Quantitative Techniques as Tools for Aiding Effective Management Decision
Journal Title: Gusau International Journal of Management and Social Sciences - Year 2020, Vol 3, Issue 1
Abstract
The existing literature has provided narrative and evidence to the assertion that wrong decisions have occasioned the untimely demise of many business organisation. This paper which discusses “Quantitative Techniques as Tools for Aiding Effective Management Decisions” has been prepared to highlight the relevance of quantitative techniques in the setting of decision making within business organisations. Exploratory and descriptive desk research design which relies on relevant extant literature was adopted. The study anchors on the theory of constraints (TOC) which insists on iterative approach and removal of noticeable obstacles to decision making by adapting appropriate management practices in the context of decision making. It was clear that decisions precede and give impetus to actions to resolve business organisations’ problems in the bid to achieve nominated goals and/or objectives. The contexts of decision making in business organisations are complex and solutions to unstructured problems only need to be satisficing using the words of the doyen of decision-making Herbert Simon. On the strength of empirical literature, quantitative techniques are critically useful to making major decisions in business organisations. Therefore, the application of quantitative techniques is recommended to business organisations and government establishments to encourage their managers to as often as practically possible to use quantitative techniques to help make their managerial decisions effective.
Authors and Affiliations
Matthias O. Nkuda
Keywords
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