The course introduces students to a number of
quantitative models proven effective in solving certain classes of managerial
problems. The course examines quantitative tools used to model various
representative sample problems encountered in the conduct of business. The tools
to be surveyed included linear programming, network programming and analysis,
inventory control models, stochastic process, decision theory, queuing theory,
simulation, decision support systems and project management techniques.
Students are helped to learn the strength and weaknesses of various
applications and limitations of models presented.
the end of the course unit, students should be able to:
- Explain how to utilize the limited
resources to maximize profits since most techniques are problem solving
- Describe and explain situations where the
resources are limited and be able to integrate demand and supply
- Explain the important managerial and
various economic indexes that can be useful in solving problems
- Discuss the role of quantitative methods
in the business world toady and the validity of these techniques.