DefinePK

Abstract

It should be obligatory for a business school to remain abreast with the kind of expertise an organization needs to meet its management challenges. Otherwise, the school cannot impart proper knowledge and produce competent graduates for the organizations to understand their problems and suggest pragmatic solutions. In Pakistan, only a few business schools appear to be mindful of this academic obligation. Therefore in general, schools are blamed for turning out substandard material. Lack of adequate quantitative skills may also cause a variety of problems in an organization. It is the function of Mathematics to develop in students the ability to measure quantities, analyze and relate them where possible. The other source of quantitative methods used for adding strength to management is Statistics which is an art, a science, and a technique of collecting data, condensing it to provide information for decision process, and making inferences from the particular to general. Both disciplines contribute to industry to tackle its challenging problems in a rational, logical and analytical manner but one uses data to explore information from it, and the other stimulates our imagination to find ingenious solutions of certain problems. It depends where you apply what, but each discipline offers power in its unique way. It is important to understand the domain and scope of their areas of application.