Quantitative Techniques for Business Decisions

Paper Code: 
CBTM 501
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 
  1. Enable the students to acquire knowledge of all the statistical aspects for business decisions.
  2. Develop the understanding of the business problems in the quantitative manner and analyze them using statistical tools.

 

Course Outcomes (COs):

Course

Learning outcomes

(at course level)

Learning and teaching strategies

Assessment

Strategies

Paper Code

Paper Title

SBTM 501

Quantitative Techniques for Business Decisions

(Theory)

 

CO 147 Understand the concept of quantitative techniques and operations research in business. 

CO 148 Develop linear programming (LP) models for shortest path, maximum flow, minimal spanning tree, critical path, minimum cost flow, and transhipment problems.

CO 149 Use CPM and PERT techniques, to plan, schedule, and control project activities.

CO 150 Propose the best strategy using decision making methods under uncertainty and game theory.

CO 151 Determine the best choice using decision tree.

CO 152 Select the best strategy on the basis of decision criteria under the uncertainty.

Approach in teaching:

Interactive Hours, Discussion, Tutorials, Reading assignments, Demonstration

 

Learning activities for the students:

Self learning assignments, Effective questions, Seminar presentation, Group tasks

 

Class test, Semester end examinations, Quiz, Assignments, Presentation, Individual and group projects

 

12.00
Unit I: 

Operations Research: An Introduction, Characteristics, Nature, Scope and Role of Operations Research and Quantitative Techniques, Scientific approach in decision-making, Techniques of OR, Limitations of these Techniques.
Linear Programming: Formulation of L.P. Problems, Graphical Solution and Simplex Method, Big-M method and Two-phase method; Duality

12.00
Unit II: 

Elementary Transportation: Formulation of Transport Problem, Solution by N.W. Corner Rule, Least Cost method, Vogel’s Approximation Method (VAM), Modified Distribution Method. (Special cases: Multiple Solutions, Maximization case, Unbalanced case, prohibited routes)
Elementary Assignment: Hungarian Method, (Special cases: Multiple Solutions, Maximization case, Unbalanced case, Restrictions on assignment.)

12.00
Unit III: 

Network Analysis: Construction of the Network diagram, Critical Path- float and slack analysis (Total float, free float, independent float), PERT, Project Time, Crashing

12.00
Unit IV: 

Decision Theory: Pay off Table, Opportunity Loss Table, Expected Monetary Value, Expected opportunity Loss, Expected Value of Perfect Information and Expected profit for Perfect Information, Decision Tree

12.00
Unit V: 

Introduction to Game Theory: Pay off Matrix- Two person Zero-Sum game, Pure strategy, Saddle point; Dominance Rule, Mixed strategy, Reduction of m x n game and solution of 2x2, 2 x s, and r x 2 cases by Graphical and Algebraic methods

Essential Readings: 

• Mathur, Khandelwal, Gupta, Gupta, Operational Research, Ajmera Book Company, Jaipur
• Agarwal, N.P., and Agarwal, Sonia, Quantitative Techniques For Management, Ramesh Book Depot, Jaipur
• Agarwal, N.P.,Operation Research, Ramesh Book Depot, Jaipur
• Vohra, N. D., Quantitative Techniques In Management, Tata McGraw Hill, New Delhi
• Taha, Hamady A ,Operational Research An Introduction, Prentice Hall of India, New Delhi
• Kapoor, V. K., Operational Research, Sultan Chand & Sons, New Delhi
• Nag, N. K., Quantitative Methods, Kalyani Publishers, Jaipur
• Srivastava, U. K., Shenoy, G.R., and Sharma, S. C., Quantitatives techniques for Managerial Decisions, New Age International

Academic Year: 
2023-2024
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