QuantitatvAnlysis for Business
Making good business decisions is rarely an easy task. The problems faced by decision makers in today’s competitive, fast-paced business environment are often extremely complex and cannot be solved by intuition and subjective judgment alone. This course is about the use of quantitative methods for making better management decisions. It introduces key mathematical models from the fields of statistics, decision analysis, and management science, describes the purpose of a particular model, explains how to formulate and solve the model, and discusses how managers can interpret the use of the solutions to improve their decision making. The real-world application and managerial orientation of the course is designed to motivate students apply analytical approaches and to help them decide which quantitative tools to use in support of specific decision making situations. Topics covered include cost/revenue models and breakeven analysis, probability and probability distributions, decision analysis, forecasting, regression analysis, linear programming, distribution and network models, project scheduling: PERT/CPM, and waiting line models.