After reviewing the Quantitative Reasoning for Business (QRB) Overview document, I can be broadly categorized as techniques of management science—a field melding portions of economics, financial, accounting and operation and research into a pragmatic effort to help an aid into the decisions making process. As an area of study, these QRB are often identified by giving the fundamentals needed (stepping stones) to apply to each class thereafter.
In solving a problem, I might consider both qualitative and quantitative factors. For example, in term of economics, a variety of quantitative techniques have been developed to forecast future values. Future sales are the most important variable in business forecasts. Unit sales establish levels for most business activities— from purchasing and production to marketing—and knowledge about sales is a prerequisite to the budgetary and planning process. In term of financial, I might consider different investment alternatives, including certificates of deposit at a bank, investments in the stock market, and an investment in real estate. I can use quantitative analysis to determine how much my investment will be worth in the future when deposited at a bank at given interest rate for a certain number of years. In term of accounting, quantitative analysis can also be used in computing financial ratios from the balance sheets for several companies whose stock I am considering. Some real estate companies have developed computer programs that use quantitative analysis to analyze cash flows and rates of return for investment property. In term of operation and research, some companies use quantitative inventory models to determine automatically when to order additional new materials.
In conclusion, QRB has important tools to expose to a variety of successful applications. Main advantages can be gained from exposure to QRB. First, it should increase my confidence as a decision maker. This is attained after seeing how vast and various the problems are that can be solved through the application of quantitative methods. Second, a study of QRB creates problem-solving skills that will be extremely helpful when I encounter an unsolved problem, whether or not I am directly responsible for finding the answer. A final advantage will be my ability to cope with decisions, as a manager as an employee or in my personal life. Some knowledge of QRB is especially crucial to the modern manager. An effective manager must make good choices, and the ability to know where, when, and how to use QRB to make optimal decisions gives managers a definite advantage. Any exposure to QRB will teach future managers to ask the right questions and to recognize when outside help may be useful.