Importance of quantitative techniques in managerial

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Importance of quantitative techniques in managerial

Planning Function of Management Planning Function of Management Planning means looking ahead and chalking out future courses of action to be followed.

It is a preparatory step. It is a systematic activity which determines when, how and who is going to perform a specific job. Planning is a detailed programme regarding future courses of action.

It is the basic management function which includes formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources.

Planning is deciding best alternative among others to perform different managerial functions in order to achieve predetermined goals.

Importance of quantitative techniques in managerial

Planning bridges the gap between where we are to, where we want to go. Steps in Planning Function Planning function of management involves following steps: Planning starts with the setting of goals and objectives to be achieved.

Objectives provide a rationale for undertaking various activities as well as indicate direction of efforts.

Moreover objectives focus the attention of managers on the end results to be achieved. As a matter of fact, objectives provide nucleus to the planning process. Therefore, objectives should be stated in a clear, precise and unambiguous language.

Otherwise the activities undertaken are bound to be ineffective. As far as possible, objectives should be stated in quantitative terms.

For example, Number of men working, wages given, units produced, etc. But such an objective cannot be stated in quantitative terms like performance of quality control manager, effectiveness of personnel manager.

Such goals should be specified in qualitative terms. Hence objectives should be practical, acceptable, workable and achievable. Establishment of Planning Premises Planning premises are the assumptions about the lively shape of events in future.

They serve as a basis of planning. Establishment of planning premises is concerned with determining where one tends to deviate from the actual plans and causes of such deviations. It is to find out what obstacles are there in the way of business during the course of operations.

Establishment of planning premises is concerned to take such steps that avoids these obstacles to a great extent. Planning premises may be internal or external.

Internal includes capital investment policy, management labour relations, philosophy of management, etc. Whereas external includes socio- economic, political and economical changes.

Internal premises are controllable whereas external are non- controllable. Choice of alternative course of action When forecast are available and premises are established, a number of alternative course of actions have to be considered.

For this purpose, each and every alternative will be evaluated by weighing its pros and cons in the light of resources available and requirements of the organization. The merits, demerits as well as the consequences of each alternative must be examined before the choice is being made. After objective and scientific evaluation, the best alternative is chosen.The importance of quantitative methods for managers The quantitative methods contain two component parts, the quantitative and method, with asymmetrical attention to the quantitative term.

Speaking about method, interest is focused upon the so- called Scientific Method. The quantitative approach to management incorporates many analytical and numeric techniques into management methods.

The goal is to have specific formulas that information can be plugged into to. Importance of quantitative techniques in managerial decisions, importance of quantitative techniques in managerial decisions quantitative techniques p murugesan economics, business,.

Managerial economics wikipedia, managerial economics deals with the application of the economic. quantitative questionnaire (n= 59) and the qualitative in-depth semi-structured interviews (n=7) were integrated to ensure a more complete understanding of the data.

The results showed that the general attitude towards sustainability was very positive for all businesses. No relation was found between the general attitude and the actions taken.

Quantitative Techniques with support of qualitative factors is necessary. Quantitative Technique is the scientific way to managerial decision-making, while emotion and guess work are not part of the scientific management approach. qualitative methods used in investment project risk analyses.

In particular, the paper draws attention to advantages and disadvantages of specific methods and shows the basic differences between these methods. The deliberations in the paper are mainly theoretical, and the problems are presented in a synthetic way.

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