Have you ever wondered how business questions such as the following are answered: What is the cheapest method (or route) to transport new vehicles from different harbours to car dealerships? Which payroll should a company purchase if the systems on offer differ with respect to price, customer support and ease of use? How can the quality of service of a manufactured product be measured? How many tellers should operate in a bank to keep the customers happy?
Quantitative management involves the use of mathematical models to solve problems such as those mentioned above in order to support and make better management decisions. Computers are used to find solutions to these models, and these solutions are verified and then applied to the original problems. The techniques can be applied in a wide variety of management areas, e.g. quality control, forecasting demand, inventory management, production management, and scheduling of resources and personnel.
Our graduates work in (among other fields) finance companies, production plants and factories, stores, logistics companies, government departments or parastatals (such as the Department of Water Affairs and Forestry, or Transnet subsidiaries). Good training in quantitative management will enable a person in a management position to analyse and manage a company’s operational functions and processes and quantitatively justify decisions using a combination of managerial and analytical skills.
Please consult the official Economic and Management Sciences Yearbook for more information regarding subject combinations and requirements.