Quantitative Methods for Business Essay Example | Topics and Well Written Essays - 750 words

Quantitative Methods for Business - Essay Example This essay offers a comprehensive analysis of the role of the quantitative methods in ensuring economic efficiency of the management process.These methods do not just play an important role in making business decisions. There are also instrumental in estimation. Thirdly they are also a valuable tool for taking inventory of items, cost and profit. This is the unique tracking aspect of these methods. Business decision cannot be taken on a light note and hence it is absolutely that all logical and mathematical calculations are exhausted so that an optimal result can be ascertained before a final decision is implemented that will be of consequential importance to the business and the profit and or loss that subsequently endured. The process of a Quantitative Method in business is that the method gives a systematic and theoretical yet practical approach to finding solutions to pending and prospective problems. It is also important in making certain decisions that require critical thinking and analysis. This also enables an executive or a key decision maker of the business to take defining decisions that are binding on the entire business based on transparency and sound judgment through logical principles. These principles are based on a logical schematic that deals with each decision in a step by step fashion. This approach is necessary because it step of the decision making process has its own stressors and set of parameters. Quantitative methods also have an extraordinary tool in its arsenal which is numerical analysis. ... The method of quantitative analysis that is applied involves the valuation of an expected return of profit on the varying amounts of expenditures. This in turn allows one to deduce the most logical and sound method to secure the bid value and at the very same time making the most profit in the bargain. The thinking behind securing the bid value is applying linear programming to calculate the exact balance between minimum bid price and maximum profit attained using a production possibility curve as an economic function. The bid value hence must provide a profitable aspect for both the bidder and the client who requires a bid to be made. The whole aim of the Quantitative method for businesses is to foster an analytical mindset that is very important in the process of project acquisition, development, marketing, management and execution (Slater et.al, 2002, pp. 222-228). Sequelae Project management is a very volatile and demanding field of business development that requires the manager to be on the top of their game at all times. Therefore it is of paramount importance that project managers are able to utilize the complete range of skills and procedures that are prevalent in Quantitative methods for studying the business conditions. Secondly managers continuously need to associate decision making with consequential results. Thirdly they have to take a look at viable alternative. These alternatives in turn need to be assessed to see if they can be practical or theoretical and a cost benefit analysis using the Quantitative method has to be conducted. Finally the result of each alternative being theoretically applied to the projected situation has to be estimated before an

Texas City Case Study Essay Example | Topics and Well Written Essays - 2000 words

Texas City Case Study - Essay Example The gas condensed into a liquid that was ultimately ignited by an idling truck. The workers on the crew that overfilled the tank, as well as the driver of the idling truck are in this sense directly responsible for the disaster. They violated proper procedure and those failing to intervene or report these violates are culpable. This culpability is mitigated by the requirement that fatigue workers work 12 hour shifts, in the context of normative, company-led safety violations and lack of safety training, functioning alarms and other safety equipment. The driver of the truck, while perhaps the most proximate individual trigger for the disaster, is fairly neutral in terms of culpability, having no knowledge of the gas inside the tank. Laudability and culpability are mixed, though weighted more toward culpability when it comes to the government body tasked with overseeing workplace safety. OSHA, despite issuing a warning to BP before the disaster, OSHA failed to instigate comprehensive inspections. This lax attitude nullified the lastline of defense against such tragedy. Merritt, lead investigator for the CSB, said that â€Å"the drastic effects of corporate cost-cutting† caused the fire. At the time of the disaster, the company had recently merged with Arco. Low oil prices put pressure on management that ultimately resulted in the most culpable decisions leading to the disaster; lack of investment in plant safety and infrastructure, deliberate skirting of needed safety equipment and precautions, as well as staff cuts and overwork. According to the CSB, BP managers cut capital spending and spending on maintenance in the years leading to the disaster, and following years of low investment. This was, however, an industry norm at the time. Safety features such as alarms were not present or not working, while the layout