Quantitative Techniques for Business Decisions | College Homework Help

In the business world, daily aspects of living, and the actual facts, people apply quantitative techniques to help them in making various decisions. For one to effectively work in the current business firm, you should be able to apply the quantitative methods. Irrespective of the firm being government or a private organization, these techniques must apply in a reliable and confidential way. Such a course, therefore, enables the students to learn various techniques, concepts, and tools to use in business decisions. Quantitative techniques for business decisions are thus one of the most complex subjects. This is because it involves a mixture of management and mathematics which in the end makes it typical and tough.  Due to this, My Homework Writers offer the college homework help for students regardless of the educational level.

Types of Quantitative Techniques for Business Decisions

Most of the business people and managers often depend on their own instincts and experiences in making complex decisions. However, where the data involved is relatively large, then the use of quantitative techniques is applicable. In businesses, the use of quantitative techniques usually helps business decision making on production, marketing, distribution, and staff management. In addition, these techniques help business managers to foresee the conditions of their business in the near future. With this, they can easily adjust to the strategies as they require. Therefore, the following are quantitative techniques for business decisions;

• Linear programming

Almost all types of businesses usually encounter limited resources. It includes the production supplies, equipment, labor, as well as the available space. In return, this leads to less allocation of such resources which is a great challenge to all the business managers. However, the linear programming technique is the best solution for such situations. It is one common method in the analysis in terms of management and research operations.

Usually, it is a mathematical technique for determining the ways of achieving the best outcome. For instance, low costs of operation, high profits, and the matters of some constraints like supplies and limited labor. Research operators and the analyst of transportation and manufacturing often apply the linear in analyzing various aspects.  It also helps them resolve certain problems, for example, the problems involving distribution, planning, and scheduling.

• Regressive analysis

This is one popular method among the statistic individuals and the economist. The regressive analysis involves relatively difficult statistics equations in approximating the effects either one or more business factors. On the other hand, economists often apply the regressive analysis. They do so to estimate the impacts of experience and education basing on the annual earnings of the employees. The economist or the manager of a business can also apply the regressive analysis in order to estimate the expenses. For instance; estimating the impact of advertising cost depending on the profits of the organization. Analyzing the data by the use of this method can as well estimate if there is an existing correlation. In addition, it also estimates the existing relationship is significant basing on the statistics.

• Mathematical technique

Apart from calculus, there is one popular business technique which can be used in making decisions and solving problems. This technique is known as the mathematical program technique. It is very useful especially when a number of factors compel the strategic choices. By considering the problem of inventory, if the aim is only to minimize average costs, then the constraints limiting strategic choices can be eliminated. However, there can be some constraints which can limit the inventory space and the fund to spend on the inventory. At times, it can also limit the business from making the highest number of orders in a buying department.

When this happens, it becomes a major problem in minimizing the constraints. This is where the mathematical programming is applicable in seeking a better solution. Such constraints create a good business environment in which the decision makers attempt to minimize and maximize the achievable objectives.  Therefore, the nature of mathematical program technique is to minimize as well as maximize the constraints in relation to business.

• The cost analysis

The main objective of all the business managers and individuals is to make money. The of the cost analysis involves deciding the highest point of break-even whereby the profits are relatively high. When it comes to making decisions, one ought to pay more attention to the alternative development in profit-making opportunities. This is because it requires the assessment of implications of the cost of the other alternatives. However, the most significant aspect when it comes to cost analysis is developed between the variable and the fixed costs.

Quantitative Techniques for Business Decisions

Usually, there is a division of the costs into the variable and the fixed costs. This is in relation to the activity level of changes in a particular period. Generally, all the costs are termed as variables. However, the fixed cost involves the ones remaining fixed regardless of the sales and production volume.  For instance, the salary of the business manager does not change under any circumstances or due to the production volume.

• The simulation technique:

Sometimes, the management may want to know the problems affecting the business. This is where the simulation technique comes in. The application of simulation method involves the physical model manipulations. On the other hand, the simulation technique is helpful in solving difficult problems which other techniques cannot easily solve. This technique can also be applicable when the business manager is aware of the value and the factors of the equations.

Importance of Quantitative Techniques for Business Decisions

Quantitative techniques for business decisions play a vital role in making tough and complex decisions involving the business. According to My Homework Writers via college homework help, there are several importance quantitative techniques in making business decisions. So the following are some of the common importance:

• Give solutions to the business associated problems:

The quantitative techniques usually apply in various business fields including marketing, production, finance, procurement, and other fields in relation. Some of the common business problems include;

• How well the executive and the business managers can allocate the resources which are available in order to minimize or maximize the cost in a particular time
• How the business manager is able to determine the amount of labor and machines to use without being idle
• The possibility of an organization to make an arrangement of on the quantity and time of stock orders such that the total profit of the resources remains high

An easy way to solve all these problems, as well as others, is by the use of quantitative techniques.

• Provides the scientific analysis tool:

The quantitative techniques for business decisions provide the managers with a descriptive and precise scientific analysis tool. The effects and the causes of the business relations and the risks associated with its operation is one way of formulating decisions. This is by eliminating the convections and measuring the terms is both the subject and objective way to make better decisions.

• Facilitates the decision-making process:

The quantitative techniques give the business firms an opportunity to choose good action course. This usually happens when there is a presentation of data in a probability way. With the decision-making techniques, the creation of ideas and solutions is easier especially when it comes to problem analysis. One useful and important technique in initiating the process and the operations before the real performance is the simulation.

 Quantitative Techniques for Business Decisions

Its greatest importance is the fact that it allows one to know the alternative action course effects. This happens especially in a situation which involves uncertainty, or where the formulation of mathematical concepts is impossible. Also through these techniques, handling the most complex business groups variables is possible. In case of a random problem affecting the business, the examination and simulation are applicable to cope with the issue.

• Renders help in the highest allocation of resources:

The linear program technique aids in the allocation of the resources in the optimum way possible. It also helps in scheduling the problem and product mixing among others. In an industry manufacturing a variety of products, the linear program technique application is very helpful in the firm.  For instance, it helps in choosing and manufacturing the right product mix which facilitates profit maximization at a minimum cost.

• Determination of business integration reactions

With the help of quantitative techniques, the business managers can easily determine the reaction resulting from business integration systems. The product integration applies when there is a need to minimize the costs in respect to production, workforce, and inventory. Therefore, this technique is somehow complex and only applicable by some specific companies. For example, a company with large information in relation to the sales and statistical costs within a long period. Apart from the various research operations, the quantitative techniques are also important in managing individuals and making business decisions. Therefore, these techniques are usually designed to purposely investigate the ways in which the system reacts in different variations.

• Minimizes the service costs and waiting time:

The quantitative technique helps the business in minimizing its average service costs as well as the waiting time. It also analyses the possibility of including other facilities thus helping the businesses to create a profitable and right decision. In addition, the quantitative techniques help in the selection of an optimum plan. For instance, the game theory is important in determining the optimum plan in a competitive environment. It thus allows a business company to minimize its losses by coping with the high strategy. Therefore, coping with such kind of theory without any doubt enables the business to acquire a competitive benefit.

Quantitative Techniques for Business Decisions Applications

A business owner usually makes his/her own decisions under some uncertain condition. In today’s business world, nothing can be accomplished in complete confidence that one can come up with correct decisions. However, the good thing is that various quantitative techniques are there to assist business and assess various risks. These quantitative techniques, on the other hand, give the business owner a better understanding of the problems. With this, they can create the best decisions according to the available information. Therefore, the following are the ways in which businesses can apply quantitative techniques for business decisions;

• Marketing

Evaluation of the marketing campaigns often occurs due to a large amount of information. Therefore, marketers can apply quantitative techniques in various ways. It includes adjustment of the product mix, setting the budgets, adapting the preferences of the customers, and allocating various purchases.

• Scheduling and planning production

One major complex issue in business is determining the location and the size of brand facility products. Due to this, the quantitative techniques are applicable in assessing the numerous proposals. These proposals can be in terms of location, costs, transport availability, and timing. Therefore, scheduling and product planning analysis helps maximize the profits as well as meet the demand of customers.

• Agriculture

For the past years, most of the farmers use the research operational techniques. They use the decision making tree and assumptions in relation to weather forecast in deciding on the crops to plant. A number of quantitative techniques analyses find other similar applications in an organization. The owners thus learn to apply such techniques in order to provide better insight into the issues. They also apply it in the day to day decision making.

Quantitative Techniques for Business Decisions

• Finance

Most of the business managers always rely majorly on quantitative methods. They assess the investments by discounting the amount of cash flow as well as the capital return calculations. The product can thus be analyzed depending on the production costs and the contribution of profits. In addition, workers can be examined in terms of firing, hiring, and standards of productivity. This is important so as to meet the changes in the workloads. Estimation of the cash flow is one critical case for the business owners. Due to this, the quantitative methods are helpful in estimating the cash deficit and surplus. Business owners thus use the statistics and probabilistic measures in preparing profit strategies annually.

• Project management

The quantitative techniques apply widely when it comes to project management. Such techniques help in the optimization of machines allocations, time, materials, manpower, and money. Therefore, a business can schedule the projects and the quantitative techniques thus synchronizing both the workforce and material delivery.

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Quantitative Techniques for Business Decisions

In conclusion, quantitative techniques and analysis is an elementary part of all the businesses and company. In every company and business, there is always a production of a large amount of information. Therefore, the owner of such a company or business should organize all the information for the marketing and planning analysis. In general, the quantitative technique is quite a complex subject that most of the students pursue. But with the help from My Homework Writers, the quantitative technique for business decisions is now a simple task. Through the college homework help website, you can easily get in touch with our professional writers. Don’t hesitate to contact us!