...DERY CYRIL DOMEYELLE EBA LEVEL: 300 QUANTITATIVE BUSINESS METHODS ASSIGNMENT (A) Let x = number of units of product X y = number of units of product Y z = number of units of product Z Maximize 20x + 18y + 16z (Objective function) Subject to 5x + 3y + 6z ≤ 3,000 (Machine hours constraint) 2x + 5y + 3z ≤ 2,500 (Labour hours constraint) 8x + 10y + 3z ≤ 10,000 (Materials constraint) Changing the inequalities into equalities and adding a slack variable Maximize 20x + 18y + 16z (Objective function) Subject to 5x + 3y + 6z + S1 = 3,000 2x + 5y + 3z + S2 = 2,500 8x + 10y + 3z + S3 = 10,000 Initial Simplex Tableau Solution Variables Products X Y Z Slack Variables S1 S2 S3 S1 5 3 6 1 0 0 3,000 S2 2 5 3 0 1 0 2,500 S3 8 10 3 0 0 0 10,000 Z 20 18 16 0 0 0 0 (B) Initial Simplex Tableau Solution Variables Products X Y Z Slack Variables S₁ S₂ S₃ S₁ 5 3 6 1 0 0 3,000 S₂ 2 5 3 0 ...
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...Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of New England The University of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT University Swinburne University of Technology The University of Ballarat The University of Melbourne Victoria University WESTERN AUSTRALIA...
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...SYLLABUS COLLEGE : COLLEGE OF BUSINESS DEPARTMENT: DSI COURSE CODE : MANASCI CLASS DAYS AND CLASS TIME: TH, 1800-1930/1940-2110 ROOM: L330 INSTRUCTOR: MR. ENRICO L. CORDOBA (lance_emeric@yahoo.com) COURSE DESCRIPTION: MANASCI (MANAGEMENT SCIENCE) is a 14-week course on the study of quantitative techniques in business decision-making. The course covers linear programming models and its special algorithms; network (PERT/CPM) models; decision-making theories and processes; and decision tree construction and analysis. LEARNING OUTCOMES (LO): On completion of the course, the student is expected to be able to do the following: |ELGA |LEARNING OUTCOME | |Effective communicators |To present in class the application of quantitative techniques to management decision | | |models through case analysis | |Critical and creative thinkers |To develop analytical thinking and proper reasoning in the application of quantitative | | |techniques to management decision models | | |To acquire the essential skills for the proper use of quantitative techniques in | | ...
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...Qualitative Versus Quantitative Research Methods Martin Berkshire Indiana Tech Abstract This paper will discuss the varying thoughts of utilizing a qualitative approach to research versus a quantitative approach. It will look at scenarios from different aspects of the business world and compare the use of both approaches. Not all of the articles feel the same way about the research methods. Tauber (1987), is very clear on his take that qualitative research should be able to stand alone from quantitative research. While Carlson and Gold (2008), suggest that combining the two forms of research can lead to superior results. Qualitative Versus Quantitative Research Methods There are many types of definitions for the term Qualitative Data, according to Anderson, Sweeney, Williams (2008) “qualitative data is considered labels or names used to identify an attribute of each element.”(18) They go on to say that qualitative data can be either nonnumeric or numeric in nature and can use either the nominal or ordinal scale of measurement. The site BusinessDictionary.com defines qualitative data as “data that approximates or characterizes but does not measure the attributes, characteristics, properties, etc., of a thing or phenomenon. Qualitative data describes whereas quantitative data defines.” While the definitions of qualitative data vary, the definition of quantitative data remains fairly consistent. Quantitative data is defined as “numeric values that indicate...
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...Preparing to Conduct Business Research: Part 3 Introduction In further discussions of the merger with Staples and Office Depot, we need to look at with is going to be the primary research design, either qualitative or quantitative. We are also going to look at the power of both the qualitative or quantitative designs and how they can coexist together. Lastly, we are going to look at what are the drawbacks of using just one method over the other. In researching all business problems, we want to ensure our research design can properly accommodate the needs of the merger. It will be our suggestion that a mixed design of both qualitative and quantitative research be considered when making the final decision of what is the best research design moving forward. Which design (qualitative or quantitative) will become the primary research design? The primary and best research design to use for this merger would be a quantitative design. The quantitative research design will help measure the employee’s attitudes, behaviors, and opinions. Staples can create a survey for their new and current employees asking them how they feel about the merger and is the transition phase going smoothly, are they happy, and if they are not what are their immediate concerns and how do they feel Staples should address these concerns. This research method would also work well with the consumers, new and old ones. Staples will be able to use this...
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...When the word “quantitative” is mentioned, “qualitative” pops in your head at the exact same time. Only because they sound alike and you don’t want to make the mistake of confusing the two. Oxford’s Dictionary of Politics states that “quantitative methods are the range of mathematical and statistical techniques used to analyze data. In order to test empirical theories and hypotheses, political scientists draw on a wide range of sources, including primarily qualitative data such as documents, unstructured interviews, and participant observation, and primarily quantitative data such as those derived from sample surveys or aggregate statistics such as election results, census materials, or cross-national statistical series.” To analyze quantitative data, you have to find order within the information or data. Finding a pattern within the data and compare it with the variables to see if they are related. Using quantitative methods in business is primarily used to make information and data make sense in order to make a decision about something. For hundreds of years, humans have found a way to make profit. It seems unfair to our ancestors to think quantitative methods didn’t exist even back in prehistoric times. As long as there were transactions being made, there was some form of quantitative method being used to make decisions for that business. There are so much facts, statistics, and information to take into account when attempting to run a business, no matter how miniature...
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...Understanding Business Research Cherise Tholmer RES/351 June 20, 2015 Dr. Linda Wright Understanding Business Research Business research is “a systematic inquiry that provides information to guide managerial decisions” (Cooper & Schindler, 2014, p. 4). When making business decisions, it is imperative that the researcher is clear on the terms that are being used. There are different methods that are applied to conduct the research that vary from topic to topic. Many researchers sometimes use the wrong research method to when conducting business research because they do not understand what method and variables to use. This paper will explore two different articles, one using quantitative research methods and one using qualitative research methods, evaluate their strengths and weaknesses and how they can be used more effectively when combined. Quantitative research “attempts precise measurement of something”(Cooper & Schindler, 2014, p. 146) that in business research “methodologies usually measure consumer behavior, knowledge, opinions or attitudes” ” (Cooper & Schindler, 2014, p. 146). Article one titled Assessing the Effectiveness of Mental Health Courts: A Quantitative Review is a study where meta-analytic techniques are used to answer the main objective which is “to provide a clearer picture as to whether mental health courts are an empirically efficacious intervention for a significant health and criminological problem” (Sarteschi, Vaughn, & Kim, 2011, para...
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... Understanding Business Research Terms and Concepts: Part 1 To understand business research terms and concepts there needs to be a descriptive idea of how to differentiate between qualitative and quantitative methods of research. To differentiate; qualitative methods provide the context against which to more plenary understand those results.Business researchers utilize numerous approaches to obtain information and decipher data. Two popular approaches used in business research are the qualitative research approach and the quantitative research approach. Both of these approaches to business research can be beneficial or may cause inconclusive results because of unforeseen variables. Qualitative Approach The qualitative approach or interpretive research approach main purpose is to build a theory or gain an understanding of the issue that is researched (Cooper, 2014). Using the qualitative approach can require the researcher to have debt involved with the research process typically as a participant in the study (Cooper, 2014). The qualitative approach draws data are many sources such as; people, organizations and institutions, settings or environment, published text, objects, and events (Cooper, 2014). This approach has a small sample size (Cooper, 2014). This methodology has less planning; therefore, the results may vary (Cooper, 2014). Research studies using this method are not always consistent and may be modified during the study...
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...IMPORTANCE OF QUANTITATIVE TECHNIQUES IN MANAGERIAL DECISIONS *P.Murugesan Abstract The term ‘Quantitative techniques’ refers to the methods used to quantify the variables in any discipline. It means the application of subjects like mathematics and statistics, econometrics and operations research to understand and solve problems.. It is a study of the application of differential calculus, integral calculus and matrix algebra, measures of central tendencies, measures of averages, correlation and regression etc. It also includes the application of the techniques of management science such as Linear programming, Game theory, CPM and PERT analyses to business problems. The relevance and usefulness of Quantitative Techniques in seven functional areas of Management are discussed in this paper. Introduction: Truly, the importance of Quantitative proficiency cannot be over emphasized to Management Professionals! This body of knowledge involving quantitative approaches has been given various names likeBusiness Mathematics, Business Statistics, Operations Research, Decision Science and Management Science. All are concerned with rational approaches to decision making based on the scientific method. For example, consider the following simple mathematical problem: A) “A Mayor of a town wants to improve the bus services between 2 destinations falling within his district. The destinations are 1 hour journey apart and he wants the bus services in such a way that a traveler need not wait for more...
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...A. Quantitative Techniques with reference to time series analysis in business expansion. B. Quantitative techniques are mathematical and reproducible. Regression analysis is an example of one such technique. Statistical analysis is also an example of a quantitative technique. C. Quantitative techniques are applied for business analysis to optimize decision making IE profit maximization and cost minimization). It covers linear programming models and other special algorithms, inventory and production models; decision making process under certainty, uncertainty and risk; decision tree construction and analysis; network models; PERT and CPA business forecasting models; and computer application. Examples of qualitative methods include: * action research aims to contribute both to the practical concerns of people in an immediate problematic situation and to the goals of social science by joint collaboration within a mutually acceptable ethical framework; * case study research - a case study is an empirical enquiry that investigates a contemporary phenomenon within its real-life context; * ethnography- the ethnographer immerses her/himself in the life of people s/he studies and seeks to place the phenomena studied in its social and cultural context. However examples of quantitative methods now well accepted in the social sciences and education include: * surveys; * laboratory experiments; * formal methods such as econometrics: * numerical methods...
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...Understanding Business Research Terms and Concepts: Part 2 Ngoc RES351 April 8, 2015 William Khoepfer Understanding Business Research Terms and Concepts: Part 2 Businesses will always need market research and it generally falls into two different groups. Qualitative and Quantitative. Qualitative research is “Qualitative research is designed to reveal a target audience’s range of behavior and the perceptions that drive it with reference to specific topics or issues. The results of qualitative research are descriptive rather than predictive.” ("What Is Qualitative Research?” 2015). Quantitative research “is about asking people for their opinions in a structured way so that you can produce hard facts and statistics to guide you. To get reliable statistical results, it’s important to survey people in fairly large numbers and to make sure they are a representative sample of your target market.” ("What Is Quantitative Research?” 2015). There also are descriptive and statistical approach’s in this paper that will help with understand what is best for you business research. When constructing a business research there are several sampling methods that can be used. Some sampling methods would be simple random sampling, systematic sampling, cluster sampling and quota sampling and etc. The article I chose to do is called Qualitative and quantitative methods for sampling zooplankton in shallow coastal estuaries. “Many different devices are used for sampling zooplankton. Every sampler...
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...Running Head: IMC 612 Qualitative vs. Quantitative Research 1 Comparing the Use of Qualitative and Quantitative Research in Marketing IMC 612 Qualitative vs. Quantitative Research 2 Qualitative vs. Quantitative Though qualitative and quantitative researches differ in their methodologies and philosophies, they both contribute to an overall research plan, and act to uncover the motives and feelings of the consumer. At their very essence the two types of research employ different reasoning and as such, each method has its own fair share of detractors and supporters. The truth of the matter is that despite their inherent differences, qualitative and quantitative research methods are complimentary in many ways and can be used in conjunction with each other (Colorado State University, n.d.). When combined, the two methods of research can give a more detailed picture of the consumer’s wants and needs. “Gathering vital evidence by conducting thorough and well-considered research can benefit businesses of all sizes” (Frost, 2012). Qualitative research by its very nature makes use of inductive reasoning (Colorado State University, n.d.). In inductive reasoning, the researcher begins with specific observations and measures, begins to detect patterns, formulates a tentative hypothesis based on those patterns...
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...============================== What research methods do you think Disney applied to tailormade their products? Please explain which method(s) is used to which product. It is expected that you could explain the method(s) to definestrategies for at least 5 products. 1. ESPN As one of the business chain, Disney would use Quantitative Method to support the research. Because of television business involves million viewers, and the research needs to cover at least thousand viewers to make the research accurate, thus quantitative method is the better method than others. To make it easier, Disney will hire marketing research firm such as AC Nielson to provide the data, and ask the firm to provide such data, thus they may understand what the current 4P and also what are the SWOT (Strength, Weakness, Opportunities, and Threats). 2. Walt Disney Studio This type of business is focusing on creating films on cinema, and the suitable research method for the business is Qualitative Method. Rotten tomatoes, one of the famous film critics will always give comment on all kind of movies. As one of the trustworthy film critic, Disney could analyze the critic to understand what kind of movie that audiences want to watch. 3. Disney Cruise Ship Disney cruise ship provides one package of entertainment on boat, from theatrical performances to fancy restaurant. Based on the business itself, the better method is Quantitative Method. There are at least 500 passengers on the ship...
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...Understanding Business Research Terms & Concepts: Part 1 RES 351 By To some extent all research may be approached either quantitatively or qualitatively. Everything is determined by the researcher’s primary aim. Are they fascinated in a methodical strategy, as a way to generate similar, generalized information, or do they desire to make a narrative of a special instance/scenario/circumstance? Each choice requires various kinds of preparation, which might best be accompanied by a special research design. However, mixture or mixed strategy approaches show to be very helpful in many scenarios, and appear to fix several of the difficulties, which appear from embracing an individual methodological strategy. According to Cooper & Schindler (2014), “Managers basically do business research to understand how and why things happen. If the manager needs to know only what happened, or how often things happened, quantitative research methodologies would serve the purpose. But to understand the different meanings that people place on their experiences often requires research techniques that delve more deeply into people’s hidden interpretations, understandings, and motivations. Qualitative research is designed to tell the researcher how (process) and why (meaning) things happen as they do (Ch. 7, pg 144)”. Strengths and Weaknesses Qualitative techniques are usually rich in story and description, and rather of supplying a result they have a tendency to discuss the procedure...
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...Understanding Business Research Terms and Concepts Part 2 Donna Johnson RES/351 March 10, 2016 Victor Ornelas Understanding Business Research Terms and Concepts Part 2 Introduction: Data collection is a very strong aspect in any type of research investigation. Direct observations cannot make up the study; data should be collected from individuals in forms of some type of sample. I have researched two businesses that I will explain three quantitative data collection instruments and sampling methods. One of the businesses will identify a descriptive statistical method and the other business will explain how to use inferential method. Each sampling approach will have their strength and weakness identified, specific situations of each instruments and designs will be explained, strength and weakness of each statistical approach, provide an example of how they can be used most effectively in a combined approach, and finally address the methods which are more appropriate for my own business and functional area. Strengths and Weakness of Sampling approach Tests can provide a variety of characteristics of individuals allowing common measures to be compared across populations, many tests can be held in a group that saves time and the response rate is higher, quantitative nature of the data creates ease. Tests also have strength in providing a wide range of tests being available and already prepared. Weakness of test can have a high costs depending on the items needed to conduct;...
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