Understanding Business Quantitative Techniques and Methods and
Qualitative Techniques Defined
Quantitative Techniques refers to the mathematical or statistical techniques use by the business organization to make business decision or formulation of a business plan. However some other terms are also used for the concept and techniques which includes management, mathematics, operation research (OR), business mathematics, Quantitative analysis
What are Set Theory
The term set is familiar because it’s used frequently in everybody life for instant water set, tenset etc. in the same way the word set is used in mathematics within the concept of a well defined collection of objectives, actually a set is any well defined list, collections or class, people, rivers etc. These objects are called element or numbers of the set
Below are some set concepts that you will always be using or are applicable on QM arena? These are
- Finite and Infinite Sets
Set can be either finite or infinite. A set is said to be finite if it consist of specific number of different elements e.g. if the elements of the set are counted and counting proceed to the end. On the other hand a set is said to be infinite if it does not consist of specific numbers of different elements, i.e. the elements of the set can not be counted in the process up to the end
- Equality Sets
A set (A) and set (B) are said to be equal if they both have the same numbers. The equality set of A and B can be devoted by A=B
- Null set
A null set is that which contains no elements. This set is sometimes called void or empty and generally is denoted by the symbol
If every element in a set A is also numbers of a set B then (A) is a subset of (B) e.g. Set A=1,3,4, Set B = 1,4,5,3,6, then 1, 3,4 is a subset and the symbol used is ABC
- Universal set
In any application of the theory of all the set under investigation will likely be a subset of the fixed cut. This is known as universal set similar in human population statistics then universal set consists of all human people in the world
- Overlapping set
If set A and B have some common element but this is not a subset of another set then these are called overlapping set. Example
Set A 1 2 3 4
Set B 3 4 5 6 in this case 3 and 4 are common element and
this is overlapping set. Hope this will help
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