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Essay text:
Computers have facilitated the development of scientific quantitative methods.
EXAMPLES: - Statistical decision theory, breakeven analysis, simulation, for casting inventory modeling, etc.
Reasons of the limited use of approach:
Managers do not depend on the technique & use it only as supplement & a tool in decision making & the reasons are:
– Many managers will use results that are consistent with their experiences, intuition (sixth sense), and judgment and they may reject results that contradict their beliefs.
– Most managers have not been trained to use quantitative management tools...
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