Objectives from the Course
• • • • To get a formal quantitative approach to problem solving To give a great intuition pertaining to managerial circumstances where a quantitative approach is acceptable To present some widespread quantitative types To present software pertaining to solving such models.
Must-Read Content Inventory
• • • • " Decision trees”, Robin Greenwood (HBR, 03 2006) " Note in Linear Programming”, Jonathan Eckstein (HBR, Nov 1992) " Sampling and Statistical Inference”, Arthur Schleifer (HBR, September 1996) " Decision Analysis”, (HBR, Dec 1997)
Widely used Literature for Quantitative Methods
• Dance with Chance • Black Swan
QUANTITATIVE METHODS CASE MAPPING
Phase Basic Concepts of Weighing machines & Measurements Detailed Syllabus Nominal, ordinal, interval and ratio weighing scales. Review of central tendencies and dispersion Session Key Ideas 1 Weighing machines Case Study College or university Canteen's Decreasing Beverages' Revenue: Analysis Dilemmas Abstract Intended for ‘Scales of Measurement', this situatio study presents Raghu's • analysis issue, the owner-manager of Matrix canteen, which sells various fast food items and drinks. Over the last couple of months however , this individual witnessed a steady drop in beverages' sales. Based on his experience, this individual took each of the measures, yet , sales did not improve. Ramesh, Raghu's good friend, advised him to do an analysis from the buying habits and spending patterns in the customers. Raghu is uncertain of how should certainly he start getting the required data that would help him in finding answers to his dilemma and relation among: (a) age and gender (b) Impacts on the assistance offered by canteen employees (c) Preference to get beverages and (d) Sum spent on beverages. This case examine is used: (1) To understand the idea and useful applications of scales of measurement; (2) To talk about the effects of weighing scales in Quantitative Methods/Statistics pertaining to Management. This case study pays to for understanding ‘measures of central inclinations • Chapter 3, " Measures of & dispersion in decision making'. Mattel is the world's largest doll Central Inclination and manufacturer. Its most widely known brands on the market include Barbie, Dispersion in Frequency Mattel matchbox, Fisher-Price and Hot Wheels. Through their focused localized Distributions”, Stats for foreign strategy, recently the company has grown its Management, Richard My spouse and i. revenues from the international procedures. If Mattel wants to sustain its Levin and David S. Rubin, success, what should it carry out? Which brand should it target more about? Which 7th Edition brand of Mattel has more variation in the sales through the years? Which company shows great average sales over the years? Based on the past progress trends, how can Mattel's sales be in another year? Learners are asked to evaluate the data employing central inclinations and dispersion. Thus it really is used to talk about the implications of measures of central tendencies and dispersion. The truth details a decision problem of a sales exec, Jaffer. He can an • Chapters four and a few, excellent employee in appointment his objectives. He was offered a chance to improve " Probabality I: Initial his professional career by providing a presentation to his fellow professionals in Ideas” and " Probability Bangalore. As Jaffer would not prefer to miss the target, he would go to Distributions”, Figures for Supervision, Richard We. Bangalore, only when he is comfortable of completing the target. Therefore , Jaffer needs to compute the probability that no more than 1 day is shed in the Levin and David S. Rubin, remaining 30 days because of any of the reasons, and if this probability is 7th Release sufficiently large, he may decide to accept the invitation. The case study introduces the method of structuring a problem in terms of figuring out the decision problem(s), the alternatives, the uncertainties and picking an alternative by making use of a well described criterion. Following introducing the Background Reading/ Further Reading