Xavier University of Louisiana

#### Summary

An introduction to the concepts of various quantitative methods such as Decision Analysis, Forecasting, Linear Programming, Inventory Management, and Project Scheduling and their role in the decision making process. Prerequisite: ECON2070 (Statistics 1).

Course Size:
15-30

Course Format:
Students enroll in one course that includes both lecture and lab. The lecture and the lab are both taught by the professor.

Institution Type:

## Course Context:

To provide students with a conceptual understanding of the role that quantitative methods play in the decision making process. During the course, students will learn a number of quantitative techniques that have been developed over the years and their application to "real world" business problems.

Objective 1: To learn the concept of problem solving and decision making.
Objective 2: To learn the concepts of random variables and probability distributions and their use in solving business problems.
Objective 3: To learn a variety of quantitative techniques used in the business world.
Objective 4: To apply the concepts learned in a number or projects/case studies to be completed using computer spreadsheets and course specific software.

## Course Content:

Course Outline:

I. Introduction to Quantitative Analysis

A. Decision making; discipline of management science
B. Model building; breakeven analysis

II. Probability (Sections 2.1 – 2.6)Mystatlab HW & Quizzes for chapters#4,5,6

A. Basic probability concepts
C. Conditional probability
D. Bayes Theorem

III. Transportation Problems (Supplementary notes)

A. Steppingstone Method: improvement indexes, costs
B. Balanced and unbalanced problems

IV. Linear Programming

A. Characteristics and examples
B. Graphical method (maximization & minimization)
C. Slack and surplus variables; special cases
D. Formulation

IV. Forecasting Mystatlab HW & Quizzes for chapters#16
V.
Qualitative approaches
Averaging methods
Exponential smoothing
VI. Regression and correlation Mystatlab HW & Quizzes for chapters#14&15

E. Time series with seasonal adjustments

VI. Inventory Control Models Simulation

VII. Probability Distributions and Decision Analysis Mystatlab HW & Quizzes for chapters#17

A. Alternatives, states of nature, payoff tables
B. Decision making under uncertainty: optimistic,
conservative, regret, & equally likely criteria
C. Expected value, decision making under risk
D. Conditional profits tables, expected profits under risk
E. Expected profit under certainty, EVPI
F. Exp. net marginal profit; cutoff probabilities
G. Normal distribution
H. Application of normal distribution to inventory levels

VIII. Decision Analysis
IX. Project Management
X. Waiting Lines and Queuing Theory Models
XI. Statistical Quality Control

## Course Goals:

Objective 1: To learn the concept of problem solving and decision making.
Objective 2: To learn the concepts of random variables and probability distributions and their use in solving business problems.
Objective 3: To learn a variety of quantitative techniques used in the business world.
Objective 4: To apply the concepts learned in a number or projects/case studies to be completed using computer spreadsheets and course specific software.

## Course Features:

MYSTATLAB website provides excellent tools to master and apply the statistical concepts with real world scenario.
Summarizing each chapter with a case study supports the application side of the course.

## Course Philosophy:

Hands on activity using excel connects both Statistics and Quantitative Methods courses together.

## Assessment:

There will be 4 tests during the semester and a Midterm & Final Exam. The distribution is as follows:
4 Tests 40%
Research Paper & Presentation 10%
Quizzes 10%
Homework 10%
Midterm Exam 10%
Comprehensive Final Exam 10%
There will be NO MAKE-UP quiz or test or exam.
Meaningful Participation + attendance 10%
Mid-term grades will be based on First 3 Tests & Quizzes.
Material for all assignments, exams and projects will be taken from your text and class lectures.

1ST HALF OF THE SYLLABUS ASSIGNMENTS MUST BE COMPLETED BEFORE THE MID TERM EXAM.

2ND HALF OF THE SYLLABUS ASSIGNMENTS MUST BE COMPLETED BEFORE THE FINAL EXAM.

## Syllabus:

Syllabus (Microsoft Word 2007 (.docx) 70kB May2 19)

## References and Notes:

Required Text#1: Render, Stair, Hanna and Hale, Quantitative Analysis for Management, 12th edition, Prentice-Hall, 2015. ISBN#13:9780-13-350733-1 Required Text#2: Title: Business Statistics plus MyStatLab Access Card Package Author: Robert A. Donnelly (Latest Edition) ISBN: 978-1269538152
These two books provides excellent Microsoft Excel techniques to make statistical significant conclusions.

Descriptive statistics and inferential statistics concepts are explained very well.
Teaching portfolio by Peter Seldin is a useful book for me to be creative in teaching techniques.