QUANTITATIVE APPLICATIONS IN MANAGEMENT
Course Code: MIB 105Credit Units: 03
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.
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.
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
Testing of Hypotheses: Hypothesis testing for means & proportions
Module 4 Forecasting Techniques & Time Series Analysis
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.