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    Basis For Comparison Quantitative Decision Making Process Qualitative Decision Making Process

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    Gada Nagari
    The document summarizes key differences between quantitative and qualitative decision making processes. Quantitative processes rely on mathematical techniques and are more objective and science-based, while qualitative processes rely more on managerial judgment and experience and are more subjective. Models are then discussed as simplified representations that enable inferences about real systems while reducing risk and saving resources compared to experimenting with the real system. Finally, the document lists several application areas of operations research in business and criteria for classifying models, such as by function, structure, nature of the environment, and generality.

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    Basis For Comparison Quantitative Decision Making Process Qualitative Decision Making Process

    Uploaded by

    Gada Nagari
    24 views3 pages
    The document summarizes key differences between quantitative and qualitative decision making processes. Quantitative processes rely on mathematical techniques and are more objective and science-based, while qualitative processes rely more on managerial judgment and experience and are more subjective. Models are then discussed as simplified representations that enable inferences about real systems while reducing risk and saving resources compared to experimenting with the real system. Finally, the document lists several application areas of operations research in business and criteria for classifying models, such as by function, structure, nature of the environment, and generality.

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    The document summarizes key differences between quantitative and qualitative decision making processes. Quantitative processes rely on mathematical techniques and are more objective and science-based, while qualitative processes rely more on managerial judgment and experience and are more subjective. Models are then discussed as simplified representations that enable inferences about real systems while reducing risk and saving resources compared to experimenting with the real system. Finally, the document lists several application areas of operations research in business and criteria for classifying models, such as by function, structure, nature of the environment, and generality.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    24 views3 pages

    Basis For Comparison Quantitative Decision Making Process Qualitative Decision Making Process

    Uploaded by

    Gada Nagari
    The document summarizes key differences between quantitative and qualitative decision making processes. Quantitative processes rely on mathematical techniques and are more objective and science-based, while qualitative processes rely more on managerial judgment and experience and are more subjective. Models are then discussed as simplified representations that enable inferences about real systems while reducing risk and saving resources compared to experimenting with the real system. Finally, the document lists several application areas of operations research in business and criteria for classifying models, such as by function, structure, nature of the environment, and generality.

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    © All Rights Reserved
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    of 3

    1.

    Distinguish between quantitative and qualitative decision making process

    Basis For Quantitative Decision Making Qualitative Decision Making


    Comparison Process Process

    Based upon Mathematical techniques Managerial experience and


    judgment

    Art verses Science More of science More of art

    Skill Can be learned (requires studying Inherent and usually increases with
    the assumptions and methods of experience
    management science)

    Nature of problem Sufficiently complex Relatively simple


    to be solved

    Nature of the More objective More subjective


    method

    Used when Enough time is available to analyze Immediate decisions are needed
    the problem

    Cost Involved Substantial are not so great

    Familiarity of Has no previous experience Had experience with


    manager with
    problems similar problems

    Similarity:-

     Employed in the evaluating phase of decision making process


     Provide important information for the decision maker

    2. Why are models required?


    Importance of models:-
     Enables us to make inferences about the real situation
     save time and money than experimenting with the real situation
     Provide new insights into the real system
     Reduce/eliminate the risk
    3. Identify application areas of Operations Research in business.
    There are a lot of application areas of Operational research in business. Some of them are:
    1) Inventory control 7) Production process control
    2) Healthcare 8) Manufacturing of goods
    3) Transportation 9) Resource allocation
    4) Military 10) Distribution of goods
    5) Construction 11) Sequencing and tasks scheduling
    6) Telecommunication 12) Financial planning

    4. Briefly explain the criteria of model classification


    Models are a simplified and idealized representation of real world problems. Models can be
    classified by: - Function, Structure and Abstraction, Nature of an Environment, Extent of
    Generality
    A. Model by function: Depending on the use of the model or purpose of the model, models are
    classified as ;
     Descriptive,
     Predictive and
     Prescriptive models.
    B. Model by Structure and Abstraction: Based on the structure of the model, models are
    classified as;
     Physical or Iconic Models,
     Analog or Schematic Models and
     Mathematical or Symbolic Models
    C. Model by Nature of Environment: Depending on the environment in which the problem
    exists and the decisions are made, and depending on the conditions of variables, the models
    may be categorized as;
     Deterministic models
     Probabilistic models/ stochastic models
    D. Models by Extent of Generality:
    5. Give examples of allocation models.
     Linear programming
     Transportation models
     Assignment models

    6. Explain the milestones in the development of OR/MS/DS/SS.

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