An Assessment Of The Challenges Of Adoption Of Quantitative Models In Decision Making By Small And Medium Scale Enterprises In Nigeria

Abstract

The complexity of managerial decision require that careful analysis be made to avoid making wrong decisions and avoid heavy losses. Whether a manufacturing firm, service organisation, or e- commerce business, available resources have to be maximized optimally otherwise, the erratic failure is clouded with uncertainty. As a result of this, organisational decision making should not be made on the basis of trial and error or rule of thumb approach. In today’s business world, several scientific and analytical management techniques have been developed and applied in the decision making process. The successful application of these techniques could help small and medium enterprises attain high efficiency and operational effectiveness. This study adopts an empirical review of literatures as well as a conceptual approach to analyse the various challenges faced by small and medium sized businesses in the adoption of quantitative models in making their business decisions. Managers of entities should ensure collection of adequate and accurate data for analyses to enhance decision-making.