BUSADMIN 7110 Management Decision Analysis
|Course Number:||BUSADMIN 7110|
|Course Name:||Management Decision Analysis|
|Course Description:||A presentation of theory and applications of quantitative decision methods used in the business setting. Topics include decision theory, linear programming, PERT/CPM, forecasting and inventory control.|
|Prerequisites:||A statistics course or consent of the instructor.|
- Introduce you to the common quantitative decision-making tools used in business.
- Provide you with an opportunity to develop the skills necessary to use the quantitative models of management decision analysis.
- Expose you to current literature and research in the field of management decision analysis.
- Identify and analyze the problem.
- Choose the appropriate model to analyze the problem.
- Apply the model to the problem.
- Interpret the results in a meaningful way, so as to aid in the decision making process.
- Write an article review using proper APA (or MLA) formatting.
- Construct a model that can be used in a business decision.
- Know and use the basic principles of probability theory.
- Examine how decisions are made under conditions of certainty, uncertainty, and risk.
- Formulate, solve, and interpret linear programming problems to achieve an optimal solution to a business problem.
- Evaluate typical problems in your own business setting using linear programming techniques.
- Formulate and solve linear programming problems using spreadsheets (i.e. - MS Excel).
- Apply linear programming techniques to specialized applications.
- Demonstrate how cost reduction and efficiencies can be gained using network flow diagrams.
- Determine critical activities and costs in a project using CPM /PERT techniques.
- Decide how many waiting lines are appropriate while considering the cost of each additional waiting line using queuing theory.
- Select the appropriate forecasting technique for various business situations.
- Select the appropriate inventory control models for dependent and independent demand.
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