Quantitative Management - Myth and Reality
Today measures and numbers have become essential inputs to any decision, whether it is personal decisions, organizational decisions, or decisions by experts like doctors. This has significantly improved the ease of taking decisions as well as the objectivity of decision making. People today can look at the performance numbers for their MPs before they vote, doctors have many vital measures and counts that they look at before they diagnose or prescribe remedy, managers have many performance numbers that they can look at before they take their decision. But like all good things, this has some bad side effects as well. The sheer availability of so many numbers and the over-dependence on ‘objectivity’ sometimes lulls us into letting numbers take its own decision. Here I have attempted to list down some cautions that we need to exercise to avoid the common pitfalls of over-dependence and misuse of data. It’s mostly written in the context of management decision making, with occasion...