(Ebook) Quantitative Techniques in Management by Dr. N. D. Vohra ISBN 9780070146730, 007014673X

(Ebook) Quantitative Techniques in Management by Dr. N. D. Vohra ISBN 9780070146730, 007014673X

Decision-making is a fundamental part of the management process and it pervades the activities of every business manager. In fact it is the manager's competence as a decision-maker that enables us to distinguish between a good manager and a bad one. Modem management is adopting and applying quantitative techniques to aid the process of decision-making in an ever increasing measure. This is due to the fact that an intelligentapplication of the appropriate tools can reduce an otherwise unwieldy and complex problem to one of manageable dimensions. Of course, the quantitative techniques are expected only to supplement-and not to supplant-the manager's sense of decision-making. He can use analytical tools in a wise manner only if he comprehends fully the underlying assumptions: what the analysis achieves, what compromises the model used makes with reality, and, above all, how the conclusions derived are to be adapted to the dynamic environmental conditions. Doubtless, however, a knowledge of quantitative analysis is a boon to the manager. Besides, the inclusion of operations research/quantitative techniques in management decision-making as an integral constituent of the management curricula of nearly all universities and professional institutions, such as the Institute of Chartered Accountants of India and the Institute of Cost and Works Accountants of India, is a pointer to the great significance that this field of study has assumed in the recent past.Changes from the previous 3 editions.The chapter on Transportation and Transhipment problems has been rewritten for greater clarity and better comprehension of the concepts. It has also been extended to include a discussion on Sensitivity Analysis. Chapter 13 on Decision Analysis has also been modified.