Description

Quantitative techniques can be understood as a collection of mathematical and statistical tools that are used to provide powerful means of analysis using quantitative data for effective decision making in business. These techniques involve systematics and scientific methods for solving complex problems for taking effective business decisions. Quantitative techniques involve the use of numbers symbols, mathematical expressions, and other elements of quantities, and serve as supplements to the judgment and intuitions of the decision makers. These tools help businesses in optimum utilization of limited resources. Traditionally, quantitative techniques are understood by different names such operation research, or management science. More recently, statistical techniques are also understood to have been part of quantitative techniques.
Quantitative techniques are those statistical and programming techniques: which support the decision making process especially related to industry and business. The main aim of quantitative analysis is the processing and manipulating of raw data into meaningful information. For increasing the use of quantitative analysis, computer can be used as an instrument.
The book aims to familiarize the students with modern business & and apply statistical techniques for arriving at sound management decisions. By this book, students would acquire an understanding of descriptive statistical tools like measures of central tendency & measures of variation and apply these tools to real life situations. Book also helps in identifying and establishing relationships between real life variables using tools like correlation, regression, time series analysis, probability distributions and fundamentals of hypothesis testing.
The book has been divided into five modules:
First module examines the basics of descriptive statistics for managers.
Second module identify the practical applications of probability theory.
Third module solve business problems with the help of fundamental statistical and theoretical backgrounds.
Fourth module formulate various testing methods using statistical backgrounds in business problems for managerial decision making.
Fifth module determine the suitability of using correlation and regression analysis in solving business problems.