MGMT 1050 Quiz: stats book summary notes pt1

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5 Mar 2017
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Chapter 1 introduction text focuses on the use of quantitative methods to help managers make better decisions. The discussion in this chapter centered on the problem orientation of the decision-making process and an overview of how mathematical models can be used in this type of analysis. The difference between the model and the situation or managerial problem it represents is an important consideration. Mathematical models are abstractions of real-world situations and, as such, cannot capture all the aspects of the real situation. However, if a model can capture the major relevant aspects of the problem and can then provide a meaningful solution recommendation, it can be a valuable aid to decision making. One of the characteristics of quantitative analysis that will become increasingly apparent as we proceed through the text is the search for a best solution to the problem. In carrying out the quantitative analysis, we attempt to develop procedures for finding the (cid:498)best(cid:499) or optimal solution.