Quantitative Methods
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Quantitative Methods

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Many business problems cannot be solved without the use of mathematical methods. All businesses collect masses of data during the course of their daily activities. This data must be organised and analysed in such a way that all of the key decision-making staff can make sense of it.

Data collection requires techniques which are often sophisticated. Collected data must then be analysed; the business must have some idea of the meaning of their data. The data can be used to diagnose the problems faced by the business.

When business problems have been diagnosed, then a whole range of techniques (many of them mathematical) can be used to help provide solutions to problems. This is why this course is inevitably concerned with the techniques used for problem solving.

But as you will see from the above, the concern does not just end at the use of the technique, it extends back to the collection of the data required by the technique, and the inevitable questions raised about whether the correct methods are being used.

The importance of the above is to prevent you from making the mistake of thinking that QM will merely consist of a set of techniques. Techniques are important, but the reasons why we use them, and the degree of success we can expect from them are much more important.

Overview

Analysis and organisation of data acquired during the course of a business's daily activities, using mathematical methods, so that all key decision-making staff can make sense of it and apply it to problem-solving.