Application of quantitative techniques in managerial decision making

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application of quantitative techniques in managerial decision making

The poems of Thomas Davis : now first collected : with notes and historical illustrations by Thomas Osborne Davis

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Published 04.12.2018

Introduction to Quantitative Analysis

Presents survey data used to determine how university librarians in Nigeria utilize quantitative methods in decision making in diverse areas such as personnel management, acquisition, storage and circulation of information materials. A stratified random sampling method was used to select 22 out of 35 university librarians. The survey results indicate that four
Thomas Osborne Davis

Quantitative Methods for Business Decisions

Business managers and directors used to rely on their experience and instinct to make tough decisions. Increasingly, however, they want to know what the numbers say. In the era of big data, quantitative methods used by operations analysts and economists provide solid evidence to guide management decisions on production, distribution, marketing and personnel management. These methods also help managers project future business conditions, enabling them to adjust their strategies as needed. A popular technique among economists and statisticians, regression analysis uses complex statistical equations to estimate the impact of one or more factors, known as predictors or independent variables, on an outcome of interest, known as a dependent variable. Economists have used regression analysis to estimate the effect of education and experience on workers' annual earnings.

JavaScript is disabled for your browser. Some features of this site may not work without it. Date Author Valero, Carlos Alberto. Metadata Show full item record. Abstract The purpose of this study was to examine the status and extent to which administrators of colleges and universities in the state of Virginia apply qualitative and quantitative techniques of management in planning, directing, reporting, and controlling activities for enhancing their administrative and academic decision-making capability.

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Decision trees. A decision tree shows a complete picture of a potential decision and allows a manager to graph alternative decision paths. Decision trees are a useful way to analyze hiring, marketing, investments, equipment purchases, pricing, and similar decisions that involve a progression of smaller decisions. Generally, decision trees are used to evaluate decisions under conditions of risk. The term decision tree comes from the graphic appearance of the technique that starts with the initial decision shown as the base. The various alternatives, based upon possible future environmental conditions, and the payoffs associated with each of the decisions branch from the trunk.

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