Application of Quantitative Techniques and Statistics

1. Sales decisions – A manager uses ‘Variance’ to make sales decisions. It is easier to make plans of business. It is a strategy to cope up with uncertainty.

2. Know customers performance – A manager of a firm needs to analyze the statistical results of a market survey, also to know the more valuable customers, when the firm prepares to introduce a new product.

3. Futuristic – Statistical assumptions are used by a manager to predict the future status of an organization.

4. Disintegrate the separate effects of several different factors – The concept of ‘Regression Analysis’ is used by manager to analyses the demand of a product in the market.

For e.g. The demand of ice-cream in a community can be expected

to depend upon the :

Price of ice cream.The level of average income of people .

The no. of children in a community .The average temperature .

Topic 2-Utilisation of Mathematics in an organization

Profile

• Organization’s name - FMS-IRM (Estd. 1988)• Type - Educational Institution , AICTE Approved, Ministry of HRD, Government of India• Founder - Late Dr. Thomas Cangan• Location - Tagore Marg, Mansarovar, Jaipur-302020,(RAJ) • Courses offered - PGDM-BM & PGDM-RM• Admission Criteria - MAT Conducted by AIMA, G.D. & P.I.• No. of core faculty - 24

1. Non-academic

• No. of rooms in the building• Length, width & height of different rooms• No. of chairs & tables in the classrooms• Walking space inside & outside the building• Dimensions of stairs & space for staircase• Space for lift• Dimensions of main gate• Parking space• Dimensions of wires & pipelines to be fitted

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Group members • Aditya Tak• Avi kumar • Anuj Mulawat• Anil Mahirchandani• Pushpendra Sharma• Deepak