Scribd
Upload
129 views2 pages

Quantitative Decision Making Guide

Quantitative analysis uses mathematical models and quantitative data to help solve complex problems in decision making. It involves developing models to represent problems mathematically, finding optimal solutions to the models, and generating reports on the results. The quantitative approach is best suited for problems that are important, complex, new, and repetitive in real business settings. Qualitative analysis relies more on the manager's experience and judgment, while quantitative analysis uses objective, data-driven methods learned from management science.

Uploaded by

Mohamed El Naggar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
129 views2 pages

Quantitative Decision Making Guide

Quantitative analysis uses mathematical models and quantitative data to help solve complex problems in decision making. It involves developing models to represent problems mathematically, finding optimal solutions to the models, and generating reports on the results. The quantitative approach is best suited for problems that are important, complex, new, and repetitive in real business settings. Qualitative analysis relies more on the manager's experience and judgment, while quantitative analysis uses objective, data-driven methods learned from management science.

Uploaded by

Mohamed El Naggar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

* Quantitative Analysis and Decision Making

In the analysis phase of the decision - making process we have two basic forms : Qualitative
and Quantitative Analysis . Generally If the manager has had experience with similar
problems, or the problem is relatively simple, we rely on Qualitative Analysis. However, If
the manager has had little experience or the problem is complex, we rely on Quantitative
Analysis.

* The Analysis Phase of the Decision Making Process include :-


Qualitative Analysis Quantitative Analysis

* Based largely on the managers * Analyst will concentrate on the quantitative facts
judgment and experience . or data associated with the problem

* Includes the managers intuitive * Analyst will develop mathematical expressions


feel for the problem . that describe the objectives, constraints, and other
relationships that exist in the problem .
* Is more of an art than a science.
*Analyst will use one or more quantitative
methods to make a recommendation .

- Skills of the Qualitative approach are inherent in the managers mind and increase with
experience.
- Skills of the Quantitative approach can be learned by the methods of management
science.
- A manager who can combine both qualitative and quantitative approaches in the decision-
making process is always making the best possible decision

We use the quantitative approach in the decision making process


because :-
Problems we face in
the real Business
Complex Repetitive
world are usually :-
Important New
* Quantitative Analysis
- Once the problem has been structured, the quantitative analysis begins. Also, the more the
analyst is involved in the process of structuring the problem, the more likely the quantitative
analysis will make important contributions to the decision making process.
- In the quantitative analysis we work on developing models to represent problems
mathematically and to find the best solution to these models to help decision makers.
- The Process of developing and solving models is the essence of the quantitative analysis
process.

* Quantitative analysis Process :-


1. Model Development.
2. Data Preparation.
3. Model Solution.
4. Report Generation.

You might also like