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Quantitative Approach 1

The quantitative approach to management involves using quantitative techniques like statistics, optimization models, and simulations to improve decision making. It emerged from research during World War II and has three main branches: management science, operations management, and management information systems. Management science uses mathematics and statistics to help managers make decisions. Operations management focuses on transforming materials into goods and services. Management information systems designs computer systems for management use. Today, managers rely on quantitative techniques for planning, budgeting, and controlling through computer software programs.

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Sri Naga Ramya
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75 views12 pages

Quantitative Approach 1

The quantitative approach to management involves using quantitative techniques like statistics, optimization models, and simulations to improve decision making. It emerged from research during World War II and has three main branches: management science, operations management, and management information systems. Management science uses mathematics and statistics to help managers make decisions. Operations management focuses on transforming materials into goods and services. Management information systems designs computer systems for management use. Today, managers rely on quantitative techniques for planning, budgeting, and controlling through computer software programs.

Uploaded by

Sri Naga Ramya
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd
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QUANTITATIVE APPROACH

BY G.S.N.RAMYA & RAMADEVI

HISTORY


During World War II, mathematicians, physicists, and other scientists joined together to solve military problems. The quantitative school of management is a result of the research conducted during World War II

Definition


The quantitative approach involves the use of quantitative techniques to improve decision making. This approach has also been labeled operations research of management science. It includes applications of statistics, optimization models, information models, and computer simulations
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BRANCHES OF QUANTITATIVE MANAGEMENT


  

management science operations management management information systems

MANAGEMENT SCIENCE


The management science school emerged to treat the problems associated with global warfare. Today, this view encourages managers to use mathematics, statistics, and other quantitative techniques to make management decisions

Contd.

Managers use several science applications Mathematical forecasting Inventory modeling Queuing theory

Operations management


It is the function or field of expertise that is primarily responsible for the production and delivery of an organizations products and services. Operations management is a narrow branch of the quantitative approach to management. It focuses on managing the process of transforming materials, labor, and capital into useful goods and/or services
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Management information systems




It is the name often given to the field of management that focuses on designing and implementing computer-based information computersystems for use by management

How Do Todays Managers use the quantitative approach?




The quantitative approach has contributed directly to management decision making in the areas of planning and control. When managers make budgeting, scheduling, quality control, and similar decisions, they typically rely on quantitative techniques. The availability of sophisticated computer software programs to aid in developing models, equations, and formulas has made the use of quantitative techniques somewhat less intimidating for managers, although they must still be able to interpret the results.
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If I dont know the answer, maybe I can make one up!

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THANK YOU

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