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Quantitative Approaches To Management
The quantitative approach to management, sometimes known as operations
research or management science, uses quantitative techniques to improve
decision making. This approach includes applications of statistics, optimization
models, information models, and computer simulations. The quantitative
approach originated during World War II as mathematical and statistical
solutions to military problems were developed for wartime use.
The relevance of quantitative approach today is that it has contributed most
directly to managerial decision making, particularly in planning and controlling.
The availability of sophisticated computer software programs has made the use
of quantitative techniques more feasible for managers.
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