quantitative (adjective, quan-ti-ta-tive, \ ˈkwɑːnt̬əteɪt̬ɪv \) school (noun, school, \ skuːl \) management (noun, man-age-ment, \ ˈmænədʒmənt \)
Definition: Being one of the most modern and innovative business theories, a quantitative school of management implies a specific approach to management that involves the implementation of various quantitative techniques like computer simulations, statistics, and information models in order to improve the decision-making process. Additionally, this managing method tends to combine the classical theories of management with the behavioral science by the means of employing the mathematical data and models. This school involves several sub-branches and numerous management techniques..
In a Sentence:
- Using complex mathematical models is an essential part of the quantitative school of management. Even though being a complicated task, let’s not forget how efficient it is.
- The quantitative school of management is probably the most modern theory. It encourages managers to implement statistics, mathematics, and other quantitative methods that might help them make important decisions linked to the management problems.
Synonyms and related words: management information system, management science, operational management, system management, management science school
