What Are The Uses Of Quantitative Methods In Decision Making And Problem Solving?


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amber Jhon answered
Quantitative methods are always important in making important business decisions. Therefore, there are various quantitative subjects which have been introduced. For example, Total Quality Management and Quantitative methods and Techniques are two subjects which have a lot of quantitative methods to solve various problems and facilitate decision making process. For example Regression analysis can help the company to overview the previous trends in the sales of the company and decide the budgeted sales for the new year.

Use of matrices is considered very important for maximizing the profits and minimizing the costs. Quantitative portion of economics can help to understand the relations between price, quantities, costs, TR, TC etc. This helps the managers in selecting the price and the quantity for the firm. In financial management the major portion is quantitative which can be helpful in making investment decisions. Basically quantitative methods provide an objective approach in the decision making process.

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