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Quantitative Techniques & Methods

There are two types of techniques used in the method of research and analysis and those two techniques are qualitative and quantitative techniques.

Here we are describing about quantitative techniques that is also known as QT. in this subject, there are higher number of respondents available in the research methods and techniques. There is a clear study of hypothesis with accurate answers and the research includes surveys, questionnaires, methods, planning, respondent’s answers as well as high quality. It is expressed in terms of quantity with numeric terms and accurate measurement in terms of high quality as well as quantity.

Quantitative techniques involve the statistical tools of numerical data and specific set of data as well as requirements. It involves the data in terms of statistical tools and techniques as well as applications. It utilizes the planned approach to follow the scientific approach and an interdisciplinary action. It is a relationship for the mathematical models and also for the purpose of providing the quantitative basis of decision making and solves the problems related with quantitative analysis.

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Quantitative techniques also known as QT is not quite easy subject. Quantitative techniques and methods are most important part of management studies. Sometimes student stuck with quantitative techniques & methods related problems. Experts at Expertsmind.com are working continuously in solving quantitative methods and techniques doubts and problems of students facing in their studies. We provide instant project assistance in quantitative methods and techniques subject. Our QT experts are highly qualified and experienced and they make easy solutions for quantitative methods and techniques problems.

Advantages of Quantitative techniques;

The decision maker understands about the various components and its problems to solve the given problem. It helps in the ability to judge applicability and the solution of defining the particular problems.

The use of quantitative methods is to improve the managerial decision making.

Applications of QT(Quantitative Techniques):

Finance and accounting

To talk about the dividend policies, investment and portfolio management, analysis of cash flow, claim and complaint procedure as well as accounting, developing financial planning effectively.

Marketing

Surveys, questionnaires, selection of product mix planning of media, selection and decision of effective alternatives, effort of sales, to launch the product and predict the best loyalty.

Manufacturing

Proper planning employment quality control budgets allocation and controls of inventory all are needed in manufacturing which becomes easy with the approach of quantitative techniques.

It helps in managerial decisions approach and in case of management information system; it is a best decision support in making high quality and controls of problems.

When we study Quantitative techniques, we study the applications which we can use in agricultural planning, in allocation of proper resources and in a right place like the allocation of resources as labour, cost, capital, time, and machines and so on.

Thus Quantitative techniques help in several steps and follow certain steps while solving the problems and those are related to:

Formulating a problem in which understanding of a problem is the must where first the person will identify the problem, then define the variables to develop the solution and solve the problem. Then representing the mathematical formula for that problem and define the problems solution. The next approach is to solve the model by giving proper input to that model. Then check the validation and provide the accurate result to find the good solution. After proper validation and testing, implement the result is the last criteria which will produce the final output.

This helps manager to decide the real problems and implement the better results. It also helps the managers in understanding the problems easily and provides the solutions accordingly with taking fast decision.

It solves large and complex issues by the models of linear programming and PERT CPM. It helps in each department whether it is finance, marketing, production, portfolio management, personnel management, computers, general management, and human resource management and so on.

It deals with each subject and with proper time, proper allocation, proper uses and resources and many more. It also helped in the management of science as well as technology and management to produce high and quick results.