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qualitative and quantitative approaches to decisions

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Discuss the different roles played by the qualitative and quantitative approaches to managerial decision making?

Why is it important for a manager or decision maker to have a good understanding of both of these approaches to decision making?

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Discuss the different roles played by the qualitative and quantitative approaches to managerial decision making?

Quantitative methods help managers get a sense of the economic impact of a decision, generally to profits or costs. The qualitative impacts are those that are important to business success but are not easy to quantify in dollars because there is some probabilistic element or some relationship element. For example, if you need to decide whether the throw out the scrap metal or hire a trailer ...

Solution Summary

Your response is 269 words and explains how these two approaches differ and why managers must know both. Examples are given for approaches for a potential scrap metal decision.

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