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An oil exploration company is worried about future petroleum reserves in various parts of the world. The oil company will use the ___ quantitative approach.
A) network models
B) inventory analysis
C) queuing theory
D) linear programming
E) mathematical forecasting
Mathematical Forecasting
The use of mathematical models and statistical techniques to predict future events, trends, or behaviors based on historical data.
Petroleum Reserves
Quantities of crude oil and natural gas geologically and commercially feasible for extraction.
Quantitative Approach
A research strategy that focuses on quantifying the collection and analysis of data.
- Discern the application and advantages of quantitative management approaches in resolving business problems.
- Acquire knowledge of assorted quantitative techniques for controlling inventories, lowering costs, and forecasting demand levels.
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Learning Objectives
- Discern the application and advantages of quantitative management approaches in resolving business problems.
- Acquire knowledge of assorted quantitative techniques for controlling inventories, lowering costs, and forecasting demand levels.
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