Quantitative Analysis
Essay by ziadjbt • August 24, 2013 • Essay • 512 Words (3 Pages) • 2,099 Views
Why is quantitative analysis sometimes referred to as management science?
Many companies today are hiring employees that specialize in operations research and/or management science in order to apply the principles of scientific management. (Render 2007) These organizations realize the importance of scientific management as it refers to solving problems and creating growth opportunities. Quantitative analysis is sometimes referred to as
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management science and the two are used interchangeable because both apply the principals of scientific management.
Management science groups provide high-quality quantitative analysis, modeling and decision support. (Render 2007) It is considered management science because the goal is to analyze problems and opportunities by using mathematical models. In some companies the quantitative analysis group or management science group are the most experiences in using quantitative methods and technical expertise. The group has adopted objective analysis, business impact, implementation, teamwork and disciplined consultative approaches as their critical success criteria. (Render 2007)
Briefly discuss one topic area in the reading in this module that you found to be exceptionally interesting.
I found the section on the quantitative analysis approach in the first chapter to be exceptionally interesting. As a project manager I follow a similar process when a project begins. Defining the problem at the beginning of the process is similar to my discovery meeting that I hold in order to find out all the details of the upcoming project and identify the risks. It is similar to the approach of defining the problem and being sure the correct goals and objectives are set. I do the same with projects and need to be sure the scope; objectives and deliverables of a project are all obtainable and meet the customer's needs.
As I read on to developing the model, acquiring data and developing the solution, I found it similar to the planning phase of my project. In the planning phase I too have to develop a model, I call it a training
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