
BUS 231  Quantitative Methods/Bus Decis Credits: 4 Lecture Hours: 4 Lab Hours: 0 Practicum Hours: 0 Work Experience: 0 Course Type: General An introduction to management research methods used in business. Topics include probability, breakeven analysis, inventory control, statistics and transportation models. Prerequisite: MAT 099 or intermediate Algebra or 2 years of H.S. algebra or department permission Competencies
 Examine how quantitative analysis is used in business
 Explain the quantitative analysis approach
 Describe the application of quantitative analysis in a real situation
 Identify possible problems in using quantitative analysis
 Illustrate how computers can be used to perform quantitative analysis
 Analyze how probability concepts relate to analysis
 Describe the two basic rules of probability and the foundations of probability analysis
 Distinguish between mutually exclusive and collectively exhaustive events
 Distinguish between events that are statistically dependent and those that are statistically independent
 Apply formulas for joint, marginal, and conditional probabilities under both dependent and independent conditions
 Use Bayes’ theorem to establish posterior probabilities
 Examine how probability distributions relate to quantitative analysis
 Illustrate through examples both discreet and continuous random variables
 Explain the difference between discreet and continuous probability distributions
 Calculate the expected value and variance of a discreet probability distribution
 Use the binomial table to solve problems
 State the 1, 2, and 3 standard deviation areas under the normal curve
 Use the standard normal probability table
 Express the meaning of Z in the normal distribution
 Assess the roles of different families of forecasting techniques and when each should be used
 Compare theories and applications of moving averages, exponential smoothing and trend timeseries models
 Adjust seasonal data
 Describe the Delphidecision making approach
 Analyze data by computer and interpret the outputs
 Summarize how businesses apply decision theory to their operations
 List the steps of the decisionmaking process
 Describe the types of decisionmaking environments
 Use probability values to make decisions under risk
 Make decisions under uncertainty, where there is risk but probability values are not known
 Use computer to solve basic decisionmaking problems
 Evaluate how useful decision trees and utility theory are to the decision process
 Develop accurate and useful decision trees
 Revise probability estimates using Bayesian analysis
 Explain the importance and use of utility theory in decision making
 Utilize computers to solve more complex decision problems
 Investigate the relationship between variables in a regression model
 Develop and interpret simple linear regression models
 Use a multiple regression model to predict
 Use dummy variables to model categorical data
 Summarize how inventory control impact organizational operations and profitability
 Explain the importance of inventory control
 Use the economic order quantity (EOQ) to determine how much to order
 Compute the reorder point (ROP) in determining when to order more inventory
 Determine other inventory control quantities, including the optimal number of orders per year and the number of days between orders
 Develop strategies which utilize several more complex inventory control models
 Determine the economic order quantity without the instantaneous receipt assumption
 Handle inventory problems that allow quantity discounts or have planned shortages
 Illustrate the use of safety stock with known and unknown stockout costs
 Perform ABC analysis and joint ordering
 Relate graphical methods of linear programming to organizational decision making
 Describe the basic assumptions of linear programming and the properties of linear
 Formulate small to moderate sized LP problems
 Solve graphically any LP problem that has only two variables by both the corner point and isoline methods
 Relate how simplex method of linear programming compares with graphical methods
 Convert LP constraints to equalities with slack, surplus, and artificial variables
 Set up and solve both maximization and minimization LP problems with simplex tableaus
 Explain the meaning of every number in a simplex tableau
 Contrast a variety of linear programming applications
 Describe major applications areas from marketing and production
 Identify major applications from labor scheduling and finance
 Structure several linear programming
 Use the northwest corner method and Vogel’s approximation method to find initial solutions to transportation problems
 Apply the steppingstone and the MDOI methods to find optimal solutions to transportation problems
 Solve facility location and other application problems with the transportation model
 Analyze the differences between linear programming and integer programming
 Understand and solve the 3 types of integer programming problems
 Apply the branch and bound method to solve integer programming problems
 Solve graphically a goal programming problem that has only two variables
 Assess the importance of queuing theory to an organization’s decision making
 Describe the tradeoff curves for cost of waiting time and cost of service provided
 Discuss the three parts of a queuing system: the calling population, the queue itself and the service facility
 Identify the basic queuing system configurations and assumptions of the common models
 Analyze by computer a variety of operating characteristics of waiting lines
 Appraise what role simulation plays in organizational decision making
 Identify the seven steps of conducting a simulation
 Explain advantages and disadvantages of simulation
 Develop random number intervals and use them to generate outcomes
 Explain how network models relate to project control
 Describe how to plan, monitor, and control projects with the use of PERT
 Determine earliest and latest starts, earliest and latest finishes, and slack times for each activity as well as overall project time
 Find the shortest path through a network using the shortestroute technique
Competencies Revised Date: AY2023
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