Quantitative Techniques

The quantitative technique 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 accomplishment of certain predetermined 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 a 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. Scientific methods have been man's outstanding asset to pursue an ample number of activities. It is analyzed that whenever some national crisis, emerges due to the impact of political, social, economic, or cultural factors the talents from all walks of life amalgamate together to overcome the situation and rectify the problem. In this chapter, we will see how the quantitative techniques had facilitated the organization in solving complex problems on time with greater accuracy.