%PDF-1.4 Branches of Quantitative Management 2. Evaluation of Quantitative Management 3. 0000024933 00000 n Copyright 10. 0000006382 00000 n 0000010463 00000 n Such decisions are not optimum decisions but only ‘satisfying decisions’. cg`a��Y �1#�500t�Uv��9��ȳ����V�-�)��\����\�x긔����=-��S'�Sś���#"qjDh{����А���W[0�V�҄ �ɪ1[nmyx���׷%'&)(x�yOѲ=m�&R:��ᳳ�m����mP�4R��-ysks�}� 2. in areas such as inventory management, production planning, designing the production process, purchasing raw materials, storing and selling the final products and similar areas in manufacturing units. Limitations. 4. 0000009985 00000 n 0000039466 00000 n This approach is useful in areas of planning and control where data is available in quantitative terms. h�b```b``�d`� 0000008401 00000 n Despite its widespread use in the business world, its application is restricted in certain areas. Essays, Research Papers and Articles on Business Management, Management Science and Scientific Management: Comparison, The Quantitative Way of Decision-Making | Functions | Directing | Management, System Approach Theory of Management: Features and Evaluation, Contingency Theory of Management: Features, Evaluation and Limitation, Classification of Management Theories: 4 Schools of Thought. To remove the line, buy a license. In some cases, managers are constrained by time, cost and technological considerations in collecting data relevant for decision-making. Use of behavioural techniques is more appropriate in such situations. 5 0 obj 0000004762 00000 n Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. Management levels and the four managerial functions Managers at different levels of the organization engage in dif-ferent amounts of time on the four managerial functions of planning, organizing, leading, and controlling. 1 Defining Management and Organization 1 In this era of globalization accompanied by complexity, ambiguity, rapid change, and diversity, managing an organization is a difficult task. 0000003370 00000 n 3. Business problems can be expressed in mathematical models where relevant factors can be quantified in numerical terms. It establishes relationships amongst quantifiable variables of decision-making situations and facilitates disciplined thinking. 5. All managerial problems cannot be solved by mathematical models. This approach assumes that all the variables affecting the problem can be quantified in numerical terms which is not always true. 0000006890 00000 n 0000005157 00000 n Uploader Agreement. The quantitative theory (or management science theory) considers solving complex business problems in financial management, inventory valuation, inventory control, production scheduling, human resource planning and other areas where quantifiable data can be obtained. You’ll learn more about Fayol and management’s other key contributors when you read about the history of management in Chapter 2. This theory, therefore, suffers from the following limitations: 1. 0000007414 00000 n Management science and operations research are often considered indistinguishable. 0000004938 00000 n Management, Quantitative Management, Introduction to Quantitative Management. 0000004102 00000 n Problem-solving process in the quantitative theory is depicted below: 1. Good management is the backbone of successful organizations. 0000037848 00000 n 7�㸫'��B���)�"��$`�g6������'��6M繾�ȧS����l��cI,�3�|*���8���],�t. “MIS is the field of management that focuses on designing and implementing computer-based information systems for use by management.” Large amount of information is quickly processed (conversion of raw data into useful information) to make useful business decisions. 0000009390 00000 n 4. After reading this article you will learn about:- 1. 0000003636 00000 n 0000010798 00000 n