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Quantitative Techniques for Business Decisions [1]

Paper Code: 
CBBA 501
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

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):

Course

Learning outcomes

(at course level)

Learning and teaching strategies

Assessment

Strategies

Course Code

Course  Title

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

 

Class test, Semester end examinations, Quiz, Assignments, Presentation, Individual and group projects

 

12.00
Unit I: 
Operations Research:

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

12.00
Unit II: 
Elementary Transportation:

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.)

12.00
Unit III: 
Network Analysis:

Network Analysis: Construction of the Network diagram, Critical Path- float and slack analysis (Total float, free float, independent float), PERT, Project Time, Crashing

12.00
Unit IV: 
Decision Theory

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

12.00
Unit V: 
Introduction to Game Theory:

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

References: 

• 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 [2]
• https://www.academia.edu/ [3]
• https://www.slideshare.net/ [4]

Journals:

• https://www.ajol.info/index.php/afst/index [5]
• https://www.amu.ac.in/miscellaneous/the-aligarh-journal-of-statistics/ho... [6]
• https://in.sagepub.com/en-in/sas/calcutta-statistical-association-bullet... [7]

Academic Year: 
2022-2023 [8]

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Source URL: https://www.management.iisuniv.ac.in/courses/subjects/quantitative-techniques-business-decisions-5

Links:
[1] https://www.management.iisuniv.ac.in/courses/subjects/quantitative-techniques-business-decisions-5
[2] http://www.universalteacherpublications.com/univ/ebooks/or/index1.htm
[3] https://www.academia.edu/
[4] https://www.slideshare.net/
[5] https://www.ajol.info/index.php/afst/index
[6] https://www.amu.ac.in/miscellaneous/the-aligarh-journal-of-statistics/home-page
[7] https://in.sagepub.com/en-in/sas/calcutta-statistical-association-bulletin/journal202488#description
[8] https://www.management.iisuniv.ac.in/academic-year/2022-2023