Course Description
The main purpose of this course in Quantitative Methods in Business is to introduce the student to techniques in Operations Management. Operations Management is the systematic approach and control of the processes that transform inputs (e.g. human resources, facilities, materials, etc.) into finished goods and services. The operation function is one of the important cores of a business. This course provides theoretical background and practice in the use of mathematical tools for aiding managerial decision-making in the corporate and public sectors.
Learning Outcomes
• To implement linear programming in a maximization of profit or minimization of cost in a complex socio-economic productive systems.
• To analyze data and develop the appropriate regression model or time series model.
• To plan a project using networks and to recognize situations in a production system environment that suggests the use of certain quantitative methods to assist in decision making on operations management and strategy.
• To model some financial and economic situations, solve the underlying problems and give a presentation on the results of an analysis.
Contents
1. Introduction to Quantitative Methods
2. Model Building and Mathematical Formulation
3. Linear Programming and Optimization Models
4. Applications of Linear Programming
5. The Economic Order Quantity Model
6. Investigating Relationships using Correlation & Regression
7. Forecasting and Time Series Analysis
8. Analyzing Decisions
9. Project Planning using Networks
10. Managing Quantitative Research for Projects
Required material
Quantitative Methods for Business & Management, by John Buglear, Pearson, 2012
Course ID: MATH-308
| Credit hours | Theory | Practical | Laboratory | Lecture | Studio | Contact hours | Pre-requisite | 3 | 3 | 3 | MATH 207 & 302 |
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