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Statistics is a very effective tool, in which you look at past data from surveys or census', or simply recorded data over a period of time. It is important because using stats you can view past data to help make business decisions, or decisions within any workplace. You can do a statistical test to find out if a new idea or business decision should be considered or rejected. They say "history repeats itself", well by analysing historical data you can find out where past mistakes were made and how to avoid repeating them.
It can be defined as followed. The conclusion reached on the basis of evidence.
Quantitative techniques provide managers with concrete evidence and information, which allows them to make better decisions. Without quantitative techniques, managers would guess and risk assets of the business.
Clock-driven (time-driven) schedulers - Scheduling decisions are made at specific time instants, which are typically chosen a priori. • Priority-driven schedulers - Scheduling decisions are made when particular events in the system occur, e.g. • a job becomes available • processor becomes idle - Work-conserving: processor is busy whenever there is work to be done.
Decision theory, the modeling and study of man's decision-making, is arguably most important because in learning how we make decisions, we can learn to make better ones. A link is provided to the Wikipedia article on decision theory, which, by the way, is subject of discreet mathematics. The curious person would surf on over and at least skim the article.
safety,quality,production,cost,benefit to the wrold.
safety,quality,production,cost,benefit to the wrold.
importance of capacity decisions and hive examples on each
Information is crucial in today's society as it empowers individuals to make informed decisions, fosters innovation and problem-solving, and drives advancements in various fields like technology, healthcare, and business. With the rapid pace of technological advancements, access to accurate and reliable information is key to navigating the complexities of the modern world. Additionally, the ability to effectively process and utilize information has become a valuable skill in personal and professional contexts.
Managment accounting is a process of identifying, measuring, analysing and communication of information to internal managment so as to help them plan and make decisions.
participatory management
Social importance refers to the value or significance that something holds within a specific society or community. It is a measure of how much impact or influence a particular issue, event, or concept has on the norms, beliefs, and practices of a group of people. Social importance can vary depending on cultural context and societal values.
Differentiating fact from opinion is crucial in reviewing data and documentation as it helps to ensure accuracy and objectivity in the analysis. Facts are verifiable and can be relied upon to make informed decisions, while opinions are subjective and may introduce bias. By distinguishing between the two, one can make more sound and evidence-based conclusions.
discuss the importance of measuring variability for managerial decision making
Differentiating fact from opinion is crucial to ensure the accuracy and reliability of data and documentation. Facts are objective, verifiable information, while opinions are subjective and influenced by personal beliefs or biases. By understanding the distinction, one can make informed decisions based on the facts presented, leading to better analysis, problem-solving, and decision-making.
Pressure groups influence government decisions.
There are many great importance reasons for the management of material. This management leads to more effective and efficient decisions.