SCOPE OF QUANTITATIVE TECHNIQUE - Quantitative Techniques for management

Role and Scope of Quantitative methods for Scientific decision-making in business management

The scope of statistics was primarily limited in the sense that the ruling kings used to collect data so as to frame suitable military and fiscal policies only. Hence they heavily depended upon statistics. As time went on, statistics came to be regarded as a method of handling and analyzing the numerical facts and figures.

In recent years, the activities of the state have increased tremendously. Statistical facts and figures are of immense help in promoting human welfare. Today, the scope of statistics is so vast and ever expanding. It influences everybody’s life. Even an entry into the world and exit are systematically recorded.

There is no branch of human activity that can escape the attention of statistics. It is a tool of all sciences. It is indispensable for research and intelligent judgment. It has become a recognized discipline in its own right. A few specific areas of application are mentioned below.

  • Finance and Accounting: Cash flow analysis, Capital budgeting, Dividend and Portfolio management, Financial planning.
  • Marketing Management: Selection of product mix, Sales resources allocation and Assignments.
  • Production Management: Facilities planning, Manufacturing, Aggregate planning, Inventory control, Quality control, Work scheduling, Job sequencing, Maintenance and Project planning and scheduling.
  • Personnel Management: Manpower planning, Resource allocation, Staffing, Scheduling of training programs.
  • General Management: Decision Support System and Management of Information Systems, MIS, Organizational design and control, Software Process Management and Knowledge Management.

From the various definitions of Quantitative Technique it is clear that scientific management technique can be used to solve any problem, simple or complicated. In this head we shall try to find the scope of M.S. by seeing its application in various fields of everyday lift that includes define operation too.

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Quantitative Techniques for management Topics