Quantitative techniques are statistical and operations research methods that help with decision making, especially for business and industry. They provide tools for scientific analysis, help solve business problems, and enable optimal resource allocation. Some examples of quantitative techniques include linear programming, inventory planning, and statistical quality control. While quantitative techniques provide benefits, they also have limitations such as not accounting for intangible human factors and high costs. Quantitative analysis should be seen as a supplement to, not a substitute for, subjective managerial judgment in decision making.
In this ppt i have a detailed information on Objectives of Business Research
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In this ppt i have a detailed information on Objectives of Business Research
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Scope of Business Research, Business research methods, Meaning of business research, Scope of business research, Production management, Personnel management, Marketing management, Financial management, materials management, General management, Banking management.
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Indian, American, Japanese, Chinese Management styles (comparison)ErTARUNKASHNI
Definition of management style
Types of management style
Introduction to Indian Management style
Introduction to American management style
Significance of American management style
Introduction to Japanese management style
Features of Japanese management style
Introduction of Chinese management style
Features of Chinese management style
Indian vs American vs Japanese vs Chinese management style
Nature of research - Research Methodology - Manu Melwin Joymanumelwin
Research is a scientific and systematic search for pertinent information on a specific topic.
Generally, research has to follow a certain structural process.
Some of the major different theories of dividend in financial management are as follows: 1. Walter’s model 2. Gordon’s model 3. Modigliani and Miller’s hypothesis.
On the relationship between dividend and the value of the firm different theories have been advanced.
Survey feedback - comprehensive OD interventions - Organizational Change an...manumelwin
Collecting data about the system and feeding back the data for individuals and groups at all levels of the organization to analyze, interpret meanings, and design corrective action steps.
These are having two components- the use of Attitude Survey and the use of Feedback workshops.
In this file, you can ref useful information about expatriate performance appraisal such as expatriate performance appraisal methods, expatriate performance appraisal tips
i. It is the application of scientific methods, techniques and tools to problems involving the operations of a system so as to provide those in the control of the system with optimum solutions to the problems.
ii. Operation Research is a tool for taking decisions which searches for the optimum results in parity with the overall objectives and constraints of the organization.
iii. Operations research (OR) is an analytical method of problem-solving and decision-making that is useful in the management of organizations. In operations research, problems are broken down into basic components and then solved indefined steps by mathematical analysis.
Scope of Business Research, Business research methods, Meaning of business research, Scope of business research, Production management, Personnel management, Marketing management, Financial management, materials management, General management, Banking management.
Subscribe to Vision Academy for Video Assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Indian, American, Japanese, Chinese Management styles (comparison)ErTARUNKASHNI
Definition of management style
Types of management style
Introduction to Indian Management style
Introduction to American management style
Significance of American management style
Introduction to Japanese management style
Features of Japanese management style
Introduction of Chinese management style
Features of Chinese management style
Indian vs American vs Japanese vs Chinese management style
Nature of research - Research Methodology - Manu Melwin Joymanumelwin
Research is a scientific and systematic search for pertinent information on a specific topic.
Generally, research has to follow a certain structural process.
Some of the major different theories of dividend in financial management are as follows: 1. Walter’s model 2. Gordon’s model 3. Modigliani and Miller’s hypothesis.
On the relationship between dividend and the value of the firm different theories have been advanced.
Survey feedback - comprehensive OD interventions - Organizational Change an...manumelwin
Collecting data about the system and feeding back the data for individuals and groups at all levels of the organization to analyze, interpret meanings, and design corrective action steps.
These are having two components- the use of Attitude Survey and the use of Feedback workshops.
In this file, you can ref useful information about expatriate performance appraisal such as expatriate performance appraisal methods, expatriate performance appraisal tips
i. It is the application of scientific methods, techniques and tools to problems involving the operations of a system so as to provide those in the control of the system with optimum solutions to the problems.
ii. Operation Research is a tool for taking decisions which searches for the optimum results in parity with the overall objectives and constraints of the organization.
iii. Operations research (OR) is an analytical method of problem-solving and decision-making that is useful in the management of organizations. In operations research, problems are broken down into basic components and then solved indefined steps by mathematical analysis.
Quantitative management is not a modern business idea but a management theory that came into existence after World War II. Business owners initially used it in Japan to pick up the pieces of the devastation caused by the war and started taking baby steps toward reconstruction. It focuses on the following elements of business operations:
Customer satisfaction
Business value enhancement
Empowerment of employees
Creating synergy among teams
Creating quality products
Preventing defects
Being responsible for quality
Focusing on continuous improvement
Leveraging statistical measurement
Remaining focused on the processes
Commitment to refinement and learning
Quantitative techniques in management as a collection of mathematical and statistical tools. They’re known by different names, such as management science or operation research. In modern business methods, statistical techniques are also viewed as a part of quantitative management techniques.
When appropriately used, quantitative approaches to management can become a powerful means of analysis, leading to effective decision-making. These techniques help resolve complex business problems by leveraging systematic and scientific methods.
The series of presentations contains the information about "Management Information System" subject of SEIT for University of Pune.
Subject Teacher: Tushar B Kute (Sandip Institute of Technology and Research Centre, Nashik)
http://www.tusharkute.com
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
ESC Beyond Borders _From EU to You_ InfoPack general.pdf
E content quantitative techniques
1. Presented
By
Dr. K. Punitha Devi
Head & Asst. Prof.
Dept. of Commerce (CA)
Bon Secours College for Women,
Thanjavur
2. Quantitative Techniques for Decision Making Tools
Content
Meaning and Definition
Advantages
Disadvantages
3. Introduction:
Quantitative Techniques are the powerful tools through which
production can be augmented, profits maximized, costs minimized and
production methods can be oriented for the accomplishment of certain pre-
determined objectives. The study of quantitative techniques is a relatively new
discipline which has its wide range of applications specially in the field of
agriculture and industry. Of late, there has been a growing tendency to turn to
quantitative techniques as a means for solving many of the problems that arise
in a business or industrial enterprise. A large number of business problems, in
the relatively recent past, have been given a quantitative representation with
considerable degree of success. All this has attracted the students, business
executives, public administrators alike towards the study of these techniques
more ad more in the present time.
4. Meaning:
Quantitative techniques are those statistical and operations research or
programming techniques which help in the decision making process specially
concerning business and industry.
Classification of Quantitative Techniques
A. Statistical Techniques:
(I) Probability theory and sampling analysis:
Probability or random samples
Non-probability or purposive samples
(II) Correlation and regression analysis
(III) Index Numbers
(IV) Time series analysis
(V) Interpolation and extrapolation
(VI) Ratio-analysis
5. (VII) Statistical quality control:
Process control
Accepting sampling
(VIII) Other statistical techniques
(B) Programming or Operations Research Techniques:
Linear Programming
Non – Linear Programming
Inventory Planning
Net Work Analysis / PERT
6. Role of Quantitative Techniques in Business and Industry
(1) They provide a tool for scientific analysis. These techniques provide the
executives with a more precise description of the cause and effect relationship
and risks underlying the business operation in measurable terms and this
eliminates the conventional intuitive and subjective basis on which
managements used to formulate their decisions decades ago.
(2) They provide solution for various business problems. These quantitative
techniques are being used in the field of productions, procurement,
marketing, finance and other allied fields.
(3) They enable proper deployment of resources. Quantitative techniques render
valuable help in proper deployment of resources. For example, Programme
Evaluation and Review Technique enables us to determine the earliest and
the latest times for each of the events and activities and thereby helps in the
identification of the critical path. All this helps in the deployment of resources
from one activity to another to enable the project
7. Completion on time. This techniques, thus, provides for determining the
probability of completing an event or project itself by a specified date.
(4) They help in minimizing waiting and servicing costs. The waiting line or
queuing theory helps the management in minimizing the total waiting and
servicing costs. This technique also analyses the feasibility of adding facilities and
thereby helps the business people to take a correct and profitable decision.
(5) They enable the management to decide when to buy and how much to buy.
The main object of the inventory planning is to achieve balance between the cost
of holding stocks and the benefits from stock holding. Hence, the technique of
inventory planning enables the management to decide when to buy and how
much to buy.
(6) They assist in choosing an optimum strategy. Game theory is specially used to
determine the optimum strategy in a competitive situation and enables the
businessmen to maximize profits or minimize losses by adopting the optimum
strategy.
8. (7) They render great help in optimum resource allocation. Linear programming
technique is used to allocate scarce resources in an optimum manner in problems
of scheduling, product-mix and so on. This technique is popularly used by modern
managements in resources allocation and in affecting optimal assignments.
(8) They facilitate the process of decision making. Decision theory enables the
businessmen to select the best course of action when information is given in
probabilistic form. Through decision tree technique executive’s judgment can
systematically be brought into the analysis of the problems.
(9) Through various quantitative techniques management can know the reactions
of the integrated business systems. The integrated production models technique
is used to minimize cost with respect to work force, production and inventory. This
technique is quite complex and is usually used by companies having detailed
information concerning their sales and costs statistics cover a long period.
9. (10) Statistical techniques are also of great help to businessmen in more than one
way. Some of the statistical techniques are of considerable importance in sales
forecasting whereas others facilitate comparisons between the various
phenomena overtime. Through statistical quality control techniques it can be seen
whether the process is under control or not and if the same is not under control,
then corrective measures can immediately be though of. Sampling theory enables
to take decisions for the entire universe on the basis of sample studies and
various significance tests prove an important tool to judge the reliability of
inferences drawn on the basis of sample studies. This is of great help to people
responsible for taking decisions in business and industry.
Limitations of Quantitative Techniques
(1) The inherent limitation concerning mathematical expressions. Quantitative
techniques involve the use of mathematical models, equations and similar other
mathematical expressions. Assumptions are always incorporated a the
10. Derivation of an equation or model and such equation on model may be correctly
used for the solution of the business problems when the underlying assumptions
and variables in the model are present in the concerning problem. If this caution is
not given due care then there always remains the possibility of wrong application of
the quantitative techniques.
(2) High costs are involved in the use of quantitative techniques. Quantitative
techniques usually prove very expensive. Services of specialized persons are
invariably called for while using quantitative techniques. As such only big concerns
can think of using such techniques. Even in big business organizations we can
expect that quantitative techniques will continue to be of limited use simply
because they are not in many cases worth their cost.
(3) Quantitative techniques do not take into consideration the intangible factors i.e.
, non-measurable human factors. Quantitative techniques make no allowance for
intangible factors such as skill, attitude, vigor of the management people in taking
decisions but n many instances success or failure things upon the
11. consideration of such non-measurable intangible factors. There cannot be any
magic formula for getting an answer to management problem; much depends upon
proper managerial attitudes and polices.
(4) Quantitative techniques are just the tools of analysis and not the complete
decision making process. It should always be kept in mind that quantitative
techniques, whatsoever it may be, alone cannot make the final decision. They are
just tools and simply suggest best alternatives but in the final analysis many
business decisions will involve human element. Thus quantitative analysis is at
best a supplement to rather than a substitute for management; subjective judgment
is likely to remain a principal approach to decision making.