Explain what the QUANTITATIVE APPROACH has contributed to the field of Management?

1. QUATITATIVE APPROACH
Explain what the QUANTITATIVE APPROACH has contributed to
the field of Management

2. WHAT IS QUANTITATIVE APPROACH TO MANAGEMENT?
• DEFINITION: Incorporates analytical and numeric techniques
into management methods
• Involves the use of techniques, such as statistics, information
models, and computer simulations
• The goal is to improve decision making by providing the best
possible answers.
• 3 Quantitative Management Approaches
• Management Science Approach
• Operations Management
• Management Information Systems

3. CONTRIBUTION
NUMERICAL
INFORMATION
TECHNOLOGY
and
RESEARCH
PLANNING and
BUDGETING
EFFICIENCY
STATISTICAL
DATA
LOGISTICS
and
CONTROL
Increased
understanding of
logistics and
Improved
enforcement of
control
Optimising
management
through the use of
Statistical Data
More efficient
allocation of
resources and
workload
Increased Planning
and Budgeting
Increased use of
Computers and
Technology and
more Research
focused
Using Numerical
Information to help
with Decision
Making