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# Quantitative Management Approach

by

## Asif Ali

on 2 April 2013

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#### Transcript of Quantitative Management Approach

By: Simranjit, Asif and Baljeet Quantitative Management Approach Overview What is management science? Typical Approach to management science Advantages vs. Disadvantages The two types of Quantitative Management Approaches are:
Management Science
Applied Quantitative Analysis Today Scientific application of mathematical techniques to solve management problems.
represented mathematically, sometimes computer based
visual or verbal representations are used 1.Problem is encountered 2. Systematically analyze problem 3. Appropriate mathematical models and computations are applied 4.Optimum solutions are obtained
ability to predict future outcomes of management decisions with accuracy
easily applicable due to technology advancements
several software’s that help make the mathematical calculations easy to interpret
only skilled people are able to analyze data correctly
cannot replace good managerial judgement and an appreciation of the human factor.
mathematical expertise can come at the expense of other skills (ex. soft skills) Mathematical applications of management science Possible techniques include:
1. Mathematical forecasting
2. Linear programming
3. Queuing theory
4. Network models
5. Simulations Mathematical Forecasting making future projections by analyzing current states
creating mathematical models that are useful in the planning process

Ex. Inventory models Linear Programming allocate scarce resources among competing uses
to achieve best outcome (maximum profit/lowest cost) Queuing Theory study of waiting lines to minimize customer waiting time and service cost
by helping allocate service personnel or work station
ex. grocery stores, banks Discussion Question #1 1.Which of the steps are not involved in the process of the quantitative management Approach?
a) Analyze systematically
b) Obtain solution
c) Problem encountered
d) Research about similar problems Discussion Question #2 2.List the 5 techniques for management science the quantitative management approach. Discussion Question #3 3.Is the following an advantage or disadvantage of management science.
Mathematical expertise can come at the expense of other skills. Discussion Question #4 In management science what kind of techniques are applied to solve management problems
a) Mathematical
b) Scientific
c) Historical
d) Psychological Network Models large tasks broken into smaller ones
to be able to analyze them further Simulations create models of problems so different solutions under various assumptions can be tested

eg. video games and roller coasters In-Class Demonstration
Time Applied Quantitative Analysis
Today sophisticated method of interpreting and analyzing data
new software that are user friendly and easy to use Management Science Conclusion no matter what techniques you apply the focus of the quantitative management approach is:
rational decision making, implementing clear actions Discussion Questions Advantages Disadvantages Using queuing theory to minimize wait Balking: refuses to wait in line Reneging: customer leaves without purchase because of wait Jockeying: moving from one lane to another Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Quantitative Management Approach Au revoir!
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