Quatitative Approach
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The quantitative approach to management incorporates analytical and numeric techniques to improve decision making. It involves the use of statistics, information models, computer simulations and aims to provide the best possible answers. The quantitative approach contributes to management through management science, operations management, management information systems, and by increasing understanding of logistics and control, optimizing management with statistical data, more efficient resource allocation, increased planning and budgeting, greater use of technology and research, and using numerical information for decision making.
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Quatitative Approach
- 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