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Quantitative Techniques for Business Decisions
Course Objectives: This course will enable the students to - • Enable the students to acquire knowledge of all the statistical aspects for business decisions. • Develop the understanding of the business problems in the quantitative manner and analyze them using statistical tools.
Course Outcomes (COs):
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Course |
Learning outcomes (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course Title |
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CBBA 501 |
Quantitative Techniques for Business Decisions |
CO 221: Understand the concept of quantitative techniques and operations research in business. CO 222: Develop linear programming (LP) models for shortest path, maximum flow, minimal spanning tree, critical path, minimum cost flow, and transshipment problems. CO 223: Use CPM and PERT techniques, to plan, schedule, and control project activities. CO 224: Propose the best strategy using decision making methods under uncertainty and game theory. CO 225: Determine the best choice using decision tree. CO 226: Select the best strategy on the basis of decision criteria under the uncertainty. |
Approach in teaching: Interactive Hours, Discussion, Tutorials, Reading assignments, Demonstration
Learning activities for the students: Self learning assignments, Effective questions, Seminar presentation, Group tasks
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Class test, Semester end examinations, Quiz, Assignments, Presentation, Individual and group projects |
Operations Research: An Introduction, Characteristics, Nature, Scope and Role of Operations Research and Quantitative Techniques, Scientific approach in decision-making, Techniques of OR, Limitations of these Techniques.
Linear Programming: Formulation of L.P. Problems, Graphical Solution and Simplex Method, Big-M method and Two-phase method; Duality
Elementary Transportation: Formulation of Transport Problem, Solution by N.W. Corner Rule, Least Cost method, Vogel’s Approximation Method (VAM), Modified Distribution Method. (Special cases: Multiple Solutions, Maximization case, Unbalanced case, prohibited routes)
Elementary Assignment: Hungarian Method, (Special cases: Multiple Solutions, Maximization case, Unbalanced case, Restrictions on assignment.)
Network Analysis: Construction of the Network diagram, Critical Path- float and slack analysis (Total float, free float, independent float), PERT, Project Time, Crashing
Decision Theory: Pay off Table, Opportunity Loss Table, Expected Monetary Value, Expected opportunity Loss, Expected Value of Perfect Information and Expected profit for Perfect Information, Decision Tree
Introduction to Game Theory: Pay off Matrix- Two person Zero-Sum game, Pure strategy, Saddle point; Dominance Rule, Mixed strategy, Reduction of m x n game and solution of 2x2, 2 x s, and r x 2 cases by Graphical and Algebraic methods
Essential Readings:
• Mathur, Khandelwal, Gupta, Gupta, Operational Research, Ajmera Book Company, Jaipur
• Agarwal, N.P., and Agarwal, Sonia, Quantitative Techniques for Management, Ramesh Book Depot, Jaipur
• Agarwal, N.P.,Operation Research, Ramesh Book Depot, Jaipur
• Vohra, N. D., Quantitative Techniques in Management, Tata McGraw Hill, New Delhi
Suggested Readings:
• Taha, Hamady A ,Operational Research An Introduction, Prentice Hall of India, New Delhi
• Kapoor, V. K., Operational Research, Sultan Chand & Sons, New Delhi
• Nag, N. K., Quantitative Methods, Kalyani Publishers, Jaipur
• Srivastava, U. K., Shenoy, G.R., and Sharma, S. C., Quantitatives techniques for Managerial Decisions, New Age International
E-Resources:
• http://www.universalteacherpublications.com/univ/ebooks/or/index1.htm
• https://www.academia.edu/
• https://www.slideshare.net/
Journals:
• https://www.ajol.info/index.php/afst/index
• https://www.amu.ac.in/miscellaneous/the-aligarh-journal-of-statistics/ho...
• https://in.sagepub.com/en-in/sas/calcutta-statistical-association-bullet...
