Objectives of the Course
• • • • To provide a formal quantitative approach to problem solving To give an intuition for managerial situations where a quantitative approach is appropriate To introduce some widely used quantitative models To introduce software for solving such models.
Must-Read Article Inventory
• • • • “Decision trees”, Robin Greenwood (HBR, March 2006) “Note on Linear Programming”, Jonathan Eckstein (HBR, November 1992) “Sampling and Statistical Inference”, Arthur Schleifer (HBR, August 1996) “Decision Analysis”, (HBR, December 1997)
Widely used Books for Quantitative Methods
• Dance with Chance • Black Swan
QUANTITATIVE METHODS CASE MAPPING
Chapter Basic Concepts of Scales & Measurements Detailed Syllabus Nominal, ordinal, interval and ratio scales. Review of central tendencies and dispersion Session Key Concepts 1 Scales Case Study College Canteen’s Decreasing Beverages’ Sales: Analysis Dilemmas Abstract Meant for ‘Scales of Measurement’, this case study presents Raghu’s • analysis dilemma, the owner-manager of Matrix canteen, which sells various fast food items and beverages. Over the last few months however, he witnessed a steady drop in beverages’ sales. Based on his experience, he took all the measures, however, sales did not improve. Ramesh, Raghu’s friend, advised him to do an analysis of the buying habits and spending patterns of the customers. Raghu is confused about how should he go about getting the required data that would help him in finding answers to his dilemma and relation between: (a) age and gender (b) Impressions on the service offered by canteen employees (c) Preference for beverages and (d) Amount spent on drinks. This case study is used: (1) To understand the concept and practical applications of scales of measurement; (2) To discuss the implications of scales in Quantitative Methods/Statistics for Management. This case study is useful for understanding ‘measures of central tendencies • Chapter 3, “Measures of & dispersion in decision making’. Mattel is the world’s largest toy Central Tendency and manufacturer. Its best known brands in the industry include Barbie, Dispersion in Frequency Matchbox, Fisher-Price and Hot Wheels. Through its focused localised Distributions”, Statistics for international strategy, in recent years the company has increased its Management, Richard I. revenues from its international operations. If Mattel wants to sustain its Levin and David S. Rubin, success, what should it do? Which brand should it focus more on? Which 7th Edition brand of Mattel has more variation in its sales over the years? Which brand shows good average sales over the years? Based on the past growth trends, how will Mattel’s sales be in the next year? Students are asked to analyse the data using central tendencies and dispersion. Thus it is used to discuss the implications of measures of central tendencies and dispersion. The case details a decision problem of a sales executive, Jaffer. He is an • Chapters 4 and 5, excellent employee in meeting his targets. He was given a chance to boost “Probabality I : Introductory his professional career by giving a presentation to his fellow executives in Ideas” and “Probability Bangalore. As Jaffer would not like to miss the target, he would go to Distributions”, Statistics for Management, Richard I. Bangalore, only if he is confident of completing the target. Therefore, Jaffer needs to compute the probability that no more than one day is lost in the Levin and David S. Rubin, remaining 29 days due to any of the reasons, and if this probability is 7th Edition sufficiently large, he may decide to accept the invitation. This case study introduces the method of structuring a problem in terms of identifying the decision problem(s), the alternatives, the uncertainties and choosing an alternative with the help of a well defined criterion. After introducing the Background Reading/ Additional Reading