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:

Accounting

The systematic recording, analyzing, and reporting of financial transactions pertaining to a business.

Unity of Command

This principle asserts that each employee should receive orders from only one superior to avoid confusion and conflicts in command.

Hierarchically Connected

Organized or structured in a way that entities are ranked one above the other according to status or authority.

Hierarchy of Authority

An organizational structure where entities are ranked according to levels of power and authority, usually from highest to lowest.