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 tool 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.
EXPECTED LEARNING OUTCOMES
By 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 independent decisions.
Describe 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.