Quantitative Techniques Essay Example
Assignment No. 1
QUANTITATIVE TECHNIQUES (5564)
Executive MBA/MPA (Col)
ZAHID NAZIR
Roll.No. AB523655 Semester:Autumn 2008
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Question 1
a). Explain the use of Quantitative Techniques in Business and Management? Marks: 10 b). What are limitations of Statistics? Marks: 10
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a). QUATITATIVE TECHNIQUES
Quantitative techniques refers to the group of statistical and operations research techniques. All these techniques require preliminary knowledge of certain topics in mathematics. Quantitative Techniques
Statistical Techniques Techniques
Operations Research
USE OF QUANTITATIVE TECHNIQUES 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. Quantitative Techniques 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 planning, transportation, public health, communication, military, agriculture etc. Quantitative techniques are also used extensively as an aid in business decision making. Some of the areas where quantitative techniques can be used are:
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MANAGEMENT i). Marketing • Analysis of marketing research information • Statistical records for building and maintaining an extensive market • Sales forecasting • • • • iii). • • • • • iv). • • • • ECONOMICS • Measurement of gross national product and input-output analysis • Determination of business cycle, long term growth and seasonal fluctuations • Comparison of market prices, cost and profits of individual firms • Analysis of population, land economies and economic
QUANTITATIVE TECHNIQUES (5564)
Executive MBA/MPA (Col)
ZAHID NAZIR
Roll.No. AB523655 Semester:Autumn 2008
Page 2 of 29
Question 1
a). Explain the use of Quantitative Techniques in Business and Management? Marks: 10 b). What are limitations of Statistics? Marks: 10
Page 2 of 29
Page 3 of 29
a). QUATITATIVE TECHNIQUES
Quantitative techniques refers to the group of statistical and operations research techniques. All these techniques require preliminary knowledge of certain topics in mathematics. Quantitative Techniques
Statistical Techniques Techniques
Operations Research
USE OF QUANTITATIVE TECHNIQUES 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. Quantitative Techniques 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 planning, transportation, public health, communication, military, agriculture etc. Quantitative techniques are also used extensively as an aid in business decision making. Some of the areas where quantitative techniques can be used are:
Page 3 of 29
Page 4 of 29
MANAGEMENT i). Marketing • Analysis of marketing research information • Statistical records for building and maintaining an extensive market • Sales forecasting • • • • iii). • • • • • iv). • • • • ECONOMICS • Measurement of gross national product and input-output analysis • Determination of business cycle, long term growth and seasonal fluctuations • Comparison of market prices, cost and profits of individual firms • Analysis of population, land economies and economic