Integral Model of Management Support: Review of Quantitative Management Techniques

Abstract

In this paper, an overview of existing methods and techniques of quantitative management has been elaborated, which can be used for the definition of an integral model for management support. A special focus is on the needs of management in terms of a gradual, scientific approach to the organization's management processes, appropriate methodologies and techniques, validation and verification tools for defined models. The subject of the research is an analysis of the scope and parameters necessary for defining an integral model for support of management in profit-oriented companies. In addition to analysis of the input parameters for the model and analysis of the output parameters from the model, the subject of the research includes defining the ways to implement the model in everyday business practice. A more detailed analysis of a set of potential approaches for defining a quantitative model, with the help of the concept of "machine" and "statistical" learning. The above concepts are necessary for modelling the relationship between all previously analyzed parameters in order to achieve proposed goals. The choice of a reliable model defined by quantitative research should be carried out using the methods and techniques presented. Key advantage of using quantitative management is reflected in the maneuvering power of multiple functions that reflect real business processes, that is, in the correct modelling of real occurrences in business. In this way, the exploitation of all variables is enabled, which have a sufficiently high level of correlation with main business outcomes.