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An Introduction to Management Science Quantitative Approaches to Decision Making?
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Quantitative techniques allow businesses to measure results. With quantitative techniques businesses can know where they stand within their industry against their competition.
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Quantitative approaches to management incorporates math. The mathematical equations provide hard numbers with which to manage a business and make objective decisions.
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.
According to one definition, quantitative procedures are those that give decision-makers a powerful and organized way to analyze quantitative data. The management uses this scientific approach to problem-solve and make decisions.
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