Quantitative Methods for Business bridges academic theory and real-world corporate application. This book provides a clear, comprehensive guide to the essential mathematical and statistical tools required in modern commerce. It transforms dense mathematical formulas into accessible, practical frameworks for students and practicing managers alike. This book demystifies quantitative analysis by focusing on logic, application, and interpretation rather than raw calculation. Every chapter grounds complex methodologies in actual corporate scenarios. Readers will learn not just how to compute a number, but what that number means for operational strategy, financial risk, and market positioning. This book, Quantitative Methods for Business, bridges the gap between raw data and actionable strategy. It equips modern managers and students with the core mathematical, statistical, and programming tools required to transform complex datasets into clear, evidence-based business decisions. Designed for both academic and practical application, the text breaks down advanced analytical frameworks into an accessible, step-by-step format. The text describes the many quantitative methods developed over the years, explains how they work, and shows how the decision maker can apply and interpret them. This book is written with the nonmathematician in mind.
Dr. Petr Rozehnal is a pioneering scholar and academic at the Faculty of Economics (business and management), specializing in IT governance, business-IT alignment, and virtual reality (VR) in education. He bridges theoretical management with immersive tech to prepare students for themodern digital economy. His academic journey blends data science with practical business strategy. Beyond traditional academia, he is celebrated for developing interactive VR university modules, such as 3-D educational rooms for finance and marketing. He has published vital research on integrating IT governance models (such as COBIT) into small and medium-sized enterprises. He co-authored in-depth studies evaluating the use of statistical and hybrid forecasting models in real-world business practice. Along with colleagues, he has explored how "desktop VR" paradigms can act as a facilitator to strengthen students' learning retention and analytical skills. Dr. Petr Rozehnal sits at the crossroads where raw data meets corporate strategy. Inside his office at the Faculty of Economics, the chalkboard is rarely covered in traditional financial formulas. Instead, it features intricate maps of information fiows, cloud architecture schemas, and predictive hybrid demand forecasting models. To him, modern business commerce is no longer just about buying and selling; it is an interconnected ecosystem driven by digital infrastructure. The book stems from a simple, frustrating observation: business students frequently graduate understanding economic theory, but crumble when managing actual corporate IT frameworks. Dr. Rozehnal wrote this definitive text to bridge that exact gap. He integrated complex topics like Business Process Management (BPM) and COBIT IT Governance into a highly readable masterclass for the next generation of commerce leaders.
Preface CHAPTER 1 Quantitative Techniques Meaning And Definition Mathematical Quantitative Techniques Statistical Quantitative Techniques Programming Techniques Uses of Quantitative Techniques CHAPTER 2 Correlation Analysis Introduction Significance of Correlation Analysis Methods of Measuring Correlation CHAPTER 3 Quantitative Approach To Decision Making Model Classifications Linear Programming Models Minimization Models CHAPTER 4 Probability Introduction Experiment, Sample Space, Event Different Approaches To Probability Theory Calculating Probabilities In Complex Situations Revising Probability Estimate Summary CHAPTER 5 Hypothesis Testing Introduction Concept And Meaning Importance of Hypothesis In Marketing Research Concept of Hypothesis Testing Process of Hypothesis Testing Use of Spss For Hypothetical Case Analysis Summary CHAPTER 6 Chi-Square Test Chi-Square Distribution Chi-Square Distribution Chi-Square Test For Independence of Attributes Chi-Square Test For Goodness of Fit Conditions For Applying Chi-Square Test Cells Pooling Yates Correction Limitations of Chi-Square Test CHAPTER 7 The Inventory Model The Economic Order Quantity (EOQ) Model The Optimal Order Quantity Model Inventory With Planned Shortage CHAPTER 8 Correlation Introduction Concept of Correlation, Direction And Magnitude of Correlation Properties, Uses And Limitations of Correlation Other Methods of Correlation Computation of Coefficient of Correlation Pearson’s Product Moment Correlation Spearman’s Rank Order Correlation CHAPTER 9 Dynamic Techniques Definite And Indefinite Integration First-Order Linear Difference Equations Second-Order Linear Difference Equations First-Order Linear Differential Equations Second-Order Linear Differential Equations CHAPTER 10 Linear Programming I: The Simplex Method A Problem’s Formulation And Assumptions Graphical Solution of Linear Programming Problems The Simplex Method: Maximization Problems The Simplex Method: Minimization Problems CHAPTER 11 Linear Programming II: Sensitivity Analysis, Duality, And Integer Programming Sensitivity Analysis Duality Integer Programming CHAPTER 12 Decision Analysis Formulation of Decision Problems Decision Making Under Various Conditions Utility And Decision Making Derivation of The Utility Function CHAPTER 13 Game Theory Concepts And Problem Formulation Solving Zero-Sum Games Nonzero-Sum Games The Prisoner’s Dilemma Bibliography Index
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