Course Description: BA 311 Quantitative Analysis for Business and Economics is an introductory course on quantitative methods and models used to solve problems and aid decision making for management in business and for economic policy. Decision-making and problem solving with quantitative methods is often referred to as management science. The management science approach views decision-making and problem solving as events that can be measured quantitatively. Through quantitative measurement, relationships can be determined and tested experimentally.
Course Objectives: The primary objective of this course is to help students develop critical thinking techniques to solve problems and make decisions in marketing, accounting, finance, management, and economics. Students will study the concept of mathematical models, data evaluation, and deterministic analytical techniques. Concepts of risk and decision-making under uncertainty will be introduced. The techniques covered will help managers make decisions regarding inventory management, production scheduling, maximization of profits, and minimization of costs. Upon completion of the course, students are expected to be able to:
1) Identify and classify the various types of problems,
2) Solve problems using correct quantitative method,
3) Solve quantitative problems as part if a team, and
4) Effectively communicate quantitative solutions and recommendations
Required Text: Quantitative Methods for Business, Anderson, Sweeney
& Williams, 9th edition, South-Western Publishing
Supplies: Bring several IBM compatible high-density 3˝ inch diskettes to each class.
Assignments and Grading: Students are expected to read and complete all assignments by the due dates, and to actively participate in class, including contributing knowledge and information and asking questions. You are expected to attend ALL classes. There will be NO MAKEUP exams, quizzes, or homework assignments. Your grade will be computed as follows:
Mission Linked Goals for Division of Business
In support of the educational goals of the College, each of the majors offered through the Division of Business is based on two layers of student learning goals. The first set, mission-linked goals, ties the learning outcome of the majors directly to the liberal arts mission of the College. The mission-linked goals of the Division are:
The second set of student learning goals, disciplinary depth goals, defines the overall contents and skills expectations within each major. The disciplinary depth goals are:
Students Completing the Accounting Major Should
Students Completing the Business Administration Major
Student Completing the Economics major Should
Statement of Professional Responsibility
The faculty of the Division of Business and Graduate Programs, both collectively and as individual professors, feel that students should be accountable for developing the work habits and personal discipline which will be expected of them after graduation as professional members of the business community. It is just as important that students reach satisfactory standards of written and oral communication skills as it is that they learn a satisfactory amount of accounting or management or marketing or finance. It is just as important that students learn integrity and professional responsibility as it is that they learn economics or statistics.
Students are responsible for knowing and strictly abiding by the BSC Honor Code contained in the student Handbook. When in doubt regarding any assignment, clarify instructions with the professor.
Chapter 1: Introduction
Chapter 2: Introduction to Probability
Chapter 3: Probability Distributions
Chapter 4: Decision Analysis
Chapter 5: Utility
Chapter 6: Forecasting
Chapter 7: Introduction to Linear Programming
Chapter 8: Linear Programming: Sensitivity Analysis and Interpretation of Solution
Chapter 9: Linear Programming Applications
Chapter 13&14: Inventory Management
Time Value of Money
Weighted Average Cost of Capital
Data Analysis Project