...IMPORTANCE OF QUANTITATIVE TECHNIQUES IN MANAGERIAL DECISIONS *P.Murugesan Abstract The term ‘Quantitative techniques’ refers to the methods used to quantify the variables in any discipline. It means the application of subjects like mathematics and statistics, econometrics and operations research to understand and solve problems.. It is a study of the application of differential calculus, integral calculus and matrix algebra, measures of central tendencies, measures of averages, correlation and regression etc. It also includes the application of the techniques of management science such as Linear programming, Game theory, CPM and PERT analyses to business problems. The relevance and usefulness of Quantitative Techniques in seven functional areas of Management are discussed in this paper. Introduction: Truly, the importance of Quantitative proficiency cannot be over emphasized to Management Professionals! This body of knowledge involving quantitative approaches has been given various names likeBusiness Mathematics, Business Statistics, Operations Research, Decision Science and Management Science. All are concerned with rational approaches to decision making based on the scientific method. For example, consider the following simple mathematical problem: A) “A Mayor of a town wants to improve the bus services between 2 destinations falling within his district. The destinations are 1 hour journey apart and he wants the bus services in such a way that a traveler need not wait for more...
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...Quantitative techniques in management by n d vohra, 4th edition, example 13.15, pg 728 Problem a company (say X) is thinking of introducing a product (say P) in the market. For reasons of simplicity, it has categorized the expected sales as ‘high’ and ‘low’. In the past, other companies have also sold products similar to P and the sales of these products have been analysed (historical data). Based on this historical data, X has estimated the probability of the volume of the sales and corresponding monetary inflow / outflow. This estimation is … Volume of sales (E1) is estimated to be … | Probability of occurrence of E1 | inflow / outflow if product is launched | High | 30% | An inflow of Rs 150,000 | Low | 70% | An outflows of Rs 40,000 | X can hire market-research (mr) company to survey the market. The outcome of the survey can be … * High * Low * No statement (ie the surveyors are unable to make a recommendation) In the past, many surveys were conducted by mr companies for products similar to P. data* is available for volume of sales that took place after {the survey was done and the recommendations were made by the surveyor}. *historical data Based on this historical data, X makes following conclusions … Actual volume of sales of the products = high | 50% (a) of the corresponding mr reports had forecasted that the sales volume will be high | | 20% (b) of the corresponding mr reports had forecasted that the sales volume will be...
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...Assignment of Quantitative Techniques 1 Submitted By: 1 | Kaushal Kant | 50017 | 2 | Ratan Deep Kumar | 50033 | 3 | Shalini Srivastav | 50038 | 4 | Saurav Singh | 50037 | 5 | Himanshu Kumar | 50014 | 6 | Nitin Anand | 50027 | Group No:4 (QUESTION) National Rural Health Mission had planned and runned anti smoking ad campaign in state of Bihar, for that district wise survey was conducted as below. But depending upon the survey NRHM planned to focus more on those districts having standard score of population more than 0.1 units. After six months again survey was conducted on people picked randomly from each district of Bihar and age of 100 people were noted down those who have left the habit of smoking. 1.) Find the districts that were laid more emphasis for ad campaign. ...
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...NAME: Stellah Waithera UNIT TITTLE. QUANTITATIVE TECHNIQUE Q1. A manufacture will produce two products A and B, Product has a contribution of sh 3/unit and product B has a contribution of sh 4/ UNIT. The manufacturer wishes to establish a weekly production plan which maximizes profit. the table below summarizes the factors of production requirement and their availability . Factors of production Contributor per unit PRODUCTS A machine hours Labor hours Material(kgs) B 4 4 1 3 2 6 1 4 AVALAILBILITY 100 180 40 Additional information because of trade agreement , sale of product A are limited to a weekly maximum of 20 units and to honor an agreement with a well establish customers, at least 10 u8nits of part B must be sold per week. develop a linear program and hence find the optimal solution. q2. A study concerning coping strategies of abstainers from alcohol appeared in IMAGE, the journal of nursing scholars, the study involved 23 subjects who were classified according to sex as well as marital status as shown in the table below. Men Women total Currently married 40 12 52 Divorced/ separated 12 24 36 Never married 4 0 4 Total 56 36 92 One of the subject is selected at the random. Find 1. the probability the subject is currently married given that the individual is a man 40/92= 0.4347 2. The probability that the subject is currently married given that the individual is a man...
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...Quality management principles Introduction This document introduces the eight quality management principles on which the quality management system standards of the ISO 9000 series are based. These principles can be used by senior management as a framework to guide their organizations towards improved performance. The principles are derived from the collective experience and knowledge of the international experts who participate in ISO Technical Committee ISO/TC 176, Quality management and quality assurance, which is responsible for developing and maintaining the ISO 9000 standards. The eight quality management principles are defined in ISO 9000:2005, Quality management systems – Fundamentals and vocabulary, and in ISO 9004:2009, Managing for the sustained success of an organization – A quality management approach. This document gives the standardized descriptions of the principles as they appear in ISO 9000:2005 and ISO 9004:2009. In addition, it provides examples of the benefits derived from their use and of actions that managers typically take in applying the principles to improve their organizations’ performance. Contents : Principle 1 – Customer focus Principle 2 – Leadership Principle 3 – Involvement of people Principle 4 – Process approach Principle 5 – System approach to management Principle 6 – Continual improvement Principle 7 – Factual approach to decision making Principle 8 – Mutually beneficial supplier relationships The next step ...
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...DESCRIPTIVE STATISTICS & PROBABILITY THEORY 1. Consider the following data: 1, 7, 3, 3, 6, 4 the mean and median for this data are a. 4 and 3 b. 4.8 and 3 c. 4.8 and 3 1/2 d. 4 and 3 1/2 e. 4 and 3 1/3 2. A distribution of 6 scores has a median of 21. If the highest score increases 3 points, the median will become __. a. 21 b. 21.5 c. 24 d. Cannot be determined without additional information. e. none of these 3. If you are told a population has a mean of 25 and a variance of 0, what must you conclude? a. Someone has made a mistake. b. There is only one element in the population. c. There are no elements in the population. d. All the elements in the population are 25. e. None of the above. 4. Which of the following measures of central tendency tends to a. be most influenced by an extreme score? b. median c. mode d. mean 5. The mean is a measure of: a. variability. b. position. c. skewness. d. central tendency. e. symmetry. 6. Suppose the manager of a plant is concerned with the total number of man-hours lost due to accidents for the past 12 months. The company statistician has reported the mean number of man-hours lost per month but did not keep a record of the total sum. Should the manager order the study repeated to obtain the desired information? Explain...
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...I- Research and its types II- Type of scales III- Corelation IV- Relaiblity V- Screening VI- Mean comparison test RESEARCH: Finding solution to the problem and a careful study that creates addition in existing body of knowledge. Types I- Basic II- Applied Other I- Descriptive II- Explanatory III- Exploratory Types of Scales I- Nominal II- Ordinal III- Interval IV- Ratio Other I- Dichotomous II- Likert-type scale III- List of items IV- Matrix question Correlation analysis is used to describe the strength and direction of the linear relationship between two variables. Types I- Pearson correlation is used when quantitative data is normally distributed. II- Spearman correlation is used when data is not normally distributed Reliability: Reliability of measure indicates extent to which it is without bias and hence ensures consistent measurement across time (stability) and across the various items in the instrument (internal consistency). Reliability is a test of how consistently a measuring instrument measures whatever concept it is measuring. Internal Consistency the homogeneity of the items in the measure I- items should hang together as a set and be capable of independently measuring the same concept II- Whether the items and the subsets of items in the measuring instrument are correlated highly. a. Inter-item Consistency Reliability: This is a test of the consistency...
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...Ques 2:What are the prospects and challenges of quantitative techniques in management? What are quantitative techniques in management? Quantitative Approach provides us the mathematical & statistical, tools & techniques to optimize the managerial decision making in the areas of plaining and control. such as budgeting, scheduling, quality control etc. Normally following techniques are used Critical Path Method (CP). Linear Programming (LP). Greedy Strategy (GS). Queuing Theory. Economical Model. . . . . . etc. What are the business management controlling techniques? Organizational Control Techniques Control techniques provide managers with the type and amount of information they need to measure and monitor performance . The information from various controls must be tailored to a specific management level, department, unit, or operation . To ensure complete and consistent information, organizations often use standardized documents such as financial, status, and project reports. Each area within an organization, however, uses its own specific control techniques, described in the following sections. Financial controls After the organization has strategies in place to reach its goals, funds are set aside for the necessary resources and labor. As money is spent, statements are updated to reflect how much was spent, how it was spent, and what it obtained. Managers use these financial statements, such as an income statement or balance sheet, to monitor the...
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Activities In order to initiate the project, we have to set up a group with the dedicated team members. The contents of the proposed project includes as follows:Project Title: __________________________________ Group Name: ___________________________________ Introduction - What the organization do? - Who are the stake holders? - What are the business processes/functions? - Briefly describe the technique used to capture the stakeholder problem
Objectives - list at least 3 objectives
Lab 1
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BITP 2223 – Software Requirement and Design
Team Hierarchy
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...Bonjour tout le monde. Je m’appelle Aprameya et aujourd’hui, je veux vous parler au sujet de l’éducation axée sur la carrière. Particulièrement, je parlerai sur mes objectifs professionnels de devenir pilote, et mon expérience en école de pilotage. Cette présentation correspond avec notre labo 5, à propos de l’éducation et les médias. Depuis j’étais petit, j’avais un rêve, de devenir pilote, quand je grandisse. Alors, chaque fois ma famille voyageait, toujours j’étais tellement passionné ; j’avais hâte de voir des avions, de les entrer ; de me sentir quand on décolle à l’air. En occasion, je parlais avec les pilotes, et je les ai dit que j’aime volant, et que je veux devenir pilote aussi. Alors que je grandissais, j’étais plus en plus sur que je dois apprendre le pilotage. Quand j’avais 12 ans, j’ai commencé mon éducation axée sur la carrière. J’ai joint une école de pilotage, et chaque semaine, j’étudiais les cours de l’aviation. Pour moi, c’était la réalisation d’un rêve. Je me souviens toujours ce que je me suis senti après mon premier décollage, le moment où les roues ont quitté le sol, et ensuite, ma première solo, quand j’étais tout seul au ciel, c’est vraiment incroyable. Sans aucun doute, ça classe au premier rang dans ma liste des expériences. Je pense que ces cours supplémentaires, où quelqu’un peut apprendre des sujets qui correspondent avec leurs buts personnels et professionnels, sont très importants dans un compétitif marché du travail. Il y a trois raisonnes...
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...Qui saurait de nos jours se passer du fameux téléphone? Nous devons cette merveilleuse invention à Alexandre Graham Bell. Durant cette présentation, nous allons vous parler de ce personnage qui a changé l’histoire de la communication. Alexandre Graham Bell est né le 3 mars 1847 à Édimbourg en Écosse. Il devient citoyen Canadien en 1882. Il avait deux frères : Melvin James Bell et Edward Charles Bell. Tous deux morts de la tuberculose. À sa naissance, Bell n’avait pas encore de deuxième prénom. Ce n’est qu’à l’âge de 11 ans qu’il fit la demande pour avoir Graham inclus dans son nom. C’était son cadeau d’anniversaire. Ses parents s’appelaient Alexander Melvin Bell et Eliza Grace. Son père était un professeur de diction. Durant son enfance, Alexandre collectionnait des espèces botaniques et réalisait déjà ses premières expériences. Encouragé par sa mère, Bell s’intéresse aussi à l’art, la poésie et la musique. Quand Bell avait douze ans, sa mère commença à perdre graduellement l’audition. C’est pour cette raison qu’il a appris le langage des signes pour pouvoir communiquer avec elle. La surdité de sa mère amène Alexandre à étudier l’acoustique. À l’école, la science et la biologie étaient ses intérêts principaux. Ses notes, cependant étaient piètres, car il manquait souvent les cours. Il déménage à Londres pour vivre avec son grand-père après avoir quitté l’école. C’est dans cette période de sa vie qu’il prit goût à l’enseignement. À 16 ans, à Weston House...
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...« De nombreuses études sur l’impact de la musique sur le développement ont été menées, mais plutôt auprès d’enfants plus âgés», explique Laurel Trainor, directeur de l’Institut McMaster pour la musique et l’esprit. « Nos résultats suggèrent que le cerveau du nourrisson pourrait être particulièrement réceptif à « l’exposition musicale » ». L. Trainor, en collaboration avec David Gerry, professeur de musique, a d’ailleurs reçu un prix de la Fondation Grammy en 2008 pour son travail sur les effets de la musique dans la petite enfance. Dans cette nouvelle étude, des bébés et leurs parents ont suivi durant 6 mois un des deux cours de musique hebdomadaires proposés : La première classe de musique formait à la musique interactive et à l’apprentissage d’une petite série de berceuses accompagnées d’actions. Les parents et les enfants ont appris à jouer ensemble des percussions et à chanter. La seconde classe de musique proposait différents jeux et jouets, mais avec un fond musical en arrière-plan. Au départ de l’étude, tous les bébés présentaient une capacité de communication et un niveau de développement social similaires, aucun n’avait déjà participé à des classes de musique pour bébés. Une sensibilité évidente à la musicalité : «Les bébés qui ont participé aux cours de musique interactifs avec leurs parents montrent de manière plus précoce une sensibilité à la musique, au son juste, alors que les nourrissons qui ont participé à des classes d’écoute passive ne montrent pas les mêmes...
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...We are choosing how a human will look like and how his body will react to certain things before this person is even born, just like GMO’s in our food, an alteration of an organism so that it is better or even “perfect”. The ethical issues brought by this technique from the genetics labs are likely to be very complicated. What if parents can use pre-implantation genetic diagnosis to avoid having kids with attention-deficit disorder or those predestined to be short or predisposed to homosexuality? Will they feel pressure from friends and relations to do so? And will kids who are allowed to be born with these characteristics be made to feel even more like second-class citizens than they do now? This technique is beginning to be more popular by the hour, and it is important that it is controlled in the correct way. This new development is incredibly powerful to the human race because it is capable of altering every little defect a human has or may have in the future. People ask themselves if this is something good, but most of them hesitate when they try to look for an explanation of how they feel about this, on one side we can prevent deathly diseases like HIV and Cancer, but on the other side, the abuse of this technique, when altering how the person will look like physically, or how intelligent he/she will be, is greatly possible. The kinds of...
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...iTout a commencé le samedi 13 octobre quand j'ai décidé de créer mon profil sur le site molamour.mu. C'était juste une idée qui m'a traversé l'esprit comme ça. Dès que j'ai créé mon compte, certaines personnes commencent à chatter. Je n'étais pas intéressé à ce point a leur répondre. Mon but était de trouver un mec tamil sur ce site qui a été difficile à trouver. Puis quelques heures plus tard, j'ai vu ton nom en ligne qui a immédiatement attiré mon attention: Menvin. Je suis allée sur ton profil et la première chose qui m'a frappé, c'est quand j'ai regardé ta photo. J’ai trouvé un beau mec, avec un regard charmant qui m'a aussitôt séduit. Tu est exactement le genre de gars que j'aime. Puis je suis retourné à ton profil pour voir ce que tu cherchais sur ce site et j'ai vu que tu étais à la recherche d'une fille de 22 à 30 ans. Alors je me suis dit pourquoi ne pas tenter ma chance. Peut-etre que je pourrai te plaire. La conversation s'est très bien passé. En bavardant avec toi, je me suis senti très intéressé à en savoir plus sur toi. Puis je t’ai ajouté à ma liste d'amis sur facebook, afin que tu puisse voir ma photo. Quelques secondes plus tard, nous étions sur skype, faisant appel vidéo pour se parler et se voir. Lorsque nous nous regardons a travers la webcam, c'ést comme si il y a de petites étincelles entre nous. J’ai été très contente de te voir. Dès le premier regard, j’ai été charmée par ton incroiyable beau sourire. Tu me fais rougir avec tout ses belles compliments...
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...production units. An effective supervisor ought to be a trained observer and possess record keeping skills. Also, they should know how the job is done and the time required to accomplish. Observation is simple to use and acquires first-hand information. However, the method can cause bias to some workers and is also time-consuming. Questionnaires method can also be used in the job analysis process. The technique is further categorized in two i.e. open-ended questionnaires or well-structured questionnaires. The former can be utilized by both the supervisors and incumbents while open inquiry requires only the workers to describe the job how they understand it. The technique can reach more workers, but the responses could be incomplete making it difficult to interpret. Interviewing applied in the job analysis process. In this method, the employees and other incumbents are interviewed individually after which the results are aggregated (Algera & Greuter, 2013). Other times a group interview is performed by selecting several incumbents who undergo interview at the same time. The technique works well with for occupations with long cycles. Use of a checklist has been frequently applied to job analysis. A list is filled by either the supervisor or an incumbent. The method is preferred as it is economical and very simple to administer. Technical conference method is preferable in the organization dealing with processing. It involves the collaboration of...
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