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Quantitative Analysis..

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Running head: REALISTIC APPLICATION OF QUANTITATIVE ANALYSIS Realistic Application of Quantitative Analysis Name: Course: Date: 1 REALISTIC APPLICATION OF QUANTITATIVE ANALYSIS 2 Realistic Application of Quantitative Analysis We are faced by challenges, which require us to make decisions each and every day. Some of these decisions do not require a thorough analysis of the problem while some do require deep understanding of the problem. More often than not, we make our decisions based on our past experiences as well as information (Tayur, 2012) as no one wants to repeat a mistake twice or maybe we just want a different way of doing things. Quantitative analysis provides a rationale in which we can make decisions to increase hand improve performance, this method involves the use of scientific techniques that guide in identifying problems, formulating solutions and finally making the right decisions. Linear programming is one such important method that can be used to estimate the optimum outcome given some amount of restricted resources. I have a workshop that makes different types of beds. A normal bed requires 4 hours of handcrafting with only 8 hours for polishing and drying, an executive bed requires 10 hours of handcrafting and 4 hours for polishing and drying. My labor force comprises of 6 handcrafts men and four to do the polishing and drying. A normal bed usually earns me 6 dollars while an executive bed brings in 8 dollars .The maximum number of hours allocated fo ...
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