Which is the use of quantitative techniques to improve decision making.
Also known as management science.
Better decision making by using quantitative techniques, such as:
The quantitative approach evolved from mathematical and statistical solutions developed for military problems during World War II. For example, one group of military officers, nicknamed the Whiz Kids, joined Ford Motor Company in the mid-1940s and immediately began using statistical methods and quantitative models to improve decision making. It involves:
- applying statistics,
- optimization models,
- information models,
- computer simulations,
- and other quantitative techniques
to management activities.
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