The quantitative management approach is given by the mathematical school that recommends the use of computers and mathematical techniques to solve complex management issues and assist in the managerial decision-making process. Managers observe historical quantitative relationships and use quantitative techniques such as statistics, information models, and computer simulations to improve their decision making.
During World War II, the U.S and the U.K army brought together business managers, government officials, and scientists and took their help to decide on the best way to utilize the existing resources. These experts from different domains and areas used some of the mathematical and statistical approaches devised by Taylor and Gantt to solve these logistical problems. This is how the quantitative-based management perspective emerged.
The quantitative approach to management includes the application of statistics, optimization models, information models, and computer simulation to assist in the managerial decision-making process. More specifically, this approach focuses on achieving organizational effectiveness through the application of mathematical and statistical concepts.
The three main branches of the quantitative approach are:
The management science approach stresses the use of mathematical models and statistical methods for decision-making. Various mathematical tools like the waiting-line theory or queering theory, linear programming, the Program Evaluation Review Technique (PERT), the critical path method (CPM), the decision theory, the simulation theory, the probability theory, sampling, time series analysis, etc., are used in management science approach to increase the effectiveness of managerial decision-making.
Management science techniques are widely used in the following areas.
Operations management is an applied form of management science. It deals with the effective management of the production process and the timely delivery of an organization's products and services. Operations managers make use of tools like forecasting, inventory analysis, materials requirement, planning systems, networking models, statistical quality control methods, and project planning and control techniques.
Operations management is primarily used in the following areas:
A management information system (MIS) is an information system used for decision-making, and for the coordination, control, analysis, and visualization of information in an organization. Management information systems focus on designing and implementing computer-based information systems for business organizations. In simpler terms, the MIS converts raw data into information and provides the required information to each manager at the right time in the needed form.
Businesses use management information systems to increase the value and profits of the business. MIS has the capability of providing timely and appropriate information allowing the managers to make effective information-based decisions.
The ten most important qualities that define a good leader are self-awareness, interpersonal and communication skills, ethical values, organizational consciousness, self-confidence, adaptability and flexibility, imagination and creativity, focus & result-orientation, continuous self-development and accountability and ownership for his actions. These ten qualities of leadership every good leader should possess to a certain extent and must continually strive to develop them.
Have you ever resonated that there seem to be as many different ways to lead people as there have been great leaders? When we recall the success of Mahatma Gandhi, Nelson Mandela, Abraham Lincoln, Napoleon Bonaparte to Steve Jobs and Jack Welch, we also notice that they all used different approaches that were suitable to their specific situations and circumstances. Over the last century, researchers and psychologists have developed simple ways to describe the “Styles of leadership” and in this section, we will explore these commonly known leadership styles.
Team Foundation in Forming Stage
This is the first stage of team development. This is the stage when the foundation of the team is laid. During the Forming stage, team members have a high dependence on their leader for guidance. Learn the practical strategies you can use during this stage to help your team develop into a highly effective performing team.
There are four major factors in leadership called Leader, Follower, Communication, and Situation. The success of the leader is dependent on how the leader is effectively able to communicate and motivate followers to perform desired tasks using the appropriate leadership style best suited for the given situation. Interdependencies and dynamics of these four factors of leadership must be considered by a leader to be effective.
All the teams are dynamic in nature and they take time to come together, they form, develop, and grow in stages, over a period of time. Teams go through five progressive stages: Forming, Storming, Norming, Performing and Adjourning. In this article, we want to introduce you to these stages of team development and certain strategies that you can use to help the team grow and develop in each of these stages.
Quantitative Theory of Management
The quantitative management approach is given by the mathematical school that recommends the use of computers and mathematical techniques to solve complex management issues and assist in the managerial decision-making process. Managers observe historical quantitative relationships and use quantitative techniques such as statistics, information models, and computer simulations to improve their decision making.
Management theories are the recommended management strategies that enable us to better understand and approach management. Many management frameworks and guidelines were developed during the last four decades.
In this study of power, Raven identified five bases of power as coercive, reward, legitimate, referent, and expert. The 5 Types of Power can help you decide when it is appropriate to use a particular type of power in important situations. Leadership involves authority and it is very important for leaders to understand what type of power they're using.
Team leadership theory is a recent leadership theory that does not discriminate between the leader and the other team members. The approach considers contributions from each team member to be critical for organizational success. This approach focused on the overall team effectiveness and team problems are diagnosed and action is taken to remediate weakness. This approach provides for taking corrective action when the leader deems necessary.
Maslow's hierarchy of needs is a motivational theory that explains that people are motivated by five basic categories of human needs. These needs are physiological, safety, love and belonging, esteem, and self-actualization. There is a little scientific basis for this concept of a hierarchy of needs.
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