Course Title: QUANTITATIVE TECHNIQUES FOR MANAGEMENT DECISIONS
Course Code: MBA 516 Credit Hours: 3 Acad. Yr. 2013/2014
Course Instructor: Dr. Ayele Abebe ( ayeleabebea@gmail.com)
Course Description
The course is designed to impart inferential skills with the use of quantitative techniques for helping managerial decision-making process under conditions of uncertainty and risk. It makes use of advanced statistical tools, mathematical modeling and techniques in dealing with such management decision areas through the application of decision theory, project management techniques, linear programming, quality control, replacement decisions, and simulation of management systems and similar methods.
Course outline
Chapter one: Decision theory and analysis
1.1 Introduction
1.2 Decision making under certainty
1.3 Decision making under uncertainty ( maximax ,maximin, minimax,
Hurwicz, and Laplace criteria
1.4 Decision making under risk ( EMV, EOL, EVPI, Marginal analysis
1.5 Decision Tree and analysis
1.6 Exercises
Chapter two: Project management techniques
2.1 Introduction
2.2 Network Analysis
2.3 PERT/CPM
2.4 Earned value Analysis
2.5 Investment appraisal
2.6 Exercises
Chapter three: Linear programming
3.1 Introduction
3.2 Formulation of LP problems
3.3 Graphic method of solution
3.4 The simplex Algorithm
3.5 Artificial variables method (the Big M and two-phase methods)
3.6 Exercises
Chapter four: Statistical quality control
4.1 Introduction
4.2 Statistical process control
4.3 control charts for variables
4.4 control charts for attributes
4.5 Product control
4.6 Exercises
Chapter five: Replacement decisions
5.1 Introduction
5.2 Replacement of deteriorating items
5.3 Replacement of items failing suddenly
5.4 Staffing problems
5.3 Exercises
Chapter six: Simulation
6.1 Introduction
6.2 Advantages and Limitations of Simulation techniques
6.3 Monte Carlo Simulation
6.4 Application of simulation techniques to inventory, Queuing, Job sequencing,
investment and budgeting problems
6.5 Exercises
Assessment
Individual Assignment 20%
Group work 20%
Final examination 60%
References
Anderson D., Sweeney, D. and Williams, T.(2011) An introduction to management science : quantitative methods to decision making. Cengage Learning
Dewhurst, F. 2002 Quantitative Methods for Business Management , Mc Graw hill
Gupta, P. and Hira D.(2007) Operations Research, Chand and Company Ltd, New Delhi
Render B., Stair R., and Hanna, M.(2011) Quantitative Analysis for Management, 10th ed., Prentice Hal
Srivastava, U. K. G.V. Shenoy , S.C. Sharma 2010 Quantitative Techniques for Managerial Decisions 3rd ed.
Vohra , N. (2006) Quantitative Techniques in Management , 3 ed., Tata McGraw-Hill Education
Wisniewski, M. 2009 Quantitative Methods for Decision Makers , Prentice Hall
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