What Is Quantitative Management Theory?


1 Answers

Anonymous Profile
Anonymous answered
Quantitative Management (also known as Operations Research) off ers a systematic and scientific approach to problem solving and decision making in complex
environments and situations of uncertainty and conflict. The discipline is characterised by a search for an optimal (best) answer for a problem by using quantitative
(numerical) models. The use of mathematical models enables a decision maker to better understand the problems facing him/her and provides a tool for making
informed and reasoned judgements.
Quantitative Management is a practical field. It can be applied in many areas: Manufacturing, businesses management, banking, environmental planning,
mining, housing and engineering projects, management consultancy – in fact, in every situation where numerical data are available and management or
decision making takes place.
The aim of the undergraduate program in Quantitative Management is to give a student a substantive theoretical background in Quantitative Management,
and – at the same time – to inculcate modeling skills and systematic thinking when solving decision making problems. At the conclusion of each year of the
curriculum a student would be equipped with a variety of techniques and the skill of applying them to problems that arise in practice.
Quantitative Management is a multidisciplinary subject that can be usefully combined with any other subject in this College.

Answer Question