Outline the features of quantitative approach to decision making

Here's the solution to Question 2:

2. a) Outline the features of quantitative approach to decision making (7.5 marks)

The quantitative approach to decision-making is a systematic and scientific method that relies on mathematical models, statistics, and algorithms to make optimal decisions. Its key features include:

• Data-driven: It emphasizes the use of measurable data and facts rather than intuition or subjective judgment.
• Mathematical modeling: It translates real-world problems into mathematical models (e.g., linear programming, simulation, queuing theory) to represent relationships and constraints.
• Objective optimization: The primary goal is to find the best possible solution, often by maximizing a