BUSN625 Applied Decision Making
The primary focus of our time together in this graduate level course will be on analyzing business problems and applying the most appropriate method or technique to solve, resolve or mitigate the effects of the problem. We will investigate the most successful analysis methods used from business statistics, production and operations management, management science, and research fields of study. Analysis of case studies and group projects will be essential activities throughout the course. You will be required to synthesize material from several major fields of study, apply it in within the course, develop solutions to the problems and then present your solutions to decision makers. It is important to note that as mathematics is a foundation of the course, a solid understanding of basic mathematical principles will be essential to your success within the course. Due to the amount and depth of information covered in a relatively short amount of time (8 weeks), you will find that each week will contain required reading, assignments, and required discussions to ensure that, by the end of the course, you have a solid understanding of the material and are both confident and competent in applying the techniques and methods that we have investigated.
Course Scope
This course provides a basic introduction to business statistics and decision models/optimization, focusing on practical applications of data analysis and decision modeling. It will provide the fundamental understanding of why to use a procedure, how to use it correctly, and how to properly interpret results.
This Business Administration course delivered via distance learning will enable students to complete academic work in a flexible manner, completely online. Course materials and access to an online learning management system will be made available to each student.
Course Objectives
Course Objectives:
LO-1 Identify the types of data and appropriate methods that are specific to managerial decision making
processes
LO-2 Utilize statistical inference to draw relevant conclusions from data
LO-3 Apply regression analysis to inform business decision-making
LO-4 Discriminate among qualitative (judgmental) and quantitative forecasting models that are appropriate
to discrete managerial needs
LO-5 Apply risk analysis to anticipate possible business outcomes
LO-6 Integrate statistical reports with managerial thinking to resolve uncertainty and achieve business
util
Course Materials
Course Outline
Week
Topic(s)
Learning Objective(s)
Reading(s)
1
STATISTICS AND DATA ANLYSIS
Data and Business Decision; Displaying and Summarizing Data
LO-1 Identify the types of data and appropriate methods that are specific to managerial decision making processes
Read: Statistics, Data Analysis, and Decision Modeling, Chapters 1 and 2
2
Probability Distributions and Applications; Sample and Estimation
Read: Statistics, Data Analysis, and Decision Modeling, Chapters 3 and 4
Read: Case Study-Probability Analysis for Quality Measurements, page 117-118
3
Hypothesis Testing and Statistical Inference; Regression Analysis
Read: Statistics, Data Analysis, and Decision Modeling, Chapters 5 and 6
Review: Case Study-Probability Analysis for Quality Measurements, page 117-118
4
Forecasting; Statistical Quality Control
LO-4 Discriminate among qualitative (judgmental) and quantitative forecasting models that are appropriate to discrete managerial needs
Read: Statistics, Data Analysis, and Decision Modeling, Chapters 7 and 8
5
DECISION MODELING AND ANALYSIS
Building and Using Decision Models; Risk Analysis and Monte Carlo Simulation
Read: Statistics, Data Analysis, and Decision Modeling, Chapters 9 and 10
Read: Case Study – An Inventory Management Decision Model, page 327-328
6
Decisions, Uncertainty, and Risk; Queues and Process Simulation Modeling
LO-6 Integrate statistical reports with managerial thinking to resolve uncertainty and achieve business utility
Read: Statistics, Data Analysis, and Decision Modeling, Chapters 11 and 12
7
Linear Optimization; Integer and Nonlinear Optimization
Read: Statistics, Data Analysis, and Decision Modeling, Chapters 13 and 14
Review: Case Study – An Inventory Management Decision Model, page 327-328
8
Review all course material in preparation for the Final