Quantitative Techniques: Aid in Decision Making in the Business World Essay

Submitted By Breezy91
Words: 687
Pages: 3

Quantitative techniques are used in the business world to assist in decision making, in practically every aspect of daily living. Working effectively in a modern business organization, managers must be able to use quantitative techniques in a confident and reliable manner. Every spectator of business uses quantitative techniques to make decisions throughout their businesses.
Accountants make decisions based on information dealing with the financial stage of the organization. Economists make decisions based on the economic framework in which the organization operates. Marketers make decisions based on customer's response to the design and product as a whole. Managers make decisions based on the information relating to the levels of employment in the organization. Such information is increasing quantitative and it is apparent that managers need working knowledge of the procedures and techniques appropriate for analyzing and evaluating such information.
There are two component parts that the quantitative method contains, the quantitative and method, with asymmetrical attention to the quantitative term. The interest of such, is focused upon the Scientific Method, which is the knowledge about the truth recognizing Science as the mastering of things of the real world. Driven to dialogue on methodology in science which is cloudy, the term method, the phase scientific method has two different ways of usage: One which is generally used as a process of improving understanding. Although vague, it is considered as a powerful definition, since it leaves room for criticizing dogmatic clinging to beliefs and prejudices, or appreciating careful and systematic reasoning about empirical evidence. The other is the traditional sense and it supports that there is a unique standard method, which is central to the identity of science. The scientific progress requires many methods, so there is not a unique standard method. The more acceptable definition of scientific method is a process by which scientists endeavor to construct an accurate representation of the real world.
The quantitative methods have a number of attributes, such as: they employ measurable data to reach comparable and useful results, assume alternative plans for achieving objectives, plan data, concerning observations collection, configuration and elaboration by statistical and econometric stochastic methods, check data reliability, choose appropriate sampling method, use carefully the estimates of the parameters for forecasting and planning purposes, since they derive from exposit data concerning past.
In the increasingly business complex environment, managers have to grapple with problems and issues which range from the relatively trivial to the strategic, giving the quantitative techniques have an important role. Life for managers becoming increasingly difficult and complex in any organizations, many factors contribute major pressures to decision making, making them increasingly problematic. This brings organizations finding…