Quantitative Methods for Decision Makers

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ISBN: 9780273624042 | 0273624040
Cover: Paperback
Copyright: 12/1/1997

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Supplemental Materials

Introduction
The use of quantitative techniques by business
The role of quantitative techniques in business
Models in quantitative decision making
Use of computers
Using the text
Summary
Further Reading
Application: British Telecom
Tools Of The Trade
Learning objectives
Some basic terminology
Fractions, proportions, percentages
Rounding and significant figures
Common notation
Powers and roots
Logarithms
Summation and factorials
Equations and mathematical models
Graphs
Real and money terms
Summary
Further Reading
Exercises
Management Information and Diagrams
Learning objectives
Bar charts
Pie charts
Frequency distributions
Percentage and cumulative frequencies
Histograms
Frequency polygons
Ogives
Lorenz curves
Time-series graphs
Z charts
Scatter diagrams
General principles of graphical presentation
Worked example
Summary
Further Reading
Application: Cowie Health Centre, Scotland
Exercises
Management Statistics
Learning objectives
A business example
Why are statistics needed?
Measures of averages
Measures of variability
Using the statistics
Calculating statistics for aggregated data
Index numbers
Working example
Summary
Further Reading
Application: Halifax Building Society - House Price Index
Exercises
Probability and Probability Distributions
Learning objectives
Terminology
The multiplication rule
The addition rule
A business application
Probability distributions
The Binomial distribution
The Normal distribution
Worked example
Summary
Further Reading
Application: ICI Pharmaceuticals
Exercises
Decision Making Under Uncertainty
Learning objectives
The decision problem
The Maximax criterion
The Maximin criterion
The Minimax regret criterion
Decision making using probability information
Risk
Decision trees
The value of perfect information
Worked example
Summary
Further Reading
Application: Gulf Oil
Exercises
Market Research and Statistical Inference
Learning objectives
Population and samples
Sampling distributions
The Central Limit Theorem
Characteristics of the sampling distribution
Confidence intervals
Other confidence intervals
Confidence intervals for proportions
Interpreting confidence intervals
Hypothesis test
Tests on a sample mean
Tests on the difference between two means
Tests on two proportions of percentages
Tests on small samples
Inferential statistics using a computer package
P values in hypothesis tests [chi]2 tests
Worked example
Summary
Further Reading
Application: Queen's College, Taunton
Exercises
Quality Control and Quality Management
Learning objectives
The importance of quality
Techniques in quality management
Statistical process control
Control charts
Control charts for attribute variables
Pareto charts
Ishikawa diagrams
Worked example
Summary
Further Reading
Application: Hewlett Packard
Exercises
Forecasting I: Moving Averages and Time Series
Learning objectives
The need for forecasting
Alternative approaches for forecasting
Trend projections
Time-series models
Worked example
Summary
Further Reading
Application: Retail supermarket, UK
Exercises
Forecasting II: Regression
Learning objectives
The principles of simple linear regression
The correlation coefficient
The line of best fit
Using the regression equation
Further statistical evaluation of the regression equation
Non-linear regression
Multiple regression
The forecasting process
Worked example
Summary
Further Reading
Application: RAC
Exercises
Linear Programming
Learning objectives
The business problem
Formulating the problem
Graphical solution to the LP formulation
Sensitivity analysis
Computer solutions
Assumptions of the basic model
Dealing with more than two variables
Extensions to the basic LP model
Worked example
Summary
Further Reading
Application: Blue Bell, Inc
Exercises
Stock Control
Learning objectives
The stock-control problem
Costs involved in stock control
The stock-control decision
The economic order quantity model
The reorder cycle
Assumptions of the EOQ model
Incorporating lead time
Classification of stock items
MRP and JIT
Worked example
Summary
Further Reading
Application: Unipart
Exercises
Project Management
Learning objectives
Characteristics of a project
Project management
Business example
Network diagrams
Developing the network diagram
Using the network diagram
Precedence diagrams
Gantt charts
Uncertainty
Project costs and crashing
Worked example
Summary
Further Reading
Application: Central Regional Council, Scotland
Exercises
Simulation
Learning objectives
The principles of simulation
Business example
Developing the simulation model
A simulation flowchart
Using the model
Worked example
Summary
Further Reading
Application: University Hospital of Wales
Exercises
Financial Decision Making
Learning objectives
Interest
Nominal and effective interest
Present value
Investment appraisal
Replacing equipment
Worked example
Summary
Further Reading
Application: Tomco Oil Inc
Exercises
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Quantitative Methods for Decision Makers

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Quantitative Methods for Decision Makers

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Supplemental Materials

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