Quantitative Analysis for Management, 13/e

Summary

Quantitative analysis is a scientific approach to decision making. The quantitative analysis approach includes defining the problem, developing a model, acquiring input data, developing a solution, testing the solution, analyzing the results, and implementing the results. In using the quantitative approach, however, there can be potential problems, including conflicting viewpoints, the impact of quantitative analysis models on other departments, beginning assumptions, outdated solutions, fitting textbook models, understanding the model, acquiring good input data, hard-to-understand mathematics, obtaining only one answer, testing the solution, and analyzing the results. In using the quantitative analysis approach, implementation is not ...