Abstract
This subject focuses on the application of quantitative management tools to data analysis in order to assist management decision makers in organisations. It introduces relevant statistical, operations research and operations management techniques which can be used to enhance the ability of managers to make informed decisions. Use is made of … For more content click the Read More button below.
Syllabus
Probability concepts and distributionsStatistical decision making and quality controlDecision analysis uncertainty and riskValue of information via Bayes’ Theorem in improving decisionsSimulation for solving complex problemsCorrelation and regression analysis (emphasis on accounting data)Forecasting techniquesProduct mix decisions using cost-volume profit and linear programming techniquesInventory control using EOQ and JIT approachesProject management using … For more content click the Read More button below.
Learning outcomes
Upon successful completion of this subject, students should:
1.
be able to demonstrate problem-solving skills in assessing, organising, summarising and interpreting relevant data for decision making purposes;
2.
be able to apply decision theory to business situations;
3.
be able to explain the use of simulation in complex decisions;
4.
be able to apply probability concepts to decision making;
5.
be able to demonstrate understanding of the application of statistical hypothesis testing to decisions, with particular emphasis on quality control and interpreting the significance of regression coefficients in cost estimation;
6.
be able to use accepted time-series forecasting methods;
7.
be able to apply cost-volume-profit analysis and linear programming to product mix decisions; and
8.
be able to solve scheduling problems.
Enrolment restrictions
Incompatible