Classification of Quantitative Techniques: There are different types of quantitative techniques. We can classify them into three categories. They are: 1.
Mathematical Quantitative Techniques 2. Statistical Quantitative Techniques 3. Pprogramming Quantitative Techniques Mathematical Quantitative Techcniques: A technique in which quantitative data are used along with the principles of mathematics is known as mathematical quantitative techniques. Mathematical quantitative techniques involve: 1. Permutations and Combinations: Permutation mearns arrangement of objects in a definite order.
The number of arrangements depends upon the total number of objects and the number of objects taken at a time for arrangement. The number of permutations or arrangements is calculated by using the following formula:= n! n r ! Combination mearns selection or grouping objects without considering their order. The number of combinations is calculated by using the following formula:= n! n r ! 2. Set Theory:Set theory is a modern mathematical device which solves various types of critical problems. Quantitative Techniques for Business 5 School of Distance Education 3. Matrix Algebra: