Page 6 - DMGT209_QUANTITATIVE_TECHNIQUES_II

Neha Tikoo, Lovely Professional University
Unit 1: Quantitative Techniques for Managers

Unit 1: Quantitative Techniques for Managers Notes

CONTENTS
Objectives
Introduction
1.1 Quantitative Decision-making and its Overview

1.2 Meaning of Quantitative Techniques
1.3 Statistics and Operations Research
1.3.1 Types of Statistical Data
1.3.2 Classification of Statistical Methods
1.4 Models in Operations Research
1.5 Various Statistical Techniques

1.6 Advantages of Quantitative Approach to Management
1.7 Quantitative Techniques in Business and Management
1.8 Summary
1.9 Keywords

1.10 Review Questions
1.11 Further Readings
Objectives

After studying this unit, you will be able to:
 Provide an overview of quantitative techniques;

 Know the need of using quantitative approach to managerial decisions;
 Appreciate the role of statistical methods in data analysis;
 Know the various models frequently used in operations research and the basis of their
classification;
 Have a brief idea of various statistical methods;

 Discuss the areas of applications of quantitative approach in business and management.
Introduction

You may be aware of the fact that prior to the industrial revolution individual business was
small and production was carried out on a very small scale mainly to cater to the local needs.
The management of such business enterprises was very different from the present management
of large scale business. The information needed by the decision-maker (usually the owner) to
make effective decisions was much less extensive than at present. Thus, he used to make decisions
based upon his past experience and intuition only. Some of the reasons for this were:

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