Quantitative Management: Men Lie. Women Lie. People Lie. But The Numbers NEVER Lie.
7. Quantitative Management
Emphasizes the application of quantitative analysis to management decisions and problems.
Men Lie. Women Lie. People Lie.
But The Numbers NEVER Lie.
Even though many organizations were aware of the scientific management approach Taylor introduced in the early 20th century, many didn’t use it.
Quantitative management allows a manager to make intelligent decisions by forming a mathematical model for the problem.
This includes techniques such as:
- Statistical decision theory
- Linear programming
- Queuing theory
- Inventory Modeling
- Network Modeling
- Break-even Analysis
Companies and managers can apply these techniques in areas such as:
- Quality Control
- Human Resources
“BIG Data” a form of quantitative management that allows managers to analyze patterns in structured and unstructured data. This is to achieve more accurate analyses, to make better decisions, which results in greater operational efficiencies, cost reduction, and reduced risk.
Most managers do not rely specifically on quantitative management.
It is a tool or resource used to supplement a decision or problem.