This module focuses on quantitative methods for decision making in business. Building on the quantitative methods module in year one, this module develops the students ability to apply mathematical techniques to practical business problem solving. All the problems outlined will be solved using spreadsheets.
The module will incorporate a range of teaching and learning methods including lectures, practical computer classes, class discussion and e-learning. The learning environment will be practical and integrative, using the theory to develop solutions to real world problems.
Linear Programming
Develop an understanding of its use in resource allocation; Formulation of problems in terms of objective function, decision variables and constraints; Solution using Solver in Excel.
Problem solving methods in a spreadsheet
Development of models using a range of functions and techniques in spreadsheets: If statements including those involving totals and counts, lookup functions, generation of random numbers. Statistical and probability calculations.
Simulation
Understanding of its use in inventory control and queuing; General principles of simulation; Advantages and disadvantages of simulation; Monte Carlo Process; Use of random numbers to solve simulation problems in queuing. Problems developed and solved using spreadsheets
Decision analysis
Structure of decision making, actions and outcomes; Expected values; Optimisation using expected values; Decision criteria; Payoff and opportunity loss; Decision tree analysis
Networks
Construction and understanding of network diagram; Determination of critical path; Determination of project duration; Uncertain activity durations; PERT; Cost scheduling; Crash costs. Formulation and solution in spreadsheets
Analysis of Variance
Explanation of ANOVA test and the situations in which the test is used; application of ANOVA test; interpretation of results. Spreadsheet calculations
Chi square test
Explanation of Chi Square test and the situations in which the test is used; application of Chi Square test of association and goodness of fit test; interpretation of results
One lecture and one practical computer class each week for the full academic year.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 70 |
| Other Assessment(s) | 30 |