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This document discusses quantitative techniques, specifically statistics and operations research. It defines quantitative techniques as methods that use quantitative data, numbers, symbols, and math to systematically explore policies and help with research, decision-making, and achieving goals. The document divides quantitative techniques into statistical techniques, like data collection and analysis methods, and operations research techniques, like linear programming and simulation models.
This document discusses quantitative techniques, specifically statistics and operations research. It defines quantitative techniques as methods that use quantitative data, numbers, symbols, and math to systematically explore policies and help with research, decision-making, and achieving goals. The document divides quantitative techniques into statistical techniques, like data collection and analysis methods, and operations research techniques, like linear programming and simulation models.
This document discusses quantitative techniques, specifically statistics and operations research. It defines quantitative techniques as methods that use quantitative data, numbers, symbols, and math to systematically explore policies and help with research, decision-making, and achieving goals. The document divides quantitative techniques into statistical techniques, like data collection and analysis methods, and operations research techniques, like linear programming and simulation models.
[B.Sc., M.Sc., PGDCP, MBA, DBF, PhD, UGC-NET (Mgmt.), UGC-NET (Comm.), CFA] Meaning Techniques that are being used in: Research / Statistical Enquiry, and Decision Making / Solving out the Problem / Achieving the predetermined Goals and Objectives in Business. Definition Those: Statistical & Operations Research Tech.
Provide Systematic & Powerful Means
Help in Exploring Policies
Based on Quantitative Data
Involve use of Numbers, Symbols &
Mathematical Expressions Divisions of QT QT
Statistical Operations Research or
Techniques Programming Techniques 1-5
WHAT IS STATISTICS?
Statistics is a science that helps us make better decisions in
business and economics as well as in other fields. Statistics teaches us how to summarize, analyze, and draw meaningful inferences from data that then lead to improve decisions. These decisions that we make help us improve the running, for example, a department, a company, the entire economy, etc. Statistical Techniques are those techniques, which are used in conducting the statistical inquiry concerning a certain phenomenon & includes methods from the collection of the data till the task of the interpretation of the collected data. Statistical Techniques Methods of Collecting Data Classification & Tabulation of the Data Measures of Central Tendency Measures of Dispersion Correlation Analysis Regression Analysis Time Series Analysis Index Numbers Interpolation & Extrapolation Probability Theory Sampling & Statistical Inferences Operations Research Techniques Linear Programming Waiting Line (Queuing Theory) Theory Game Theory Decision Theory Inventory Control (Theory) Network Analysis Simulation Others (Goal, Integer, Dynamic, Non- Linear, Parametric, and Quadratic Programming, Replacement and Search Theory, etc.) An Overview Operations Research: Application of Scientific Methods Provide an objective & Quantitative basis for DM Application of Science to the Solution of Problems Deals with control of System Operations Discusses how: Managerial Decisions made, Acquire & Process Data & Information, Monitor Decisions, Organize DM & DIP Extensively use Disciplines & Recent Scientific Developments Characteristics Inter-disciplinary (Team) Approach Scientific Approach Goal Oriented (Optimal Solution) Approach Decision Making Approach New Problem Discovering Approach Systems Approach