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BUS B272F Quantitative Methods for Decision Making

Course Document

January 2012

CONTENTS INTRODUCTION AIMS LEARNING OUTCOMES CONTENT ALIGNMENT OF OUTCOMES AND CONTENT TEACHING AND LEARNING STRATEGIES ASSESSMENT REQUIRED TEXTBOOKS TEACHING STAFF TEACHING SCHEDULE 1 1 1 1 1 2 2 2 3 3

INTRODUCTION Welcome to BUS B272F which is a 5-credit course focuses on the topics on Quantitative Methods for Decision Making. This course is designed to help students to develop the statistical and management science techniques that are needed to succeed as a decision maker. AIMS BUS B272F Quantitative Methods for Decision Making aims to: 1. 2. 3. 4. 5. Provide students with analytical skills required for applying appropriate quantitative methods in making business decisions. Provide students with necessary statistical background needed in performing regression analysis and business forecasting. Achieve a thorough understanding in regression analysis and business forecasting as well as the concept of optimization. Formulate relevant business problems in a logical manner. Know when and how to apply appropriate quantitative methods in making business decisions

After completing this course, students will have learned how to use various statistical and management science tools and techniques to model and analyze decisions under uncertainties. LEARNING OUTCOMES 1. 2. 3. 4. 5. 6. Perform ANOVA and interpret the related output. Evaluate relationships among variables by using regression analysis. Select the appropriate forecasting method to forecast predicted values Formulate linear programming problems and interpret the related output. Perform decision analysis with and without probabilities. Apply project management techniques to schedule and manage a set of project activities.

CONTENT Topics 1 ANOVA and Linear Regression 2 Time Series Analysis and Forecasting 3 Linear Programming 4 Decision Analysis 5 Project Management ALIGNMENT OF OUTCOMES AND CONTENT The outcomes are related to the above topics as follows: Outcome Outcome 1 Outcome 2 Outcome 3 Outcome 4 Outcome 5 Outcome 6 Topic Topic 1 Topic 1 Topics 1 & 2 Topic 3 Topic 4 Topic 5
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Weeks 3 3 4 2 2

TEACHING AND LEARNING STRATEGIES On average, there will be a two-hour lecture and a two-hour tutorial for each complete teaching week. The majority of lectures consist largely of listening to presentations from which students will have to make notes; the majority of tutorials provide students with the opportunities to discuss their progress with tutor and practise the lecture contents together with classmates. Students can use the Online Learning Environment (OLE) which contains notes and PowerPoint files from lectures and hyperlinks to useful websites and other relevant resources. They can also use the OLE Discussion Board to interact with the teaching staff and other students on the course. Alternatively, students can submit their study problems and questions to their lecturer/tutors through email. ASSESSMENT Course assessment includes continuous assessment and examination. The details are as follows: Continuous assessment: Examination: 30% (1 individual assignment and 1 quiz) 70% (final examination)

Assignment 1 (weighting 15%) This is an individual assignment in which students are required to solve a set of given problems to demonstrate their understanding of newly learned materials. This assignment is used mainly to assess outcomes 1 to 3. Assignment 2 (weighting 15%) Students are required to complete a quiz on the assigned date under exam conditions. This assignment is used mainly to assess outcomes 1 to 4. Examination (weighting 70%) This is a three-hour examination and students are required to synthesize and demonstrate what they have achieved in learning outcomes 1 to 6. The pass mark for each assignment is 40. To pass this course, students must pass both the overall course score and the examination. Supplementary Examination The supplementary examination of this course will be held during 9-22 July 2012. Registry will inform students the detailed arrangement in due course. REQUIRED TEXTBOOKS

1. Keller, Gerald (2012) Managerial Statistics, 9th edition, South-Western Cengage Learning. The Keller website that is established for the prescribed textbook contains a number of features that are helpful for students study. Students are expected to install the software: Data Analysis Plus 9.0 in VBA to practice data processing covered in this course. Students will have to first of all register as a student user by visiting: http://login.cengagebrain.com
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The unique access code can be found on the back of the yellow card inside the textbook.
2. Hillier, F, Hillier, M (2011) Introduction to Management Science, A Modeling and Case Studies Approach with Spreadsheets, fourth edition, McGraw Hill. The textbook is bundled with a comprehensive Excel-based software package called MS Courseware. TEACHING STAFF Name Mr Ken Chan Dr Samuel Choi Dr SL Chung Dr Franklin Lam Mr John Mak Dr Matthew Yeung Dr H M Wan Ms Phillis Wong Email kchan@ouhk.edu.hk schoi@ouhk.edu.hk slchung@ouhk.edu.hk sslam@ouhk.edu.hk jmak@ouhk.edu.hk myeung@ouhk.edu.hk hmwan@ouhk.edu.hk nswong@ouhk.edu.hk Tel: 27686910 27686921 27686920 27686927 27686922 27686951 27686944 27686984 Consultation Hours

To be announced

TEACHING SCHEDULE Teaching Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Assignments and due dates

Topics ANOVA and Linear Regression

Time Series Analysis and Forecasting

TMA 1 (week 8) 2-Mar-2012

Linear Programming Quiz (week 12) 26-Mar~30-Mar 2012

Decision Analysis Project Management