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IDENTIFICATION:
1. Quantitative management makes use of computers and mathematical techniques to sift through
financial statistics to select stocks. The quantitative approach applies statistics, optimization
models, information models, computer simulations, and other quantitative techniques to the
management process.
2. Management Science?This branch of management theory focuses on the development of
mathematical and statistical models as a simplified representation of a system, process, or
relationship as models, formula, and equations.
3. Operations Management? is a field of management focusing on efficiency, effectiveness, and
producing or organizational systems, process, and functions used in the manufacture of goods or
provision of services.
4. Planning Phase: Employees discover the problems in regular operations and their root-causes.
Employees conduct comprehensive research and collect relevant data.
5. .Doing Phase: Employees develop and execute strategies and plan to address identified problems.
ENUMERATION :
1-3: Give the 3 primary branches of quantitative management include:
Management Science
Operations Management
Management Information Systems
2- 6 Give at least Some of the primary techniques applicable to Quantitative Management include:
Theory of Probability
Sampling Analysis,
Correlation / Regression Analysis,
Time Series Analysis,
Ratio Analysis,
Variance Analysis,
Statistical Quality Control,
Linear Programming,
Game Theory,
Network Analysis,
Break-Even Analysis,
Waiting Line or Queuing Theory,
Cash-Benefit Analysis, etc.