The quantitative approach refers to the use of facts and figures.
The field of management has applied the quantitative approach through the use of statistics, data, computer simulations and numerical models.
The contribution of the quantitative approach in management includes:
- Using numerical information to help with decision making
- Increased understanding of logistics
- Optimising management through the use of statistical data
- Increased planning
- Improved enforcement of control
- More efficient allocation of resources and workload
- More research focused
- Multidisciplinary approach
- Increased use of computers and technology
- Forecasting is now more common place in the field of management
- The quantitative approach is a significant part of budgeting
Although the qualitative approach has been used for a long time, it only began to play a significant role throughout WWII, and it has been used in the management field ever since.
You can find out more and watch a video about the quantative approach in the feild of manegement at Education-portal.com.