Quantitative Analysis for Management, 13/e

1.1 What Is Quantitative Analysis?

Quantitative analysis is the scientific approach to managerial decision making. This field of study has several different names, including quantitative analysis, management science, and operations research. These terms are used interchangeably in this book. Also, many of the quantitative analysis methods presented in this book are used extensively in business analytics.

Quantitative analysis uses a scientific approach to decision making.

Whim, emotions, and guesswork are not part of the quantitative analysis approach. The approach starts with data. Like raw material for a factory, these data are manipulated or processed into information that is valuable to people making decisions. This processing and manipulating ...