Analyzing Business Problems

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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

  1. Evans, James R., Statistics, Data Analysis, and Decision Modeling, Fourth Edition, ISBN-13:978-0-13-606600-2 (comes with CD-ROM)
  2. Lecture Notes
  3. PowerPoint Presentations of Chapters
  4. Online Research Library

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

 

 

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

 

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

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  

 

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-1 Identify the types of data and appropriate methods that are specific to managerial decision making processes

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

 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-4 Discriminate among qualitative (judgmental) and quantitative forecasting models that are appropriate to discrete managerial needs

 

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-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-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 utility

 

Read: Statistics, Data Analysis, and Decision Modeling, Chapters 11 and 12

 

 

7

Linear Optimization; Integer and Nonlinear Optimization

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-6 Integrate statistical reports with managerial thinking to resolve uncertainty and achieve business utility

Read: Statistics, Data Analysis, and Decision Modeling, Chapters 13 and 14

 

Review: Case Study – An Inventory Management Decision Model, page 327-328

 

8

Course Review and Final Exam

 

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 utility

 

Review all course material in preparation for the Final

 

 

 

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