# Quantitative Methods for Management

Pages: 8 (1555 words) Published: November 14, 2011
KING FAHD UNIVERSITY OF PETROLEUM & MINERALS
COLLEGE OF INDUSTRIAL MANAGEMENT
DEPARTMENT OF MANAGEMENT & MARKETING
EXECUTIVE MASTER OF BUSINESS ADMINISTRATION

QUANTITATIVE METHODS FOR MANAGEMENT
OM 551
Class Schedule: Wed / or Thurs: 8:00- 11:45 &13:00- 16:30

DR. TAQI N. AL-FARAJ
E-MAIL: tagi@kfupm.edu.sa
Telephone: 860-2724
Mobile: +966506847529

Introduction

Quantitative Methods for Management, also known as Management Science, is a discipline that attempts to aid managerial decision making by applying a scientific approach to managerial problems that involve quantitative factors. Most traditional quantitative management courses at the university and the MBA levels have given the reputation of the field as being highly mathematical by emphasizing the mathematics of the field rather than its practical application.

In preparing for this course, it is realized that students are aspiring to become managers not mathematicians. It is also realized that computers compute and managers make decisions and there is no good reason why managers should learn to know the details of algorithms executed by computers. Although the mathematics that will be used is at the level of high school algebra and elementary statistics, heavy mathematics that is used will be carried out automatically in the background by the powerful spreadsheet packages with only a minimum guidance by the user.

Purpose & Objectives

The goal of teaching quantitative methods is to gain an appreciation for the relevance and power of the quantitative methods techniques and to provide future managers with the basic skills required to apply these techniques to analyze a variety of managerial problems. To meet its purpose, the course will focus on the kind of problems to which various quantitative methods can be fruitfully applied. The case study approach will be emphasized in order to bring these techniques to life in a context that illustrates the relevance of the techniques for the managerial decision making process and to provide understanding and interpretation of the results. The main emphasis will be on learning to apply the quantitative techniques to real data using a common purpose computer software packages such as Excel and a specialized package such as WINQSB and GLP.

Textbook

1)John A. Lawrence, Jr. and Barry A. Pasternack “Applied Management Science: A Computer Integrated Approach for Decision Making” John Wiley & Sons, Inc. 2’nd Edition, 2001.

Teaching Methodology

A mini-case studies approach will be followed to convey the whole process of applying the quantitative methods in business and management. Participants are expected to read the material in advance to be ready for discussion and presentation. It is expected that participants work in groups of two to three persons to prepare for the materials and make the presentations, assignments and required reports. All participants are expected to prepare well for the class discussion. The emphasis will be on learning to apply the quantitative techniques to real data using a common purpose computer software packages such as Excel and a specialized package such as WINQSB and/or GLP.

Homework Assignments

Most of the learning in this course will be derived from class presentation /discussions and homework assignments. The assignments include short problems, min-case studies, and a term project. There will be regular homework assignments during the term. Most of the assignments will be computer-based, but some may also include exercises to be worked by hand. Homework assignments can be completed individually and should be submitted electronically within two weeks after assignment. The homework assignments will be graded on the following criteria:

➢ Complete and accurate analysis
➢ Demonstration of mastery of concepts and techniques ➢ Answers to questions that were posed in the assignment ➢ Concise and well-organized writing that emphasizes...

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