2 destinations falling within his district. The destinations are 1 hour journey apart and he wants the bus services in such a way that a traveler need not wait for more than 20 minutes time, at either side. So, how many buses are totally required ?
For convenience sake assume that the buses will be operational for 24 hours continuously and also ignore lunch breaks, tea breaks etc”
B) 10 black colour cards (both sides black) and 20 green colour cards (both sides green) are available in a box.
Assuming you close your eyes and pick up the cards one by one, how many cards you should pick up, before you have 2 cards of the same colour ?
Introduction:
Truly, the importance of Quantitative proficiency cannot be over emphasized to Management Professionals!
This
body of knowledge involving quantitative approaches has been given various names likeBusiness Mathematics,
Business
Statistics,
Operations Research, Decision Science and Management Science. All are concerned with rational approaches