What is the importance of quantitative techniques?
Basis for scientific analysis– With the increase in complexities of modern business it is not possible to rely on the unscientific decisions based on...
Quantitative Methods
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What is the utility of time series analysis?
It helps in understanding past behavior- by observing data over a period of time one can easily understand what changes have been taken place in...
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What is the scope of quantitative techniques?
Production management- quantitative techniques are useful to the production management in (a) selecting the location site for a plant, scheduling and controlling its development and...
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Properties of Good Measure of Variation
Properties of Good Measure of Variation It should be simple to understand. It should be easy to compute. It should be rigidly defined. It...
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What is the significance of correlation?
Significance of correlation Most of the variables show some kind of relationship like there is relationship between price and supply and income and expenditure. With...
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What is correlation analysis?
Correlation analysis deals with the association between two or more variables. If two or more quantities vary in sympathy so that movements in one tend...
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Scatter diagram method of correlation
Scatter diagram method- This is the simplest device for ascertaining whether two variables are related is to prepare a dot chart called scatter diagram. The...
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Linear and non linear correlation
Linear and non linear correlation It is based upon the constancy of the ratio of change between the variables. If the amount of change in...
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Simple partial and multiple correlation
Simple partial and multiple correlation This depends upon number of variable studied. When only two problems are studied then it is simple correlation. When three...
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Positive or negative correlation
Positive or negative correlation This depend upon the direction of series. If both variable are increasing or decreasing in same direction than this is positive...
