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IMPORTANCE OF QUANTITATIVE TECHNIQUES IN MANAGERIAL DECISIONS Abstract The term ‘Quantitative technigues” refers to the methods used to quantify the variables in any discipline. It means the application of subjects like mathematics cna statistics, econometrics and operations research to wnele rstertal and solve problems. It is a study of the application of differential celcsulus, integral calculus and matrix algebra, measures of central tendencies, measures of averages, correlation ancl regression ete. [t also includes the application of the techniques of imandgement science such as Linear programming, Game theory, CPM and PERT analyses to business problems. The relevance and usefulness of Quantitative Techniques in seven Jinctional areas of Management are discussed in this paper. Introduction: Truly, the importance of Quantitative proficiency cannot be over emphasized to Management Professionals! This body of knowledge invelwing quantitative approaches has been given various names like- Mathematics, Business Operations Research, Decision Science and Management Science. All are concerned with rational approaches to decision making based on the scientific method. Business Statistics, AMET Journal of Management val *P.Murugesan For example, consider the following simple mathematical problem: A) “A Mayor of a town wants to improve the bus services between 2 destinations falling within his district. The destinations are 1 hour journey apart and he wants. the bus services in such a way that a traveler need not wait for more than 20 minutes time, at either side. So, how many buses are totally required =? For convenience sake assume that the buses will be operational for 24 hours continuously and also ignore lunch breaks, tea breaks etc” B) 10 black colour cards (both sides black) and 20 green colour cards (both sides green) are available in a box. Assuming you close your eyes and pick up the cards one by one, how many cards you should pick up, before you have 2 cards of the same colour ? (Answers are given at the end } Jan — June 2011 
