Quantitative Approach of Management Science:(better managerial decision making by using quantitative techniques)
Which is the use of quantitative techniques to improve managerial decision making.
Also known as management science.
Better managerial decision making by using quantitative techniques, such as:
The quantitative approach evolved from mathematical and statistical solutions developed for military problems during World War II. For example, one group of military officers, nicknamed the Whiz Kids, joined Ford Motor Company in the mid-1940s and immediately began using statistical methods and quantitative models to improve decision making. It involves:
- applying statistics,
- optimization models,
- information models,
- computer simulations,
- and other quantitative techniques
to management activities. such as:
budgeting, queuing, scheduling, , and similar decisions,
- budgeting, resource allocation decisions;
- work queuing, scheduling(critical-path scheduling analysis);
- inventory management: optimal inventory levels determining(economic order quantity model);
- quality control;
- other
TQM(total quality management, the basis for today’s quality-management programs)
- W. Edwards Deming and Joseph M. Juran are the most famous two advocators.
- is a management philosophy devoted to Continual Improvement and responding to Customer Needs and Expectations. The term Customer: includes anyone who interacts with the organization’s product or services, internally or externally.
- Accurate Measurements and Baselines and Standards: which using Statistical Techniques that measure every Critical Variable in the organization’s work processes, and are compared against standards to identify and correct problems.
- TQM history: The ideas and techniques was advocated in the 1950s had few supporters in the United States, but were enthusiastically embraced by Japanese organizations. As Japanese manufacturers began beating US competitors in quality comparisons, however, Western managers soon took a more serious look at Deming’s and Juran’s ideas, which became the basis for today’s quality-management programs. Total quality management, or TQM.
Quality Management:
- Intense focus on the customer.
- Concern for continual improvement. Quality management is a commitment to never being satisfied. “Very good” is not good enough. Quality can always be improved.
- Process focused.
- Improvement in the quality of everything the organization does.
- Accurate measurement.
- Empowerment of employees.