Professional Documents
Culture Documents
Mr. SHAHZAD CH.
Ahmer Khalid. 5382 (Group leader)
Iram Sadiq Khan. 5355
Mumtaz Sadiq Khan. 5356
Areej Humayun Malik. 5361
Waqar Ali. 5377
&
|'
'uantitative techniques are the powerful tools through which production can be
augmented, profits maximized, cost minimized and production methods can be
oriented for the accomplishment of certain pre-determined objectives. The study
of quantitative techniques is a relatively new discipline which has its wide range
of applications especially in field of agriculture and industry.
!$"(
#(""(
'UANTITATIVE TECHNI'UES can broadly be put under two groups: (a) Statistical
techniques (b) Programming techniques.
STATISTICAL TECHNI'UES:
Statistical techniques are those which are used in conducting statistical inquiry
concerning a certain phenomenon. They include all statistical methods beginning
from the collection of data till the interpretation of collected data.
PROGRAMMING TECHNI'UES:
These are the model building techniques used by the decision makers in the
modern times. They include wide variety of techniques such as linear
programming, theory of games, simulation, net work analysis and many other
similar techniques.
The following steps are generally involved in the application of the programming
techniques:
1)÷ All quantifiable factors which are pertinent to the functioning of the
business system under consideration are defined in mathematical
language: variables and parameters or coefficients.
2)÷ Appropriate mathematical expressions are formulated which describe
inter-relations of all variables and parameters. This is what is known as
formulation of mathematical model.
3)÷ An optimum solution is determined on the basis of the various equations of
the model, satisfying the limitations and inter-relations of the business
system and at the same time, maximizing profits or minimizing costs.
4)÷ The solution values of the model, obtained as above, are then tested
against actual observations. If necessary, the model is modified in the light
of such observations and the whole process is repeated till a satisfactory
model is attained.
5)÷ Finally the solution is put to work.
'UANTITATIVE TECHNI'UES
Statistical techniques
programming techniques
))
)
The various O.R techniques require a basic knowledge of statistics,
theory of probability and mathematics since the different phases of
such techniques usually cover the following:
+!$!
#!""(
"#"