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Time Pass

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1.0 Introduction

Managerial decision-making has increasingly resorted to scientific ways of tackling the growing complexity and volatility of the business environment today. Decision-making is no longer based largely on experience, observation and gut feel. Decisions are based on well-organized data, which are analyzed with the help of sophisticated techniques. Inputs coming out of such analyses help managers to mitigate risks and emerge with sound business decisions.

Managers today require standard, well-acceptable mathematical tools and techniques to generate, understand and interpret such analyses. For this, a variety of effective and easy-to-learn Quantitative Methods (QM) are available. Also, today the volume of information we deal with is enormous. However, with the availability of powerful, high-end computers and standard software, it does not create any hindrance in terms of time or resources to quickly analyze such information on a regular basis. These quantitative techniques can really provide a powerful cutting edge skill to managers, for generating fast and effective business solutions.

2.0 Objectives of the Module

The primes objectives of the course are:

To understand how to structure a problem for undertaking managerial assessment To learn different quantitative techniques to apply to these structured situations To learn how to use the STATPRO software, for easy computation & analysis To generate sound conclusions that can help in business decision-making To understand how to use advanced statistical modules

3.0 Pedagogy

The pedagogy for the course comprises of:

Pre-class preparation or Self-study Classroom sessions - Theoretical inputs, problem solving & case analysis in class, along with software usage

4.0 Evaluation

The course will provide you with a variety of opportunities to show your knowledge & learning. Quizzes allow you to assess if you are always prepared with your understanding of important concepts and application of the techniques. Situation analysis conducted by a small group, allows you to work in a team, develops your analytical skills through discussions and debates, and makes you to reflect as well as “to think on your feet”. The course will be covered over 18 sessions. Evaluation Scheme:

Quiz (Minimum 4): 30%
Group Assignment: 40%
End Term Assignment 30%

Your grading will be relative, based on your performance across all the evaluation parameters mentioned above, vis-à-vis the batch.

5.0 Recommended Reading Material

The following book (the same one we sent you) is prescribed as courseware.

Prescribed Book:
1) Ken Black, (2004) Business Statistics for Contemporary Decision Making, 4th ed. John Wiley & Sons (Asia) Pte Ltd., Singapore. [The book will have an accompanying CD consisting of important data files].

Reference Books:
In addition to this prescribed book, handouts may be provided for classroom discussion and exercises, if needed. Participants may also want to consult additional references that are given below.

1) Levin, Richard I. and Rubin, David S., (2000) Statistics for Management, 7th edition. Pearson Education (Singapore) Pte Ltd., Indian Branch, New Delhi.

2) Albright, Christian S.; Winston, Wayne L. and Zappe, Christopher (2003), Data Analysis & Decision Making With Microsoft ® Excel, First Reprint, Thomson Asia Pte. Ltd., Singapore.

6.0 Session Plan

The detailed Session Plan including all topics, themes, cases, readings, etc. appear in the enclosed sheet (Excel file):

7.0 For your Consultation

For any clarification / consultation during the course or before the commencement, I can be reached at my office, or on email: debasis.mallik@spjimr.org

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