A quantitative approach is always dealing with a quantity or numbers of some sort to prove a point. With the use of quantitative approach we improve our decision making power. It is especially useful in planning and control.
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Statistical Approach
the main limitation of the quantitative approach is that many management problems especially those that involves human behaviour cannot be solved mathematically and can not be modeled
Technical appraisal of a project management requires examining if the project fulfills the task and how well it fulfills the task. This is a qualitative and quantitative approach.
Quantitative Approach provides us the mathematical & statistical, tools & techniques to optimize the managerial decision making in the areas of plaining and control. such as budgeting, scheduling, quality control etc. Normally following techniques are used Critical Path Method (CP). Linear Programming (LP). Greedy Strategy (GS). Queuing Theory. Economical Model. . . . . . etc. By UT
history and relevence of quantitative technique in business management