The role of quantitative techniques in business and industry, Some of the industrial,government and business problems which can be analysed by or approach have been arranged by functional areas as follows:
1. Finance and Accounting:
=> Dividend policies, investment and portfolio management, auditing, balance sheet and cash flow analysis
=> Claim and complaint procedure, and public accounting
=> Break -even analysis , capital budgeting, cost allocation and control, and financial planning
=> Establishing costs for by-products and developing standard costs.
2. Marketing:
=> Selection of product-mix, marketing and export planning
=> Advertising, media planning, selection and effective packing alternatives
=> Best time to launch a new product
=> Predicting customer loyalty
3. Purchasing, Procurement and Exploration:
=> Optimal buying and reordering with or without price quantity discount
=> Transportation planning
=> Replacement policies
=> Bidding policies
=> Vendor analysis
4. Production Management:
i) Facilities and Planning
=> Location and size of warehouse or new plant, distribution centers and retail outlets
=> Logistics, layout and engineering desing
=> Transportation, planning and scheduling
ii) Manufacturing:
=> Aggregate production planning, assembly line, blending, purchasing and inventory control
=> Employment, training, layoffs and quality control
=> Allocating R&D budgets most effectively
iii) Maintenance and project scheduling:
=> Maintenance policies and preventive maintenance
=> Maintenance crew size and scheduling
=> Project scheduling and allocation of resources.
iv) Personnel Management:
=> Manpower planning, wage/salary administration
=> Designing organization structures more effectively
=> Negotiation in a bargaining situation
=> Skills and wages balancing
=> Scheduling of training programmes to maximize skill development and retention.
v) Techniques and General Management:
=> Decision support systems and MIS, forecasting
=> Making quality control more effective
=> Project management and strategic planning
vi) Government:
=> Economic planning natural resources, social planning and energy
=> Urban and housing problems
=> Military, police, pollution control, etc
1. Finance and Accounting:
=> Dividend policies, investment and portfolio management, auditing, balance sheet and cash flow analysis
=> Claim and complaint procedure, and public accounting
=> Break -even analysis , capital budgeting, cost allocation and control, and financial planning
=> Establishing costs for by-products and developing standard costs.
2. Marketing:
=> Selection of product-mix, marketing and export planning
=> Advertising, media planning, selection and effective packing alternatives
=> Best time to launch a new product
=> Predicting customer loyalty
3. Purchasing, Procurement and Exploration:
=> Optimal buying and reordering with or without price quantity discount
=> Transportation planning
=> Replacement policies
=> Bidding policies
=> Vendor analysis
4. Production Management:
i) Facilities and Planning
=> Location and size of warehouse or new plant, distribution centers and retail outlets
=> Logistics, layout and engineering desing
=> Transportation, planning and scheduling
ii) Manufacturing:
=> Aggregate production planning, assembly line, blending, purchasing and inventory control
=> Employment, training, layoffs and quality control
=> Allocating R&D budgets most effectively
iii) Maintenance and project scheduling:
=> Maintenance policies and preventive maintenance
=> Maintenance crew size and scheduling
=> Project scheduling and allocation of resources.
iv) Personnel Management:
=> Manpower planning, wage/salary administration
=> Designing organization structures more effectively
=> Negotiation in a bargaining situation
=> Skills and wages balancing
=> Scheduling of training programmes to maximize skill development and retention.
v) Techniques and General Management:
=> Decision support systems and MIS, forecasting
=> Making quality control more effective
=> Project management and strategic planning
vi) Government:
=> Economic planning natural resources, social planning and energy
=> Urban and housing problems
=> Military, police, pollution control, etc
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