Final answer:
Quantitative management has limitations, notably in its reliance on simplifying assumptions and struggling to capture the nuances and unpredictability of managerial decisions. Mathematical models, while helpful, are not the sole tool for management, as many important aspects involve non-quantifiable human elements. An understanding of high school algebra and graphs is necessary, but not exclusive, as a prerequisite for learning about quantitative management.
Step-by-step explanation:
The use of quantitative management has limitations, one of which is that mathematical models used in this approach often rely on simplifying assumptions, which may not capture the full complexity or unpredictability of real-world situations. These models require a mathematical representation of a decision, which is best expressed through the knowledge of functions, algebraic equations, and graphs. However, many managerial decisions are nonroutine and can't be accurately forecasted by a mathematical model, thus, the reliance on quantitative methods alone is insufficient for addressing all aspects of management decisions.
While quantitative management can provide a structured and disciplined way of thinking and decision-making, it does not account for the nuances that a narrative model or text-based approach might provide. Moreover, since management decisions often involve human elements, which are not easily quantified, managers should consider that mathematical models are just one tool, and not always the best one, particularly for non-economic aspects of decision-making.
Thus, learning from books on economics and quantitative management will certainly involve understanding mathematics up to high school algebra and graph interpretation, which is a necessary prerequisite but not the only knowledge required for effective management.