Quantitative Techniques in Management.

Quantitative technique is the process by which the management uses to improve on its management roles and techniques. The management relies on what the goal of the management is. There are several techniques to select from as management team that can be relied on. It can be selected from several models and analysis methods that can be used to investigate on policy efficiency and improve on management strategies. Quantitative technique also is the collection of several results to deduce a conclusion.

Quantitative technique approach provides the management with the statistics, tools and ways to help the management with decision making process in planning and controlling. This process may be such as budgeting, schedules and quality control. In normal procedures these techniques are used in Critical Path Method, Linear Programming, and Greedy Strategy as at large.

Quantitative techniques fall into two broad categories. These are Interval estimation and the Hypothesis tests. The interval estimates is common in statistical areas. It is used to estimate to a parameter from a sample of a data. The value of the sample data is known as the population parameter. Where an estimate is given through a true parameter value is attained through a sample of the data.

Hypothesis tests are used to address the uncertainty of the sample estimate. Unlike the interval estimate hypothesis test tries to answer specific claim about a population parameter based on the sample data. When one rejects the hypothesis is like concluding the whole sample as false. By acceptance of hypothesis does not conclude that it is true but rather lack of more convising results to ascertain the answer. In hypothesis test the tests are termed as null hypothesis where the results are doubted whereas alternative hypothesis is where a condition is believed.

There are different tools and techniques in management theory. The first tool in this category is the analysis of financial statements which is the main tool of management in accounting. This is where four financial statements are collected. They are the loss and profit account, balance sheet, cash flow and fund flow statements. The ratios are calculated and the analysis is taken for the cash and the fund flow. The main aims for analysing of cash flows are profitability, solvency, liquidity, stability.

The second tool is the budget control. it is the tool of management of accounts in which budgets are made for planning and the control of fund. The third rule is decision in managements of the accounts. It is helpful to take main decision which can be on how to buy, construct any of the fixed assets and when choosing an investment to choose the best.

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