Quantitative Techniques

(Statistics and Operations Research)

Dr. Umesh Solanki

[B.Sc., M.Sc., PGDCP, MBA, DBF, PhD,
UGC-NET (Mgmt.), UGC-NET (Comm.), CFA]
 Meaning
 Techniques that are being used in:
 Research / Statistical Enquiry, and
 Decision Making / Solving out the
Problem / Achieving the predetermined
Goals and Objectives in Business.
 Definition
Those:
 Statistical & Operations Research Tech.

 Provide Systematic & Powerful Means

 Help in Exploring Policies

 Based on Quantitative Data

 Involve use of Numbers, Symbols &

Mathematical Expressions
 Divisions of QT
QT

Statistical Operations Research or

Techniques Programming Techniques
 1-5

WHAT IS STATISTICS?

 Statistics is a science that helps us make better decisions in

business and economics as well as in other fields.
 Statistics teaches us how to summarize, analyze, and draw
meaningful inferences from data that then lead to improve
decisions.
 These decisions that we make help us improve the running,
for example, a department, a company, the entire economy,
etc.
 Statistical Techniques are those techniques, which are used
in conducting the statistical inquiry concerning a certain
phenomenon & includes methods from the collection of the
data till the task of the interpretation of the collected data.
 Statistical Techniques
 Methods of Collecting Data
 Classification & Tabulation of the Data
 Measures of Central Tendency
 Measures of Dispersion
 Correlation Analysis
 Regression Analysis
 Time Series Analysis
 Index Numbers
 Interpolation & Extrapolation
 Probability Theory
 Sampling & Statistical Inferences
 Operations Research Techniques
 Linear Programming
 Waiting Line (Queuing Theory) Theory
 Game Theory
 Decision Theory
 Inventory Control (Theory)
 Network Analysis
 Simulation
 Others (Goal, Integer, Dynamic, Non-
Linear, Parametric, and Quadratic
Programming, Replacement and Search
Theory, etc.)
 An Overview
Operations Research:
 Application of Scientific Methods
 Provide an objective & Quantitative basis for
DM
 Application of Science to the Solution of
Problems
 Deals with control of System Operations
 Discusses how: Managerial Decisions made,
Acquire & Process Data & Information,
Monitor Decisions, Organize DM & DIP
 Extensively use Disciplines & Recent
Scientific Developments
 Characteristics
 Inter-disciplinary (Team) Approach
 Scientific Approach
 Goal Oriented (Optimal Solution) Approach
 Decision Making Approach
 New Problem Discovering Approach
 Systems Approach