THE DAY HAS COME WHEN ALL THE BUSINESS & MANAGERIAL DECISIONS ARE TO BE TAKEN ON QUNTITATIVE ANALYSIS
In order to run a business efficiently one has to analyze existing situations on regular basis. ...
Each and every business day the manager puts many decision questions to the test. The questions must first be identified as problems or opportunities, verified; scaled into mathematical models for which an answer will abound, and then controlled by updating the solutions because of the dynamic nature of business decisions. ... This is the absolute core of Management Science approach to decision-making, which is the science of decision-making. ...
It is this approach to decision-making that makes the business successful. ... This is the complex analysis that will deduct our thinking in this regard.
Management Science can help reduce or eliminate the fear of making wrong decisions by providing help with the decision-making process. ... This is accomplished through the phased processes of management science that dissects the components of the decision into workable elements and allows one to proceed to the decision-making stage with sound knowledge on which to base ones choice. ...
Consider the following model one makes to take a business decision
The modeling process, i. ... The most critical part of this is to evaluate the available information and make the right decision. ... The subject which deals with such type of figures, called data, in which we do the analysis based on the quantities is known as Statistics. ... After the 15th century the work of publishing the statistical data 1| started but the first analysis of data unscientific basis was done by Captain it Was a
John Graunt in the 17th century. ... Rebukes describes the functions of statis|tics int hese words, The fundamental gospel of statistics is to push back the domain ojigtuwance, prejudice, rule of thumb, arbitrary or ignorance decisions, tradition and dogmatism and to increase the domain in which decisions are made and principles are formulated the on the basis of the analysis quantitative facts. ... For example, the relationship |tween inncome and consumption demand and supply etc can be studied by measuring correlation between relevant variables Furthermore, a given mathematical relation can also be fitted to the given data by using the technique of regression analysis.
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