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Assignment QT Col MBA Semester 1

Assignment QT Col MBA Semester 1

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Published by Zahid Nazir

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Published by: Zahid Nazir on Jun 02, 2009
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 Assignment No. 1
QQUU A  A  N NTTIITT A  A TTII V  V EE TTEECCHH N NIIQQUUEESS ((55556644)) 
Executive MBA/MPA (Col)
ZAHID NAZIR 
Roll.No. AB523655Semester:Autumn 2008
 
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Question
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a). Explain the use of Quantitative Techniques in Businessand Management? 
 
Marks: 10 b). What are limitations of Statistics? Marks: 10 
 
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a).QUATITATIVE TECHNIQUES
Quantitative techniques refers to the group of statistical andoperations research techniques. All these techniques requirepreliminary knowledge of certain topics in mathematics.Quantitative TechniquesStatistical Techniques Operations ResearchTechniques
USE OF QUANTITATIVE TECHNIQUES IN BUSINESS AND MANAGMENT
Due to increasing complexity in business and industry, decisionmaking based on intuition has become highly questionable especiallywhen the decision involves the choice among several courses of action each of which can achieve several management actions. Sothere is need for training the people who can manage a systemefficiently and creatively.Quantitative Techniques now have a major role in effective decisionmaking in various functional areas of management i.e. marketing,finance, production and personnel. These techniques are also widelyused in planning, transportation, public health, communication,military, agriculture etc. Quantitative techniques are also usedextensively as an aid in business decision making.Some of the areas where quantitative techniques can be used are:

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