Quantitative Techniques

Quantitative techniques is a very powerful tool, by using this we can augment our production , maximize profits, minimize costs, and production methods can be oriented for the accuomplishement of certain pre-determined objectives. Quantitative techniques used to solve many of the problems that arise in a business or industrial area. A large number of business problems, in the relatively recent past, have been given a quantitative representation with considerable degree of success. All this has attracted the students, business executives, public administrators alike towards the study of these techniques more and more in the present times.

Meaning

Quantitative techniques are those statistical and operations research programming techniques which help in the decision making process especially cocerning business and industry. These techniques involve the introduction of the element of quantities i.e,. they involve the use of numbers, symbols and other mathematical expression. The quantitative techniques re essentially helpful supplement to judgment and intuition. These techniques evaluate planning factors and alternative as and when they arise rather than prescribe courses of action. As such , quantitative techniques may be defined as those techniques which provide the decision maker with  a systematic and powerful means of analysis and help, based on quantitative data, in exploring policies for achieving pre-determined goals.