Scribd
Upload
105 views

Quantitative Techniques & Operations Research: Ankit Sharma Neha Rathod Suraj Bairagi Vaibhav Thamman

This document discusses quantitative techniques and operations research. It defines quantitative analysis as collecting measurable data like revenues and wages to understand business performance. Quantitative analysts use techniques like regression analysis, linear programming, and data mining to evaluate data. Regression analysis predicts the impact of variables, linear programming optimizes resource allocation under constraints, and data mining finds patterns in large datasets. Operations research breaks problems into components, models them mathematically, derives solutions, and implements the best one. Both fields aim to improve decision-making through analytical problem-solving.

Uploaded by

Abhijeet Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
105 views

Quantitative Techniques & Operations Research: Ankit Sharma Neha Rathod Suraj Bairagi Vaibhav Thamman

This document discusses quantitative techniques and operations research. It defines quantitative analysis as collecting measurable data like revenues and wages to understand business performance. Quantitative analysts use techniques like regression analysis, linear programming, and data mining to evaluate data. Regression analysis predicts the impact of variables, linear programming optimizes resource allocation under constraints, and data mining finds patterns in large datasets. Operations research breaks problems into components, models them mathematically, derives solutions, and implements the best one. Both fields aim to improve decision-making through analytical problem-solving.

Uploaded by

Abhijeet Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 12

Quantitative Techniques

& Operations Research

Ankit Sharma
Neha Rathod
Suraj Bairagi
Vaibhav Thamman
Quantitative Techniques

Quantitative analysis is the process of collecting and evaluating measurable and


verifiable data such as revenues, market share, and wages in order to understand
the behavior and performance of a business. In the past, business owners and
company directors relied heavily on their experience and instinct when making
decisions. However, with the era of data technology, quantitative analysis is now
considered a better approach to making informed decisions.

A quantitative analyst’s main task is to present a given hypothetical situation in


terms of numerical values. Quantitative analysis helps in evaluating performance,
assessing financial instruments, and making predictions. It encompasses three
main techniques of measuring data: regression analysis, linear programming, and
data mining.
Quantitative Analysis Techniques

 Regression Analysis
Regression analysis is a common technique that is not only employed by business
owners but also by statisticians and economists. It involves using statistical
equations to predict or estimate the impact of one variable on another. For
instance, regression analysis can be used to determine how interest rates affect
consumers’ behavior regarding asset investment. One other core application of
regression analysis is establishing the effect of education and work experience on
employees’ annual earnings.
In the business sector, owners can use regression analysis to determine the impact
of advertising expenses on business profits. By using this approach, a business
owner can establish whether there’s a positive or negative correlation between two
variables.
 Linear Programming
Most companies occasionally encounter a shortage of resources such as facility
space, production machinery, and labor. In such situations, company managers
must find ways to allocate resources effectively. Linear programming is a
quantitative method that determines how to achieve such an optimal solution. It is
also used to determine how a company can make optimal profits and reduce its
operating costs, subject to a given set of constraints, such as labor.
 Data Mining
Data mining is a combination of computer programming skills and statistical
methods. The popularity of data mining continues to grow in parallel to the
increase in the quantity and size of available data sets. Data mining techniques are
used in evaluating very large sets of data, with the aim of finding patterns or
correlations concealed within them.
Operations Research
Operations research (OR) is an analytical method of problem-solving and decision-making
that is useful in the management of organizations. In operations research, problems are
broken down into basic components and then solved in defined steps by mathematical
analysis.
The process of operations research can be broadly broken down into the following steps:
• Identifying a problem that needs to be solved.
• Constructing a model around the problem that resembles the real world and variables.
• Using the model to derive solutions to the problem.
• Testing each solution on the model and analyzing its success.
• Implementing the solution to the actual problem.

Disciplines that are similar to, or overlap with, operations research include statistical
analysis, management science, game theory, optimization theory, artificial intelligence and
network analysis. All of these techniques have the goal of solving complex problems and
improving quantitative decisions.
Characteristics of Operation Research
 Optimization- The purpose of operations research is to achieve the best
performance under the given circumstances. Optimization also involves
comparing and narrowing down potential options.

 Simulation- This involves building models or replications in order to try out and
test solutions before applying them.

 Probability and statistics- This includes using mathematical algorithms and


data to uncover helpful insights and risks, make reliable predictions and test
possible solutions.
Scope of Quantitative Techniques
Finance Budgeting and investments
• Cash flow analysis long range capital requirements investment portfolios
dividend policies, etc.
• Credit policies credit risks and delinquent account procedures-claim and
complaint procedures.

Purchasing Procurement and Exploration.


• Determining the quantity and timing of purchase of raw materials machinery etc.
• Rules for buying and supplies under varying prices
• Bidding policies
• Equipment replacement policies
• Determination of quantities and timings of purchases.
• Strategies for exploration and exploitation of new material sources.
Production Management
• Location and size of warehouses distribution centers retailoutets etc.
• Distribution policy.
• Production scheduling and sequencing
• Project scheduling and allocation or resources.
• Number and location of factories were houses hospitals and their sizes.

 Marketing Management
• Product selection timing competitive actions.
• Advertising strategy and choice of different media of adverusing
• Number of salesman frequency of calling of account etc
• Effectiveness of market research.
• Size of the stock to meet the future demand
Personal Management
• Recruitment policies and assignment of jods.
• Selection of suitable personnel on minimum salary.
• Mixes of age and skills.
• Establishing equitable bonus systems.

 Research and Development.


• Determination of areas of concentration of research and development
• Reliability and evaluation of alternative designs
• Control of developed projects
• Co-ordination of multiple research projects
• Determination of time cost requirements
Advantages of Quantitative Research

 The quantitative approach allows you to reach a higher sample size.


 You can collect information quickly when using quantitative research.
 Quantitative research uses randomized samples.
 Results duplication is possible when using quantitative research.
 Quantitative research can focus on facts or a series of information.
 The research performed with the quantitative approach is anonymous.
 Quantitative research doesn’t require direct observation to be useful.
Disadvantages of Quantitative Research

 This method doesn’t consider the meaning behind social phenomena.


 Every answer provided in this research method must stand on its own.
 Quantitative research sometimes creates unnatural environments.
 Some efforts at randomization will not create usable information.
 There is no access to specific feedback.
 Quantitative research studies can be very expensive.
 Answer validity always creates a cloud of doubt on the final results.
 Individual characteristics don’t always apply to the general population.
THANK YOU

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy