...Quantitative Methods in Management Q M M Session One Asato ma sat gamaya, tamaso ma jyotir gamaya, mrityo ma amritam gamaya ‘Lead me from the superficial to the worthy, from darkness to light and from stagnation to zestful living’ Brahadaranyaka Upanishad (1,3,28) [pic]M C Escher http://www.theorsociety.com/Science_of_Better/htdocs/prospect/index.asp What is Operational Research? The discipline of applying appropriate analytical methods to help make better decisions. By using techniques such as problem structuring methods (sometimes known as 'Soft O.R.') and mathematical modelling to analyse complex situations, operational research gives executives the power to make more effective decisions and build more productive systems based on: • More complete data • Consideration of all available options • Careful predictions of outcomes and estimates of risk • The latest decision tools and techniques Linear Programming Operations management often presents complex problems that can be modelled by linear functions. The mathematical technique of linear programming is instrumental in solving a wide range of operations management problems. Linear programming is used to solve problems in many aspects of business administration including: • product mix planning • distribution networks • truck routing • staff scheduling • financial...
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...Quantitative Methods in Management is generally a practical field and can be applied in different areas like Manufacturing, Environmental Planning, Engineering and Construction which is the field of my profession as an Architect. The subject offers a scientific and systematic approach to problem solving and decision making. The use of mathematical analysis helps a decision maker like me, to be able to understand the problems I’m facing and provide a tool in making informed and reasoned judgments. One example on how the subject can help me is for putting mark ups on BIDS which we normally use in construction. The different methods shown in the subject especially in chapter 4 sample problem(4-13) in the book thought me on how to evaluate expected value of profit on different values of additional cost and evaluate which value can give me the best probability of winning the bid and getting the highest profit possible. Since one of the objectives of the subject is to develop analytical frame of mind, it will be an essential tool in project management which includes decision making. It will make Project Managers like me to be explicit in analyzing conditions associated with future decisions and in determining the outcome of different alternatives. For example in my case, I can now evaluate the pros and cons of renting exhibitions stands against building our own for the company. I can now consider which will be more profitable for the company considering all the factors and...
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...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 Curtin University of Technology Edith Cowan University Murdoch University The University of Notre Dame Australia University of Western Australia SINGAPORE Nanyang Technological University Singapore Management University Page 3 3 3 3 3 4 4 4 4 4 5 5 5 6 6 6 7...
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...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 | | |business decision-making ...
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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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...I. Introduction Risk management is the process of identifying vulnerabilities and threats to information resources used by a company in reaching business objectives and deciding what measures to take in reducing risk to an acceptable level. An effectual risk management process is an essential component of a successful IT security program. The paramount goal of an organization's risk management process should be to protect the organization and its ability to perform their mission, not just its IT assets. With that in mind, the risk management process should not be treated primarily as a technical function by IT experts, but rather as an essential management function of the organization. The objective of performing risk management is to enable the organization to accomplish its mission(s) (1) by better securing the IT systems that store, process, or transmit organizational information; (2) by enabling management to make well-informed risk management decisions to justify the expenditures that are part of an IT budget; and (3) by assisting management in authorizing (or accrediting) the IT systems on the basis of the supporting documentation resulting from the performance of risk management . “Effective risk management begins with a clear understanding of the organization's appetite for risk2. This drives all risk management efforts and impacts future investments in technology. Risk management encompasses four key elements: Risk identification, risk mitigation,...
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...www.VLCglobal.com/support VLC Course Descriptions Quantitative Analysis for Decision Making Quantitative Analysis for Decision Making An Immersive Virtual Reality Learning Experience 2011-2012 Course Description This course provides the student with the concepts, methods and tools for the application of logical and quantitative analysis to business decision making and problem solving. It familiarizes the student with a wide range of software and other classical and contemporary resources related to decision and problem analysis, including basics of logic and decision making, principles of optimization, probabilistic distributions, linear programming, simplex, queuing and transportation problems, break even analysis, inventory management, forecasting and simulation. The course highlights the benefits as well as the limits of quantitative analysis in a real-world context. This course may be adapted for the graduate and undergraduate levels. Materials Readings, assignments, problems and assessments are integrated into the courseware. Any additional materials will be assigned by the instructor at the start or during the course. Course Outline & Assignments Assignments will change from time to time as new resources become available, contemporary events have bearing on the topics, or the social, legal, or economic environments change. FUNDAMENTALS OF DECISION MAKING AND PROBLEM SOLVING (Module One, 4-6 hours) • • • • • • • • • • • • • • ...
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...Information Technology risk management currently plays more and more important role in almost all aspects of contemporary organizations functionality. It requires reliable and cyclical realization of its key task which is risk analysis. The field of risk assessment and risk management is becoming increasingly more complex as we go through Operations, Audit, Compliance, Budgeting and the many other facets of business. Quantitative and qualitative methods are two fundamental groups of methods are applied for analysis of risk on which assets are exposed in organizations. Quantitative method identifies the risks and quantifies them based on a numeric scale, e.g., 0.0 to 1.0 or 1 to 10; and qualitative, which is based on gaining a general impression about the risks so as to qualify them. The process uses subjective terms like "low to medium," "high or poor" "good to excellent," instead of numeric values. Following are the most important advantages and disadvantages of the qualitative and qualitative methods of IT risk analysis. Advantages Quantitative methods: They allow for definition of consequences of incidents occurrence in quantitative way, what facilitates realization of costs and benefits analysis during selection of protections. They give more accurate image of risk. Qualitative methods: It allows for putting in order risks according to priority. It allows for determination of areas of greater risk in a short time and without bigger expenditures. Analysis is relatively...
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...1. Module Name: Introductory Econometrics Code: P12205 Credits: 10 Semester: Spring 2011/12 Delivery: 16 one-hour lectures + 4 one-hour workshops Aims: The main aims of this module are: to introduce students to the principles, uses and interpretation of regression analysis most commonly employed in applied economics; to provide participants with sufficient knowledge of regression methods to critically evaluate and interpret empirical research. On completion of this module students should be able to: demonstrate understanding of the assumptions and properties underlying regression analysis and the principle of ‘least squares’; interpret and manipulate the coefficients of multiple regression and performance criteria; conduct diagnostic checking of the validity of regression equations coefficients; appreciate the problems of misspecification, multicollinearity, heteroscedasticity and autocorrelation. Content: 1. Simple Regression Analysis 2. Multiple Regression Analysis 3. Dummy Variables 4. Heteroscedasticity 5. Autocorrelation Main Textbook: Dougherty, C. (2011). Introduction to Econometrics, 4th edition, Oxford. 2. Module Name: Computational Finance Code: P12614 Credits: 10 Semester: Spring 2011/12 Programme classes: 12 1-2 hour lectures/workshops Aims: The module aims to describe and analyse the general finance topics and introduces students to implement basic computational approaches to financial problems using Microsoft Excel. It stresses...
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...of risk management: a book review with 7 comments Introduction Any future-directed activity has a degree of uncertainty, and uncertainty implies risk. Bad stuff happens – anticipated events don’t unfold as planned and unanticipated events occur. The main function of risk management is to deal with this negative aspect of uncertainty. The events of the last few years suggest that risk management as practiced in many organisations isn’t working. A book by Douglas Hubbard entitled, The Failure of Risk Management – Why it’s Broken and How to Fix It, discusses why many commonly used risk management practices are flawed and what needs to be done to fix them. This post is a summary and review of the book. Interestingly, Hubbard began writing the book well before the financial crisis of 2008 began to unfold. So although he discusses matters pertaining to risk management in finance, the book has a much broader scope. For instance, it will be of interest to project and program/portfolio management professionals because many of the flawed risk management practices that Hubbard mentions are often used in project risk management. The book is divided into three parts: the first part introduces the crisis in risk management; the second deals with why some popular risk management practices are flawed; the third discusses what needs to be done to fix these. My review covers the main points of each section in roughly the same order as they appear in the book. The crisis in risk management There are...
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...research methods that are used in investigations of health disparities in the United States. Research is a process of investigating concepts and theories that will contribute to a scientific body of knowledge. When presented with a problem, researchers or healthcare specialist can use a quantitative, qualitative or mixed methods approach to solutions or explore avenues that might improve health, health outcomes and health services (Bowling, 2002). As health disparities grow in the United States and research is ongoing, three abbreviated research plans are presented as probable solutions to this concern targeting communities and populations that are underserved. Comparison and Evaluation of Strengths and Limitations of Research Methods Used in These Abbreviated Plans Research is an organized investigation to explain, describe, and control an observed phenomenon that involves inductive and deductive methods. Researchers will use a quantitative research design to verify that the research method used is valid and will produce accurate scientific results (Vidgen, n.d.). The strengths involved in using the quantitative research method can test and validate theories that have been already formed about why and how phenomena occur. Quantitative research allows the researcher to measure and analyze data that is précis which may help eliminate the influence of many variables and allow more reliable cause-and-effect relationships (Jones, n.d.). A disadvantage in quantitative research...
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...Forecasting Brandman University Operations Management September 19, 2014 Introduction Forecasting is a necessary task in the world of business, but which method works best? Now there might not be a one size fits all for forecasting, but there are methods that work best for particular situations. Throughout this paper a scenario will be picked for the qualitative and quantitative methods, this will show merits and shortcomings of both techniques and procedures. Analysis First to be examined is the qualitative method of forecasting. According to BusinessDictionary.com, the qualitative forecasting technique is defined as an “estimating method that relies on expert human judgment combined with a rating scale, instead of on hard (measurable and verifiable) data” (BusinessDictionary, 2014). In the maintenance world of the Air Force, the use of qualitative forecasting is used on a daily basis. For example, with a new fiscal year coming the upper echelon of management will be trying to predict where to allocate funds, more specifically at the base I am stationed at, Travis Air Force Base. Working directly with the Air Force Reserve I see how money is spread amongst the squadrons, which then is allocated to the flights. Working in a maintenance shop, damage airplanes are what secure funding. However, we can really predict how heavily damaged a jet will be when it rolls in, this is when qualitative forecasting comes into play. Many factor can come into play when evaluating...
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...thutm@ftu.edu.vn Early Management • Management has been practiced for a long time. • Organized endeavors directed by people responsible for planning, organizing, leading and controlling have existed for thousands of years. Early management Adam Smith Scientific Management (1900s) General Administrative Theory (1910s) Management Theory Quantitative approach (1940s) Hawthorn Studies Behavioral science Theorists Human Relation Organizational Behaviour (1930-1950) Contemporary Views Historical background Industrial Revolution Classical Approaches • Scientific Management – Frederick W. Taylor (1856 1915) described scientific management as a method of scientifically finding the “one best way to do a job” - It emphasizes the scientific study of work methods to improve worker efficiency.’ Copyright ©2011 Pearson Education, Inc. Publishing as Prentice Hall. 1-6 • • • • Scientific methods Training employees Cooperative Task equally assign Scientific management • 4 rules within this method of managing. • Advantages and limitation of the theory Other Classic Approaches • General Administrative Theory – focused on what constituted good management – Max Weber (pictured) described the bureaucracy as an ideal rational form of organization. Copyright ©2011 Pearson Education, Inc. Publishing as Prentice Hall. 1-9 Henry Fayol (1842-1925) identified 5 management functions and 14 management principles • • • • • ...
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...Preparing to Conduct Business Research Part 1 through 4 RES/351 November, 05, 2014 Joydip Barman Preparing to Conduct Business Research Part 1 through 4 Organizations face various problems, issues, and opportunities. Applying the principles of business research allow companies to handle business in a profitable, forward focus manner. The following information Team A will explore the inventory issues facings the food services company Sodexo. The information will begin touring issues, opportunity, and problems facing the organization. Next, the paper will tour the meaning, the possibilities, the greatness, and the prospect of finding an explanation to the issue, opportunity, and problem that Sodexo committee faces in reference inventories. Finally, the report will look into why inventories is an important issue for researching, as well as why the issue can be made better with business research. Describe the selected issue, opportunity, or problem facing the organization. Sodexo is the fifth largest food service contract companies in the United States. The company contracts with services from hospital care to campus dining. Sodexo faces an issue at several accounts with their physical inventory not be reconciled with their computerized inventory applications. Inventories are linked to the financial health of that company contract. In accurate inventory counts can potentially lead to higher cost for the customers and in a worst case scenario it could cause a business...
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...successful change. [online] Available at: http://www.educational-business-articles.com/8-step-process.html McConey, C. (2015). Recent Research in Applied Developmental Psychology. [online] Cgu.edu. Available at: http://www.cgu.edu/pages/8627.asp Mixed Methods & Qualitative Research Software, (2012). apple | Mixed Methods & Qualitative Research Software. [online] Available at: http://blog.dedoose.com/tag/apple/ John, C. (2015). How Can HR Departments Use Quantitative & Qualitative Data?. [online] Small Business - Chron.com. Available at: http://smallbusiness.chron.com/can-hr-departments-use-quantitative-qualitative-data-39617.html Orau.gov, (2015). Differences Between Qualitative and Quantitative Research Methods. [online] Available at: http://www.orau.gov/cdcynergy/soc2web/Content/phase05/phase05_step03_deeper_qualitative_and_quantitative.htm Austin, L. (2012). Strengths and Weaknesses of Quantitative and Qualitative Research :: UXmatters. [online] Uxmatters.com. Available at: http://www.uxmatters.com/mt/archives/2012/09/strengths-and-weaknesses-of-quantitative-and-qualitative-research.php Betterthesis.dk, (2015). Strengths and limitations | Better Thesis. [online] Available at: http://betterthesis.dk/research-methods/lesson-1different-approaches-to-research/strengths-and-limitations Jerry, B. (2015). ModelBenders - Encyclopedia. [online] Modelbenders.com. Available at: http://www.modelbenders.com/encyclopedia/encyclopedia.html Idea.ucr.edu, (2015). The_Scientific_Method_3...
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