What is quantitative approach to management?


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A quantitative approach to management involves a systematic and scientific approach to decision making and problem solving in complex situations and environments that may involve uncertainty and conflict. Those carrying out the approach will search for an optimal answer for a problem by applying quantitative models. The use of these mathematical models help the decision maker understand the problems better and enable them to make a calculated, informed and reasoned judgment.

• Use of statistics in quantitative research. Statistical methods are used extensively in the field of management and begin with a collection of data. This data is required to be verified, validated and recorded before the analysis takes place. There is software available for this data collection, namely SPSS and R. Using this data, causal relationships are then studied by manipulating factors that are thought to influence the phenomena of interest. Other variables are then controlled that are relevant to the experimental outcomes. In some cases, quantitatively based opinion surveys may be used to collect results from a wide audience. The participants are required to respond to a set of structured questions and these answers are tabulated.
• Measuring quantitative research. The best way to measure quantitative research is debated by many. In most cases, measurement is regarded as being the only way that observations can be expressed numerically so that causal relations or associations can be investigated. Many believe that measurement plays a more important role in quantitative research than this. Some suggest that it is important to look at the abnormalities within quantitative research as well. Some quantitative research involves the use of proxies as stand-in replacements for other quantities that cannot be measured directly. These proxies can be calibrated to determine how much variation is captured and whether a short and/or long term variation is captured.

A quantitative approach to management allows researchers to use numerical models in order to collect and analyze data for a business. This information can help the management make informed and reasonable judgments.

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