In this article we will discuss about the evolution and approaches to management thought. Evolution of Management Thought: Art of management is as old as human civilisation. Before the twentieth century there was no systematic study of the subject. Management was considered to be a personal ability. Management was a kind of 'trick' of businessmen which could not be studied [...]
In this article we will discuss about the concepts of heuristic model and heuristic programming used in managerial decision making. Heuristic Model: The term 'heuristic' means serving to discover or to stimulate investigation, in a literary sense. In its technical sense, heuristic is frequently associated with the simulation of human problem-solving techniques by means of computers. Heuristic model refers to [...]
The following points highlight the two important mathematical models used by a corporate strategy analyst to understand the long-term financial impact on the organisation. Model # 1. Quantitative and Qualitative Model: In many problems, the numerical or quantitative aspects of the various components of the problem are the most important. When we build a mathematical model and put into symbols [...]