CHECK THESE SAMPLES OF Quantitative Decision Making
...? This paper examines two fundamental approaches to decision making: the rational theory and the prospective theory and how they relate to decision making in making demands during international mediation in inter-state conflicts. In the rational theory, the players identify the best results for the highest number of people before taking decision. The prospect theory on the other hand involves a situation where parties in negotiations seek the best results for themselves by consolidating their strengths and taking risk where they have weaknesses. This aims at maximizing self-interest goals of each party. The paper uses the two concepts to...
12 Pages(3000 words)Research Paper
...? What is quantitative analysis? Define and Discuss Quantitative Analysis. Online definition of quantitative analysis is quoted as: “The use of especially computerized mathematical analysis to support decision making, make business forecasts or investment recommendations, etc” Quantitative analysis is a technique by virtue of which the financial success of an organization can be assessed. It is often referred to as the mathematical method of analysis. The different statistical techniques incorporated within it give meaningful shape to otherwise haphazard and raw data related to an organization. This meaningful representation of data enables decision making and future forecasting easier for managers of an organization. Requirements... , the...
1 Pages(250 words)Essay
...?[Your full full June 11, Quantitative Decision Making Quantitative decision making is the typeof decision making, which helps managers improve the business processes by improving overall quality of all business related decisions. Decision analysis is an important business activity, which makes managers identify and assess important aspects of any specific decision. “In business, graphical representations of decisions are usually formally presented to decision makers and stakeholders along with prescribed...
1 Pages(250 words)Essay
...?Toyota Industries Corporation (Steel Industry) Organizations especially business establishments need forecasting and the management in particular should engage in this process because what will be happening today depends upon the future. “The purpose of forecasting is to inform decision making (to help shape future outcomes), not to predict the future” (Hope). Toyota is one of the leaders in the automobile and steel manufacturing industry. Currently, the company’s financial position is weak and its external environment is struggling. One of the cited reasons is the major earthquake and large tsunamis that hardly-hit Japan last March 2011. The catastrophe had halted its domestic production and suspended...
2 Pages(500 words)Essay
...of forecasting. The first approach is subjective or qualitative where factor’s such as the manager’s intuition, experience, emotions and opinion are utilized in reaching a forecast. The second quantitative approach involves the use of some historical data coupled with the use of some mathematical models in order to predict possible future outcomes. The qualitative approach is often useful in estimating sales for certain new consumer products or services that rely heavily on customer needs and preferences. Under the qualitative approach to forecasting there are four different types of methods used (Heizer, et. al.): Jury of executive Opinion- the opinion of a group of high level managers or decision...
2 Pages(500 words)Essay
...?Quantitative Decision Making-Inventory Control Models Managing sufficient inventory levels is a tricky issue, which managers need to handle without putting at risk cash efficiency. It is a question of balancing act as per the company needs by balancing the necessity to minimize inventory cost to the vehicle. It is seen that inventory cost takes a jump upward with the availability of the vehicle. On the contrary no cost reduction occurs if huge inventory is maintained as per the increased transport availability rate (Skipper 1). Inventory control is just like making a target of the moving thing. Certain indicators tell us how inventory levels have been managed, as stated...
2 Pages(500 words)Essay
...Quantitative Decision Making Section 1 Alternative Annual revenues Annual costs Annual profits/losses Build new, no research 77,520 50,000 27,520Franchise, no research
50,000
30,000
20,000
Build new, favourable market
94,200
53,000
41,200
Franchise, favourable market
50,000
33,000
17,000
Build new, unfavourable market
45,000
53,000
-8,000
Franchise, unfavourable market
50,000
53,000
-3,000
Section 1.2
The optimal strategy for the city council to pursue with regard to the decision on the new out door sports centre is as follows (indicated on the decision tree with 'true'):
1. To undertake market research;
2. If the favourable state of market demand is...
4 Pages(1000 words)Research Paper
...Using Nonlinear Programming and Queuing in Quantitative Decision Making
Abstract
This paper discusses the key concepts and issues that are involved in methods used for Quantitative Decision Making. It primarily focuses on the challenges of using the methods discussed in Quantitative Decision Making. The methods discussed are Nonlinear Programming, Decision Analysis, Forecasting, and Queuing. Each subsection begins with a definition or introduction to the corresponding method. The subsection on Nonlinear Programming included a discussion of profit graphs with...
10 Pages(2500 words)Essay
...
Quantitative Decision Making-Transportation
The term balanced transportation problem is referred to the situation when the total supply of a particular product equals the total demand of it. Transportation Problem is the name given to shipment of a product between the place of production and its destination. The transportation of numerous amounts of similar products is the main objective of transportation problem which are primarily stocked up at an assortment of origins and to a number of destinations in order to keep the total cost of transportation as minimum as possible (Jacobs and Chase, 2008).
An innovative approach namely the dual-matrix approach will be used to address the...
2 Pages(500 words)Essay
... better to have information on amounts of funds that are available to purse either of the alternatives.
Generally, to arrive at the appropriate decision, it is important to employ different strategies. For example, since the current since includes numerical data, it is appropriate to utilize quantitative methods to make the right decisions. This is because decision-making brings into consideration numerous factors and it is crucial to understand the factors before making the decisions.
Works Cited
Peter, Keneth. Decision Making Processes. Oxford: Oxford Publishers, 2011. Print.... General Analysis and Comment Al-Karim Inc. understands the importance of appropriate decision making especially on those...
1 Pages(250 words)Assignment
