Quantitative Analysis
ociety’s Use of Quantitative Models
Serita A Riggens
MSA 640
Quantitative Applications in Decision-Making
Central Michigan University
Instructor: Dr. Howard E Van Auken
August 11, 2010
Society’s use of Quantitative Methods
The use of quantitative models in real-world decision making is a practice that has become the norm in society. Decision makers have searched continually for ways to reduce or eliminate the uncertainties in the decision making process. For decades, the use of quantitative techniques in the decision making process have proven to assist users in improving the process by quickly delivering tools and other useful information used by organizations and have resulted in more economical decisions. “Quantitative analysis has been in existence since the beginning of recorded history, but it was Frederick W. Taylor who in the 1900’s pioneered the principles of the scientific approach to management”. (Render, Stair & Hanna, 2009) The use and success of quantitative methods during World War II and other military endeavors quickly became popular in business and various other industries. In today’s society, quantitative models are consistently applied to a variety of issues involving government, politics, business, economics, education and healthcare. Although quantitative models are essential, the use of quantitative models is only one important step within the quantitative analysis process used by managers to solve complex problems.
According to the text, quantitative analysis is a scientific approach that can be applied to the managerial decision making process (Render, Stair & Hanna, 2009). The use of quantitative analysis can greatly reduce speculative factors and allows users to transform raw data and statistics into valuable information. Although some qualitative factors may be necessary in the decision making process, the quantitative methods are essential because of the substance added to numerical or
Serita A Riggens
MSA 640
Quantitative Applications in Decision-Making
Central Michigan University
Instructor: Dr. Howard E Van Auken
August 11, 2010
Society’s use of Quantitative Methods
The use of quantitative models in real-world decision making is a practice that has become the norm in society. Decision makers have searched continually for ways to reduce or eliminate the uncertainties in the decision making process. For decades, the use of quantitative techniques in the decision making process have proven to assist users in improving the process by quickly delivering tools and other useful information used by organizations and have resulted in more economical decisions. “Quantitative analysis has been in existence since the beginning of recorded history, but it was Frederick W. Taylor who in the 1900’s pioneered the principles of the scientific approach to management”. (Render, Stair & Hanna, 2009) The use and success of quantitative methods during World War II and other military endeavors quickly became popular in business and various other industries. In today’s society, quantitative models are consistently applied to a variety of issues involving government, politics, business, economics, education and healthcare. Although quantitative models are essential, the use of quantitative models is only one important step within the quantitative analysis process used by managers to solve complex problems.
According to the text, quantitative analysis is a scientific approach that can be applied to the managerial decision making process (Render, Stair & Hanna, 2009). The use of quantitative analysis can greatly reduce speculative factors and allows users to transform raw data and statistics into valuable information. Although some qualitative factors may be necessary in the decision making process, the quantitative methods are essential because of the substance added to numerical or
References: Curtin, K.M., Hayslett-McCall, K., & Fang, Q. (2007, October 17). Determining Optimal Police Patrol Areas with Maximal. Network Economy, National Center for Environmental Health. (2007). Statistical Analysis Battery for Epidemiological. Retrieved from http://www.cdc.gov/nceh/publications/saber/saber.htm Render, B., Stair, R., & Hanna, M. E. (2009). Quantitative Analysis for Management (10th Ed.). Upper Saddle River, New Jersey: Pearson Education Inc... Tan, Y. (2008). Multiple-objective bidding strategy using goal programming Technique. Management Decision. ABI/ Inform Global. Retrieved from ABI/Inform on August 8, 2010