ND Vohra's Book on Quantitative Techniques in Management: A Must-Read for Managers and Students
# Quantitative Techniques in Management: A Review of ND Vohra's Book ## Introduction - What are quantitative techniques and why are they important for management? - What is the main objective and scope of ND Vohra's book? - How is the book organized and what are the main topics covered? ## Chapter 1: Quantitative Techniques - Introduction - What are the basic concepts and types of quantitative techniques? - What are the advantages and limitations of quantitative techniques? - What are the applications of quantitative techniques in various functional areas of management? ## Chapter 2: Measures of Central Tendency - What are the measures of central tendency and how are they calculated? - What are the properties and uses of mean, median, and mode? - How to compare and interpret different measures of central tendency? ## Chapter 3: Mathematical Models - What are mathematical models and how are they classified? - What are the steps involved in developing and solving mathematical models? - What are some examples of deterministic and probabilistic models in business? ## Chapter 4: Linear Programming - Graphical Method - What is linear programming and what are its assumptions and limitations? - How to formulate a linear programming problem using objective function and constraints? - How to solve a linear programming problem using graphical method and find the optimal solution? ## Chapter 5: Linear Programming - Simplex Method - What are the advantages and disadvantages of simplex method over graphical method? - How to convert a linear programming problem into standard form and canonical form? - How to apply simplex method to solve a linear programming problem using simplex tableaus? ## Chapter 6: Transportation Model - What is transportation model and what are its assumptions and applications? - How to formulate a transportation problem using supply, demand, and cost matrices? - How to find an initial basic feasible solution using various methods such as north-west corner rule, least cost method, and Vogel's approximation method? ## Chapter 7: Assignment Model - What is assignment model and what are its assumptions and applications? - How to formulate an assignment problem using cost matrix? - How to solve an assignment problem using Hungarian method or reduced matrix method? ## Chapter 8: Network Model - What is network model and what are its assumptions and applications? - How to construct a network diagram using nodes, arcs, activities, and events? - How to find the critical path and project duration using CPM or PERT methods? ## Chapter 9: Waiting Model (Queuing Theory) - What is waiting model or queuing theory and what are its assumptions and applications? - How to describe a queuing system using arrival rate, service rate, queue discipline, and system capacity? - How to analyze a queuing system using various performance measures such as average waiting time, average queue length, average system time, average system length, etc.? ## Chapter 10: Probability - What is probability and how is it measured? - What are the axioms and rules of probability? - How to calculate probability using classical, relative frequency, or subjective approaches? ## Chapter 11: Theoretical Probability Distributions - What are discrete and continuous probability distributions and how are they characterized? - What are some common discrete probability distributions such as binomial, Poisson, geometric, etc. and how to find their mean, variance, standard deviation, etc.? - What are some common continuous probability distributions such as uniform, normal, exponential, etc. and how to find their mean, variance, standard deviation, etc.? ## Chapter 12: Probability Distribution of a Random Variable - What is a random variable and how is it classified into discrete or continuous types? - How to find the probability distribution function (PDF) or cumulative distribution function (CDF) of a random variable? - How to find the expected value, variance, standard deviation, coefficient of variation, etc. of a random variable? ## Chapter 13: Inventory Model - What is inventory model and what are its assumptions and applications? - How to classify inventory items using ABC analysis or EOQ model? - How to determine the optimal order quantity, reorder point, safety stock, total cost, etc. using various inventory models such as economic order quantity (EOQ), economic production quantity (EPQ), quantity discount model, etc.? ## Chapter 14: Game Theory - What is game theory and what are its assumptions and applications? - How to represent a game using payoff matrix or tree diagram? - How to find the optimal strategy and value of a game using various methods such as dominance principle, minimax criterion, maximin criterion, etc.? ## Chapter 15: Simulation - What is simulation and what are its advantages and disadvantages? - How to design and conduct a simulation experiment using random numbers, probability distributions, etc.? - How to analyze and interpret the results of a simulation experiment using various statistical techniques? ## Conclusion - Summarize the main points and findings of the article - Highlight the benefits and challenges of using quantitative techniques in management - Provide some recommendations and suggestions for future research and practice ## FAQs - What is the difference between quantitative techniques and operations research? - What are some of the software tools that can be used to apply quantitative techniques in management? - How to choose the appropriate quantitative technique for a given problem or situation? - What are some of the ethical issues and limitations of using quantitative techniques in management? - How to keep updated with the latest developments and trends in quantitative techniques in management?
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