What is the scope of quantitative techniques?


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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 designing of plant layout. (b) Locating within the plant and controlling the movements of required production material and finished goods inventories and (c) scheduling and sequencing production by adequate preventive maintenance with optimum product mix.

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Personnel management- quantitative techniques are useful to personnel management to find out (a) optimum manpower planning, (b) the number of employees to be maintained on the permanent or full time roll, (c) the number of persons to be kept in a work pool intended for meeting the absenteeism, (d) in studying personnel recruiting procedures, accidents rates, labor turnover.

 

Marketing management- Quantitative techniques equally help n marketing management to determine (a) warehouse distribution point and where warehousing should be located, their size quantity to be stocked and the choice of customers, (b) The optimum allocation of sales budget to direct selling and promotional expenses, (c) The choice of different media of advertising and bidding strategies and (d) The customer preferences relating to size, color, packaging et for various products as well as to outbid and outwit customers.

 

Financial management Quantitative techniques are also very useful to the financial management in (a) finding long range capital requirements as well as how to generate these requirements, (b) Determining optimum replacement policies (c) working out a profit plan for the firm (d) developing capital investment plan, (e) estimating credit and investment risk

 

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We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to contact@bms.co.in.

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