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Quantitative research is a research strategy that focuses on quantifying the collection and analysis of data. [1] It is formed from a deductive approach where emphasis is placed on the testing of theory, shaped by empiricist and positivist philosophies. [1]
Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities. It is closely related to management, economics, business, engineering, management consulting, and other ...
Scientific management is a theory of management that analyzes and synthesizes workflows. Its main objective is improving economic efficiency, especially labor productivity. It was one of the earliest attempts to apply science to the engineering of processes to management. Scientific management is sometimes known as Taylorism after its pioneer ...
Quantitative analysis is the use of mathematical and statistical methods in finance and investment management. Those working in the field are quantitative analysts ( quants ).
Managerial economics is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units to assist managers to make a wide array of multifaceted decisions.
These methods are usually applied to short- or intermediate-range decisions. Examples of quantitative forecasting methods are [citation needed] last period demand, simple and weighted N-Period moving averages, simple exponential smoothing, Poisson process model based forecasting [14] and multiplicative seasonal indexes.
Different approaches were tried, but the shortcomings of traditional forecasting methods, such as theoretical approach, quantitative models or trend extrapolation, quickly became apparent in areas where precise scientific laws have not been established yet.
Russell Lincoln Ackoff (February 12, 1919 – October 29, 2009) was an American organizational theorist, consultant, and Anheuser-Busch Professor Emeritus of Management Science at the Wharton School, University of Pennsylvania. Ackoff was a pioneer in the field of operations research, systems thinking and management science .