Quantitative Theory

Question 1

Category

Answer 1

Modern

Question 2

Conclusions

Answer 2

Problem identified and analyzed
Models applied
Judgement applied to results

Question 3

Lasting Impact

Answer 3

Mathematical Techniques can be used to improve decision making but must also be supported by managerial judgement
“One size fits all” policies and procedures are not effective

Question 4

Examples

Answer 4

Used to manage inventory, forcasting, resource allocation, wait times and staffing