Discuss quantitative management as a contemporary approach to management.
What will be an ideal response?
During World War II, military planners began to apply mathematical techniques to defense and logistic problems. After the war, private corporations began assembling teams of quantitative experts to tackle many of the complex issues confronting large organizations. This approach, referred to as quantitative management, emphasizes the application of quantitative analysis to management decisions and problems. Quantitative management helps a manager make a decision by developing formal mathematical models of the problem. Computers facilitated the development of specific quantitative methods. These include such techniques as statistical decision theory, linear programming, queuing theory, simulation, forecasting, inventory modeling, network modeling, and break even analysis. Organizations apply these techniques in many areas, including production, quality control, marketing, human resources, finance, distribution, planning, and research and development. Despite the promise quantitative management holds, managers do not rely on these methods as the primary approach to decision making. Typically, they use these techniques as a supplement or tool in the decision process. Many managers will use results that are consistent with their experience, intuition, and judgment, but they often reject results that contradict their beliefs. Also, managers may use the process to compare alternatives and eliminate weaker options.
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Answer the following statement(s) true (T) or false (F)
1. The text defines entrepreneurship as a path of starting and growing a venture using a linear, step-by-step process. 2. The prediction and creation logics lead to opposing goals and outcomes. 3. Entrepreneurs who use the creation approach wait for extended periods of time to get what they need before taking action. 4. Prediction is the dominant logic of large, established organizations. 5. Small enterprises will almost always begin with creation.
A sector fund invests in
A) one industry. B) one kind of security?stocks or bonds. C) one foreign country, such as Spain. D) one large company, such as Microsoft.
Parties to a suit may prefer state or federal court because:
a. the law may be more favorable in one court b. the procedure may be more favorable in one court c. the judge may be more favorable in one court d. local politics may influence one court e. all of the other choices may play a role
Which of the following is an example of intangible property:
a. computers b. furniture c. land d. patents e. all of the other specific choices are correct