20.4 Quantitative Project Management
Quantitative management involves using data and statistical methods to analyze and monitor operations and processes. It aims to provide precise numerical descriptions and scientific control of various activities to achieve standardized operations.
20.4.1 Theory and Application of Quantitative Management
1. Quantitative Management Theory
Quantitative management is grounded in scientific management theory, developed by Frederick W. Taylor in the late 19th century. Taylor identified inefficiencies due to lack of rational work standards and insufficient scientific guidance. He introduced five principles of scientific management:
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Standardized Time Studies: Developing scientific methods for task execution to optimize time usage and improve efficiency. This involves analyzing worker movements, eliminating unnecessary actions, and setting reasonable time standards for tasks.