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Quantitative Management Insights

The document discusses the quantitative approach to management. It developed during World War II to help solve military problems using mathematics. Under this approach, management of a firm is based on statistics, numbers, and mathematical models to help with forecasting and planning. Some key applications include capital budgeting, production scheduling, inventory control, and transportation scheduling. The approach involves operations management and operations research, using tools like mathematical models, statistics, and data to help with decision making. While it is useful for areas like cash flow management and planning, it is also criticized for being too focused on numbers over other qualitative factors.

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Rishab Mehra
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126 views11 pages

Quantitative Management Insights

The document discusses the quantitative approach to management. It developed during World War II to help solve military problems using mathematics. Under this approach, management of a firm is based on statistics, numbers, and mathematical models to help with forecasting and planning. Some key applications include capital budgeting, production scheduling, inventory control, and transportation scheduling. The approach involves operations management and operations research, using tools like mathematical models, statistics, and data to help with decision making. While it is useful for areas like cash flow management and planning, it is also criticized for being too focused on numbers over other qualitative factors.

Uploaded by

Rishab Mehra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Quantitative

Approach to
Management
By Group V-COPE
Anisha Guria
Moiz Saldiwala
Rishab Mehra
Ruchi Kumari
Neela Kamble
Sonakshi
Various Approaches to
Management
Human Behavior
Approach
Social Systems
Approach
Socio Technical
Systems Approach
Decision Theory
Approach

Management Science
Approach
Quantitative Approach
Systems Approach
Contingency or
Situational Approach
Operational Approach

Origin
Quantitative approach to management
developed during World War II when
mathematicians, physicists, and other
scientists joined together to solve military
problems.

Quantitative approach facilitates better
decision making with the use of quantitative
techniques, such as statistics, information
models and computer simulations.

What is Quantitative
Approach to Management?
When management of a firm is based on
statistics, numbers, finance and other
mathematical models is called Quantitative
Approach to Management.
Mathematical forecasting helps make
projections that are useful in the planning
process.

Applications
Capital Budgeting
Production
Scheduling
Planning for
Manpower
Development
Inventory Control

Transportation and
Aircraft Scheduling
Competitive
Problems
Queuing Theory or
Waiting Line &
Service Problems

Components

Operations Management

Applied form of Management Science.

Effective Production Processes and Timely
Delivery of products/services.

Concerned with
Inventory
Management

Work Scheduling

Production Planning

Operations Research
Involves the use of mathematical models and
statistical methods in decision making
process.

Assumption is that management can be
expressed in terms of management symbols,
relationships and measurement data.

Criticized for overemphasis on Mathematical
tools.



Widely used in
Cash flow
management
Development of
Product Strategies
Planning for Human
Resource
Development
programs
Maintenance of
Optimal Inventory
Levels

Quantitative approach to management is a very
critical approach to management since it
involves playing with numbers & statistical data
which predict the performance of the company.
These numbers are useful in ascertaining the
fruitfulness of the decisions taken by the
company.
Moreover, it is criticized because it
overemphasizes on numbers, data and statistics.
However, no organization can survive without it
nor can they rely totally on this approach to
management.

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