Briefly Discuss the Quantitative Approach to Management

question 45

Essay

Briefly discuss the quantitative approach to management.Include in your answer the distinction between management science and operations management.

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Definitions:

Work in Process Inventory

Work in process inventory includes goods partially completed in the production process, sitting between raw materials and finished goods.

Predetermined Overhead Rate

An estimated overhead rate used to allocate manufacturing overhead costs to products.

Direct Labor Cost

The total cost of wages, benefits, and other compensation for workers directly involved in the production of goods or services.

Applied Overhead

The estimated amount of overhead costs assigned to individual units of production, based on a predetermined allocation rate.