Quantitative Methods in Administration
Introduction to basic mathematical and statistical methods and models for administrative problem solving and decision making. Includes such topics as decision making under conditions of risk, inventory theory, linear programming, networks and queuing.
Course Prerequisites and Credit Hours
- Course Prerequisites: (All three required)
- Methods of Calculus (MAC 2233) with a passing grade
- Introductory Statistics (STA 2023) with a passing grade
- A Junior standing
- Credit Hours: 3
To be determined
Tuesday & Thursday 12:00pm to 1:45pm
To be determined
Supplemental Instruction Leader
To be determined
Required Text and Materials
- Title: Quantitative Analysis for Management 12th edition.
- Authors: Barry Render, Ralph M. Stair, Michael E. Hanna and Trevor S. Hale.
- Publisher: Pearson. ISBN: 978-0133507331
- A calculator with exponential (yx), factorial (x!) and square root capabilities.
- A reliable computer and webcam – required for all exams.
- Reliable Internet access - required for all exams.
- A copy of Microsoft Office.
- Microsoft Excel will be used to do many calculations
- Microsoft Office 365 is available for free for all currently enrolled FAU students
- For more information visit http://www.fau.edu/oit/getoffice365
- Additional materials will be assigned and distributed via Canvas throughout the course.
Course Learning Objectives
- Students will:
- Learn and understand the value of quantitative methods in administrative and operational problem solving and decision-making. They will be introduced to a variety of statistical and quantitative techniques applicable to a wide range of business situations.
- Be able to recognize and apply techniques and their applications in problem solving for decision making.
- Be introduced to quantitative business methods such as decision theory, forecasting, simple linear
- regression, linear programming as well as optional topics multiple linear regression and queuing theory.
- Be introduced to software tools and their use for problem solving and decision making in applications such as linear programming and regression models.
- Apply quantitative techniques to business problem situations and analyze the results.
- Be able to demonstrate the problem-solving dimension as referenced above.
Minimum pre-entry skills
Basic algebraic concepts
- Understanding of the significance of an equation
- Ability to manipulate linear equations and solve simultaneously
- Understanding the concepts of slope (marginal value)
- Ability to plot data points
1. Concepts of calculus/Understanding of derivative
2. Probability concepts
- Continuous vs. discrete distributions and the concept of a random variable
- Normal distribution and the ability to use the appropriate tables
- Sampling distributions and sample mean
- Frequency distributions and Histograms
- Independent vs. dependent probability
- Understanding the concepts of marginal, conditional, and joint probability
4. Problem solving
- Ability to decipher a written statement and understand significant facts and the problem to be solved
- Ability to apply a written scenario to a solution method
5. Computer skills - Ability to create a spreadsheet representation of a problem
- Tabular (rows/columns)
Course Evaluation Method