Discuss the different roles played by the qualitative and quantitative approaches to

managerial decision making_ Why is it important for manager or decision maker to

have good understanding of both of these approaches to decision making? The
analysis phase of decision making includes Qualitative analysis is based primarily on
and decision-making effectiveness is usually increased by Quantitative analysis
judgment, experience_ and data approach are usually increased by quantitative
facts_ data and mathematical expressions experience; intuition; and formulas
intuition, experience and data judgment; experience _ and intuition

Answer:

 The Quantitative approach plays a role in decision making as it

involves the use of mathematical language to ease the decision-making
process in a management. Where a Manager exhibits an absence of
sufficient experience Quantitative approach can be settled for. The
quantitative approach properly works for dispassionately quantifiable
issues

For example, where a Manager wants to properly share certain resources

among departments, he makes sure he gets a department that will yield profit.
This clearly shows the use of the mathematical methodology.

 The Qualitative approach also plays a role in decision making in an

Organization as it requires experiential information on the different
variables associated with a choice. It is closely related to social
sciences. It effectively deep dive into what prompts a person to act the
way he does.

For example, where dispute arise in an Organization, the Manager is

expected to apply this approach to understand how the complexity in the
workings of the Organization.
A Manager needs to have good understanding of both
approaches because Managers are in a position of leadership for the smooth
running of the Organization. They should be able to take on well educated
choices that contribute toward the achievement of their organizations.
4. A business model is an establishment's main strategy for profitably doing
business. Models basically involve information like products or services the
business plans to sell, target markets, and any anticipated expenses. The
two levers of a business model are pricing and costs.
What are characteristics or benefits derived from a model?
The following are the characteristics or benefits derived from a model:

 Identify your specific audience

 Establish business processes
 Record key business resources
 Develop a strong value proposition
 Determine key business partners
 Create a demand generation strategy
 Leave room for innovation

A business model can be defined as a document where the operating

steps of a company will be defined.
This document is essential for the effective positioning of an organization in
a sector and for coordinating business relationships with its stakeholders
(suppliers, customers, investors) in order to generate value and profitability.
This document must be structured according to the company's
segment and its identity, as it is the mapping of how the company operates
in the market, for example, how it works, how it generates value for
customers, how it profits, etc.
Some steps are essential in developing the business model, they are:

 Identification of target audience

 Resources needed by the business

 Processes inherent to the business

 Value offer

 Main partners
The business model is a step that precedes the business plan,
and supports its construction, as it structures the organizational activities so
that strategic actions can be effectively implemented.
Some examples of business models are: franchises, physical stores and
advertising stores