Applications of Quantitative Techniques in Decision Making of Business Organisation
In the business world, and in fact, in practically every aspect of daily living, quantitative techniques are used to assist in decision making. Quantitative techniques are used to assist in decision making. Managers must be able to use quantitative techniques in a confident and reliable manner. Accountants make decisions based on the information relating to the financial state of organization. Economists make decision based on the information relating to the economic framework in which the organization operates. Marketing staff make decisions based on customer response to product and design. Personnel managers make decisions based on the information relating to the levels of employment in the organization, and so on. Such information is increasingly quantitative and it is apparent that managers need a working knowledge of the procedures and techniques appropriate for analysing and evaluating such information. The important techniques that aid the manager in decision making are operations research and other quantitative techniques are Operations Research, Models, Project management, Linear Programming, PERT and CPM, Probability Theory Analysis., etc.
Quantitative techniques, Decision making, Operations Research, Models, Regression Analysis, Linear Programming, PERT and CPM and Probability Theory Analysis
Dr. A. Malleswari Devi | Mrs. A. Devaki