II.

Major Learning Outcomes

The student will be able to:

1. explain the role of quantitative tools in business in our society and
analyze the various quantitative methods.

2. understand basic concepts of linear programming techniques and their

application in various business decision models.

3. develop programming formulations and present managerial

recommendations based on optimal solutions.

4. construct good forecasts using different forecasting techniques.

5. understand basic concepts of the queuing model and their application

in various business decision models.

6. construct simple network diagrams.

7. differentiate between quantitative methods used in business decision

making, select the most appropriate one, apply it and make
interpretations of the solution.

8. understand the basic concepts of simulation and simulate models using

the Monte Carlo technique.

Course Learning Objectives

1. Develop an understanding of how quantitative and management science
techniques are applied in the managerial decision making process.

2. Apply the basic assumptions of linear programming and the properties of linear
programming to formulate and solve problems concerning maximization (such as
profits) and minimization (such as costs) objectives in a variety of business and
management applications.

3. Apply concepts of Integer Programming to solve management problems.

4. Understand the differences among decision making under certainty, uncertainty,

and risk. Apply probability theory to making decisions under risk. Make the best
possible decision when future outcomes are uncertain.

5. Understand the concepts of queueing models and their applications in various

business decision models.

6. Perform and interpret the results of independent Monte Carlo simulations.

 To understand and formulate linear programs.

To Identify the different methods of data presentation

To Recognize decision theory

To Identify and examine situations that generate queuing problems.

To Understand various components of queuing systems and describe each of them.

To Understand what simulation is.

To solve linear programs with a graphic application and interpret the solution and
utilize the results in decision making

To Apply the Monte Carlo Simulation Technique

To analyze, compare and contrast among decision making under certainty,

uncertainty, and risk.
To review probability theory to making decisions under risk
To Derive relationship among variety of performance measures using probability
distributions.
To Know certain causes of simulation analysis failure
To investigate queueing models and their applications in various business decision
models

To develop Integer Programming to solve management problems.