Management Science school (Quantitative Management Perspective):
- Developed during World War II, mathematicians, physicists, and other scientists from England and USA joined together to solve military problems, to help them to deploy its resources more efficiently and effectively.
- The approach uses mathematical and quantitative models to solve complex business problems
- The model is used to study, analyze, and predict the future events and recommends strategy to be used by organization.
- The quantitative approach to management involves the use of quantitative techniques, such as statistics, information models, and computer simulations, to improve decision making, operation, resource allocation and economic effectiveness.
This school consists of three main branches:
- Quantitative management: It focuses on development of mathematical techniques or models to management. It is the simplified representation of a system, process, or relationship in relation to models, equations and similar representation of reality.., e.g., SPSS, modeling, queuing theory etc.
- Operations management: Provides manager with set of techniques which they can utilize in an organization’s production system to increase efficiency. e,g inventory management, linear programming, queuing theory, breakeven analysis, and simulation.
- Management information system: Helps management to design information system that provides information about events occurring within and outside an organization.
Management Science School( Quantitative Management Perspective) : The management science approach to management is also known as the mathematical or quantitative approach . The approach uses mathematical and quantitative models to solve complex business problems. This is used in decision making sectors. This may give future predictions too. Quantitative models basically started after World War II . This involves the use of quantitative techniques , such as statistics. Information models,and computer stimulation.
ReplyDeleteThe school consists of three main branches:
(A) Quantitative management: It focuses on mathematical techniques such as linear programming,modeling, queuing theory,etc.
(B) Operations management: It provides managers with the set of techniques that they can use to utilize an organization's production system ti increase efficiency.
(C) Management information system: It helps manager design information systems that provide information about events occurring within and outside an organization.
Quantitative Management Theory is realized through measurable data and mathematical models. The theories are worked out through mathematical games and problem solving. The results are then acted upon for decision making.
ReplyDeleteIt uses statistics, information models, computer simulations, etc.
I am going to write some limitations of this perspective:
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1.it cannot fully explain or predict the behaviour of people in organizations
2.mathematical sophistication may come at the expense of other managerial skills
3.it requires unrealistic or unfounded assumptions, limiting thier general applicability.
During World War II, mathematicians, physicists, and other scientists joined together to solve military problems. The quantitative school of management is a result of the research conducted during World War II. The quantitative approach to management involves the use of quantitative techniques, such as statistics, information models, and computer simulations, to improve decision making. This school consists of several branches, described in the following sections
ReplyDeleteManagement science
The management science school emerged to treat the problems associated with global warfare. Today, this view encourages managers to use mathematics, statistics, and other quantitative techniques to make management decisions.
Managers can use computer models to figure out the best way to do something — saving both money and time. Managers use several science applications.
Mathematical forecasting helps make projections that are useful in the planning process.
Inventory modeling helps control inventories by mathematically establishing how and when to order a product.
Queuing theory helps allocate service personnel or workstations to minimize customer waiting and service cost.
The quantitative management perspective focuses on applying mathematical models and processes to management situations.Management science deals specifically with the development of mathematical models to aid in decision making and problem solving.Operations management focuses more directly on the application of management science of organizations.Management information systems are developed to provide information to managers.
ReplyDeleteDeveloped sophisticated quantitative techniques to assist in decision making.Application of models has increased our awareness and understanding of complex organizational processes and situations, has been very useful in the planning and controlling processes.
ReplyDeleteTHE QUANTITATIVE PERSPECTIVE
ReplyDeleteManagement science
Management science focuses specifically on the development of mathematical models. These models help organizations to try out various activities with the use of a computer. Modeling can help managers locate the best way to do things and save money and time.
Operations management
Operations management is an applied form of management science that helps organizations develop techniques to produce their products and services more efficiently.
Contributions
Developed sophisticated quantitative techniques to assist in decision making.
Models have increased our awareness of complex organizational processes and has aided in the planning and controlling processes.
Limitations
Cannot fully explain or predict behavior of people.
Mathematical sophisticalion may come at the expense of other important skills.
Models may require unrealistic or unfounded assumptions.
First developed by scientists and mathematician, during the world war 2, to solve military problems, to maximize efficiency and effectiveness to deploy resources, the Quantitative Management Perspective provides a base for today's organizations for making strategies. Th use of mathematical and quantitative models helps organizations study and analyze current situation of the firm and make predictions accordingly. The perspectives gives us an insight about the quantitative techniques, like statistics, information models, and computer based simulations, for better resource allocation, operation, decision making, and economic effectiveness.
ReplyDeleteDuring World War II, mathematicians, physicists, and other scientists joined together to solve military problems. The quantitative school of management is a result of the research conducted during World War II. The quantitative approach to management involves the use of quantitative techniques, such as statistics, information models, and computer simulations, to improve decision making.
ReplyDeleteOperations management is a narrow branch of the quantitative approach to management. It focuses on managing the process of transforming materials, labor, and capital into useful goods and/or services. The product outputs can be either goods or services; effective operations management is a concern for both manufacturing and service organizations. The resource inputs, or factors of production, include the wide variety of raw materials, technologies, capital information, and people needed to create finished products. The transformation process, in turn, is the actual set of operations or activities through which various resources are utilized to produce finished goods or services of value to customers or clients.
Management information systems (MIS) is the most recent subfield of the quantitative school. A management information system organizes past, present, and projected data from both internal and external sources and processes it into usable information, which it then makes available to managers at all organizational levels. The information systems are also able to organize data into usable and accessible formats
Management Science school (Quantitative Management Perspective):
ReplyDeleteDeveloped during World War II, mathematicians, physicists, and other scientists from England and USA joined together to solve military problems, to help them to deploy its resources more efficiently and effectively.
The approach uses mathematical and quantitative models to solve complex business problems
The model is used to study, analyze, and predict the future events and recommends strategy to be used by organization.
The quantitative approach to management involves the use of quantitative techniques, such as statistics, information models, and computer simulations, to improve decision making, operation, resource allocation and economic effectiveness.
This school consists of three main branches:
Quantitative management: It focuses on development of mathematical techniques or models to management. It is the simplified representation of a system, process, or relationship in relation to models, equations and similar representation of reality.., e.g., SPSS, modeling, queuing theory etc.
Operations management: Provides manager with set of techniques which they can utilize in an organization’s production system to increase efficiency. e,g inventory management, linear programming, queuing theory, breakeven analysis, and simulation.
Management information system: Helps management to design information system that provides information about events occurring within and outside an organization.
THE QUANTITATIVE PERSPECTIVE
ReplyDeleteManagement science
Management science focuses specifically on the development of mathematical models. These models help organizations to try out various activities with the use of a computer. Modeling can help managers locate the best way to do things and save money and time.
Operations management
Operations management is an applied form of management science that helps organizations develop techniques to produce their products and services more efficiently.
Contributions
Developed sophisticated quantitative techniques to assist in decision making.
Models have increased our awareness of complex organizational processes and has aided in the planning and controlling processes.
Limitations
Cannot fully explain or predict behavior of people.
Mathematical sophisticalion may come at the expense of other important skills.
Models may require unrealistic or unfounded assumptions.
Quantitative Methods in Management offer a systematic approach for the analysis of phenomena in business economics and economics in general. In the modern world of increasing development in information technology, the amount of numerical data has increased enormously, and at the same time the acquisition of knowledge has become easier. Quantitative methods provide techniques to tame this growing accumulation of data as support for economic decision-making.
ReplyDeleteThe application targets for these methods cover many fields of business, such as economics, finance, risk management, quality management and logistics. Many business and general economics theories are based on quantitative analysis, which emphasizes the importance of these techniques also from the theoretical perspective.
Keywords:
Quantitative management Perspectives theories developed during World War II• Mathematicians, Physicists, and Other Scientists helped in war techniques• Quantitative approach to management involves use of quantitative techniques like: – Statistics – Information models – Computer simulations etc.
ReplyDeleteTHE QUANTITATIVE PERSPECTIVE
ReplyDeleteManagement science
Management science focuses specifically on the development of mathematical models. These models help organizations to try out various activities with the use of a computer. Modeling can help managers locate the best way to do things and save money and time.
Operations management
Operations management is an applied form of management science that helps organizations develop techniques to produce their products and services more efficiently.
Contributions
Developed sophisticated quantitative techniques to assist in decision making.
Models have increased our awareness of complex organizational processes and has aided in the planning and controlling processes.
Limitations
Cannot fully explain or predict behavior of people.
Mathematical sophisticalion may come at the expense of other important skills.
Models may require unrealistic or unfounded assumptions.
Quantitative Management (also known as Operations Research) off ers a systematic and scientific approach to problem solving and decision making in complex
ReplyDeleteenvironments and situations of uncertainty and conflict. The discipline is characterised by a search for an optimal (best) answer for a problem by using quantitative
(numerical) models. The use of mathematical models enables a decision maker to better understand the problems facing him/her and provides a tool for making
informed and reasoned judgements.
Quantitative Management is a practical field. It can be applied in many areas: Manufacturing, businesses management, banking, environmental planning,
mining, housing and engineering projects, management consultancy – in fact, in every situation where numerical data are available and management or
decision making takes place.
The aim of the undergraduate program in Quantitative Management is to give a student a substantive theoretical background in Quantitative Management,
and – at the same time – to inculcate modeling skills and systematic thinking when solving decision making problems. At the conclusion of each year of the
curriculum a student would be equipped with a variety of techniques and the skill of applying them to problems that arise in practice.
Quantitative Management is a multidisciplinary subject that can be usefully combined with any other subject in this College.
Quantitative Management (also known as Operations Research) off ers a systematic and scientific approach to problem solving and decision making in complex
ReplyDeleteenvironments and situations of uncertainty and conflict. The discipline is characterised by a search for an optimal (best) answer for a problem by using quantitative
(numerical) models. The use of mathematical models enables a decision maker to better understand the problems facing him/her and provides a tool for making
informed and reasoned judgements.
Quantitative Management is a practical field. It can be applied in many areas: Manufacturing, businesses management, banking, environmental planning.
A quantitative management perspective involves the use of mathematical modeling to find the best solutions to problems. This can be applied to a variety of workplace challenges, ranging from making decisions during product development to resolving employee conflicts. It is also known as operations research, and involves a more objective, structured approach to problems or solutions. Many industries can be suited to this management philosophy.
ReplyDeleteOne important component of the quantitative management approach is an ability to objectively collect information about a problem and possible solutions to develop appropriate, and useful, mathematical models. This may involve input from several personnel who can present solutions, problems, and issues that may complicate the discussion. The manager can plug all of these data into a mathematical model, which can optimize the information to find the best objective fit for the situation.
This approach allows for more objective evaluation of workplace issues, which can be helpful in tense workplaces that handle high stakes projects. In addition, this approach can help companies establish baselines and goals that are easily quantifiable. Evaluations of employees and managers can integrate this information to create an objective picture of performance. With more subjective measures and approaches, it can sometimes be challenging to accurately and fairly evaluate people or situations.
Management Science school (Quantitative Management Perspective):
ReplyDeleteThe approach uses mathematical and quantitative models to solve complex business problems.The model is used to study, analyze, and predict the future
events and recommends strategy to be used by organization.
This school consists of three main branches:
Quantitative management: It focuses on development of mathematical techniques or models to management. It is the simplified representation of a system, process, or relationship in relation to models, equations and similar representation of reality.., e.g., SPSS, modeling, queuing theory etc.
Operations management: Provides manager with set of techniques which they can utilize in an organization’s production system to increase efficiency. e,g inventory management, linear programming, queuing theory, breakeven analysis, and simulation.
Management information system: Helps management to design information system that provides information about events occurring within and outside an organization.
Quantitative Management Perspective:-
ReplyDelete1.Developed during World War II, mathematicians, physicists, and other scientists from England and USA joined together to solve military problems, to help them to deploy its resources more efficiently and effectively.
2.The approach uses mathematical and quantitative models to solve complex business problems
3.The model is used to study, analyze, and predict the future events and recommends strategy to be used by organization.
4.The quantitative approach to management involves the use of quantitative techniques, such as statistics, information models, and computer simulations, to improve decision making, operation, resource allocation and economic effectiveness.
You made good points on Management Science Theory. too. Nice.
ReplyDelete