Quantitative Techniques Calicut University PDF Summary
Dear readers, here we are offering Quantitative Techniques Calicut University PDF to all of you. Quantitative techniques may be defined as those techniques which provide the decision-makers with a systematic and powerful means of analysis, based on quantitative data. It is a scientific method employed for problem-solving and decision-making by the management.
With the help of quantitative techniques, the decision-maker is able to explore policies for attaining the predetermined objectives. In short, quantitative techniques are inevitable in the decision-making process. We hope the Quantitative Techniques Calicut University PDF will prove very beneficial for you.
Quantitative Techniques Calicut University PDF
Classification of Quantitative Techniques:
There are different types of quantitative techniques. We can classify them into three categories. They are:
- Mathematical Quantitative Techniques
- Statistical Quantitative Techniques
- Programming Quantitative Techniques
Mathematical Quantitative Techniques:
A technique in which quantitative data are used along with the principles of mathematics is known as mathematical quantitative techniques. Mathematical quantitative techniques involve:
1. Permutations and Combinations:
Permutation means the arrangement of objects in a definite order. The number of arrangements depends upon the total number of objects and the number of objects taken at a time for arrangement.
2. Set Theory:-
Set theory is a modern mathematical device which solves various types of critical problems.
3. Matrix Algebra:
Matrix is an orderly arrangement of certain given numbers or symbols in rows and columns. It is a mathematical device for finding out the results of different types of algebraic operations on the basis of the relevant matrices.
It is a powerful device developed over matrix algebra. This device is used for finding out values of different variables connected with a number of simultaneous equations.
It is a mathematical process of finding out changes in the dependent variable with reference to a small change in the independent variable.
Integration is the reverse process of differentiation.
7. Differential Equation:
It is a mathematical equation which involves the differential coefficients of the dependent variables.
Statistical Quantitative Techniques:
Statistical techniques are those techniques which are used in conducting statistical enquiry concerning certain Phenomena. They include all the statistical methods beginning from the collection of data to the interpretation of those collected data.
Quantitative Techniques Calicut University PDF
Statistical techniques involve:
1. Collection of data:
One of the important statistical methods is the collection of data. There are different methods for collecting primary and secondary data.
2. Measures of Central tendency, dispersion, skewness and Kurtosis
Measures of Central tendency is a method used for finding the average of a series while measures of dispersion are used for finding out the variability in a series. Measures of Skewness measure asymmetry of distribution while measures of Kurtosis measure the flatness of peakedness in a distribution.
3. Correlation and Regression Analysis:
Correlation is used to study the degree of relationship among two or more variables. On the other hand, the regression technique is used to estimate the value of one variable for a given value of another.
4. Index Numbers:
Index numbers measure the fluctuations in various Phenomena like price, production etc over a period of time, They are described as economic barometers.
5. Time-series Analysis:
Analysis of time series helps us to know the effect of factors which are responsible for changes.
6. Interpolation and Extrapolation:
Interpolation is the statistical technique of estimating under certain assumptions, the missing figures which may fall within the range of given figures. Extrapolation provides estimated figures outside the range of given data.
7. Statistical Quality Control
Statistical quality control is used for ensuring the quality of items manufactured. The variations in quality because of assignable causes and chance causes can be known with the help of this tool. Different control charts are used in controlling the quality of products.
8. Ratio Analysis:
Ratio analysis is used for analyzing financial statements of any business or industrial concerns which helps to take appropriate decisions.
9. Probability Theory:
The theory of probability provides numerical values of the likely hood of the occurrence of events.
10. Testing of Hypothesis
Testing of hypothesis is an important statistical tool to judge the reliability of inferences drawn on the basis of sample studies.
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