April 21, 2015

Quantitative Thinking for Management

If one says I improved a system. Then the question is by how much. How one will answers. Only if you measure a performance metric before doing the improvement and then measure it again  you can answer the question. If you measure some thing you are quantifying it. Why does one do business? For making profits through satysfying the needs of customers. Can you measure profits? Yes, Accountants measure profits. So, in business measurements are used and plans can be made to increase profits. Managers have to learn quantitative thinking so that they can say what profit they expect to make on a business transaction or investment or for period.

Financial, Cost and Management Accounting - Review Notes List

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