Quantitative Techniques in Business Quiz

Quantitative Techniques refer to the scientific and mathematical methods used to analyze and solve management problems. They can be classified into various categories such as optimization, simulation, decision analysis, and forecasting.

Quantitative Techniques play a crucial role in decision science by providing a scientific approach to solving management problems and aiding managers in making informed decisions. However, they have limitations such as assumptions of linearity, data availability, and complexity in modeling real-world scenarios.

Decision Science is significant as it applies a scientific approach to solving management problems, helping managers make optimal decisions. It includes mathematically oriented techniques and is recognized as a discipline in business, contributing to increased efficiency and productivity.

<p>Quantitative Techniques, also known as Decision Science or Operations Research, are scientific methods used to analyze and solve management problems. They are mainly utilized in businesses to enhance efficiency and productivity.</p> Signup and view all the answers

<p>Quantitative Techniques are an integral part of Decision Science, providing mathematical methods to solve management problems and aid in decision-making. Their significance lies in their application within businesses to improve efficiency and productivity.</p> Signup and view all the answers