Quantitative Techniques : Definition, Role, Features, Importance, Limitations & More
The term Quantitative Techniques (QT) describes the discipline that is focused on the application of Information Technology (IT) for well-versed decision-making.
What is Quantitative Techniques ?
QT may be defined as those technique which provide the decision maker with a systematic means of analysis and help based on quantitative in exploring policies for achieving goals.
Definition of Quantitative Techniques
It provides a tool for scientific analysis. It offers solutions for business problems. It enables proper deployment of resources. It supports in minimizing servicing costs.
Role of Quantitative Techniques
QT is helpful enhancement to judgment. Quantitative techniques assess planning factors and alternatives as and when they arise rather than suggest courses of action.
Importance of Quantitative Techniques
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Limitations of Quantitative Techniques include, Dependence on Electronic Computer, Non-Quantifiable Factors, Wrong Estimation, Involves Time and Cost and Implementation.
Limitations of Quantitative Techniques
Quantitative techniques are also used to evaluate investments. In such a way, organizations can determine the best assets to invest in and the best time to do so.
Applications of Quantitative Techniques