# Quantitative Applications in Management

QUANTITATIVE APPLICATIONS IN MANAGEMENT

Course Code: MIB 105Credit Units: 03

Course Objective:

The objective of this course is to develop the understanding of the various statistical models, used for decisions making in the functions of the management of any organization with respect to International Business. To equip the students with tools and techniques for application of concepts to real life problems for efficient managerial decision making.

Learning Outcomes:

At the end of the course students will be able to:

Use statistical techniques to collect and analyse data

Produce forecasts using statistical packages

Apply quantitative techniques to business situations.

Course Contents:

Module I: Introduction

Quantitative Decision Making - an overview,

Collection , Classification & Presentation of Data,

Measures of Central Tendency - Mean, Median, Mode, Geometric Mean & Harmonic Mean, Measures of Dispersion – Range, Quartile Deviation, Average Deviation & Standard Deviation.

Module 2 : Probability , Probability Distributions & Decision theory Basic Concepts of Probability

Discrete Probability Distribution

Continuous Probability Distributions

Decision Theory : introduction to decision making & decision environments

Module 3 Sampling , Sampling Distributions & Testing of Hypothesis Sampling Fundamentals

Different Methods of sampling

Sampling Distributions

Testing of Hypotheses: Hypothesis testing for means & proportions

Module 4 Forecasting Techniques & Time Series Analysis

Business Forecasting

Correlation

Regression analysis & its Applications for managers

Various components of time series & their analysis

Use of statistical packages such as MS Excel /SPSS for forecasting & analysis

Module 5: Linear Programming

Introduction of Operations Research, Scope and Models in Operations Research, Introduction of Linear Programming, Formulation of LPP & its applications to managers.

Learning Methods:...

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