applied decision methods for business class
karni.shekhawat
university_alliance.pdf
Syllabus Entry
Instructor Sharif Faruque
E-mail Please use the Classroom e-mail for a faster response. Otherwise, [email protected]. Also, please use the discussion board if question is related to classroom content.
Phone 858-618-3181
Office Hours Office hours not set.
University Grading Scale Grade Quality Equivalent Range Points
A excellent 90-100 4
B good 80-89 3
C average 70-79 2
D poor 60-69 1
F failure 0-59 0
I incomplete course work
AU audit - no grade
P pass, no effect on GPA
W official withdrawal
Attendance Attendance is required on a weekly basis. Students are expected to view the online lectures in the week they are offered, and to log onto the site often enough to remain abreast of the communication on the Message Board as well as any Class News or information from the Professor. It is the responsibility of the student to be aware of everything happening in the class online.
Academic Honesty Academic honesty is highly valued in Florida Tech's online courses. The student must always submit work that represents original words or ideas. If any words or ideas are used that do not represent those original words or ideas, the student must cite all relevant sources and provide a clear definition of the extent to which such sources were used. Words or ideas that require citation include, but are not limited to all hard copy or electronic publications, whether copyrighted or not, and all verbal or visual communication when the content of such communication clearly originates from an identifiable source. In the Florida Tech online course, all submissions to any public meeting bulletin board or private mailbox fall within the scope of words and ideas that require citations if used by someone other than the original author. Academic dishonesty in an online learning environment could involve:
Having a tutor or friend complete a portion of the student's assignments
Having a reviewer make extensive revisions to an assignment
Copying work submitted by another student to another public class meeting
Using information from online information services without proper citation
Any of these practices could result in charges of academic dishonesty. For the complete Florida Tech policy on academic dishonesty, cheating and plagiarism see the Florida Tech Student Handbook. http://www.fit.edu/studenthandbook/
Students with Disabilities Individuals with disabilities needing special accommodation(s) should contact Rodd Newcombe, Director of Academic Support Center. He may be contacted by phone at (321) 674-7110 or by email at [email protected]
Disaster Statement School Closure:
Applied Decision Methods for Business EBA3334 | Term: Fall 2 2014 Student Access: 10.20.2014 12:00 AM EDT - 12.14.2014 11:59 PM EST | Section: 2
Both Florida Tech and the University Alliance observe national holidays and students are not required to participate in classes on such days. In the case of an emergency closure of Florida Tech or the University Alliance, if classes are still able to operate, they will continue. In the rare case that the Learning Management System is unavailable for maintenance reasons, classes will resume as quickly as possible and students should check the University Alliance website (www.floridatechonline.com) regularly for updates
Natural disaster:
If a natural disaster impacts the Melbourne, Florida area all students should check the Florida Tech website www.fit.edu or call (800) 888-4348 for updates. In the event that a natural disaster occurs near the student’s residence they should contact Customer Service at: 1-800-280-9718 at the soonest opportunity and inform them of the situation. They will make the appropriate contact to instructors. Final decisions on the appropriate timeline to complete course requirements are at the discretion of the instructor.
SMARTHINKING SMARTHINKING's fundamental objectives are to engage and encourage students in active learning, as well as to enhance their motivation. Our tutors strive to help students develop successful learning skills, rather than simply "giving answers" or "doing homework" for them. In a professional and supportive environment, we focus on the power of human interaction and the use of technology to assist a student-centered tutoring process. www.smarthinking.com
Course Withdrawal You must withdraw using the Florida Tech's online student account system (PAWS). If you are a new student, PAWS access information will be provided prior to class start via your official Florida Tech email account. You have the prerogative of dropping a course until the end of the first week of classes without receiving a grade of "W". After the first week, a grade of "W" will be assigned up until the final published date for withdrawing (the last day of week six). That grade will be reflected on your transcript, but not calculated into your grade point average. Withdrawals after week six will result in a grade of "F". You are responsible for maintaining written evidence of all drops/withdrawals. Telephone and e-mail drops/withdrawals will not be accepted. Following is a table that clearly outlines Florida Tech's withdrawal and refund policies:
Withdrawal Policy / Refund Chart
Week Withdrawal Permitted Tuition Refunded Deadline
1 Yes 100% By Sunday at 11:59 PM ET
2 Yes 60% By Sunday at 11:59 PM ET
3 Yes 40% By Sunday at 11:59 PM ET
4 Yes No Refund By Sunday at 11:59 PM ET
5 Yes No Refund By Sunday at 11:59 PM ET
6 Yes No Refund By Sunday at 11:59 PM ET
7 No No Refund - No Withdrawal
8 No No Refund - No Withdrawal
PAWS is accessible through the university portal ACCESS Florida Tech. To continue to PAWS click here (opens in new window)
Course Introduction
Course Introduction Course Description
Uses quantitative techniques to aid in decision-making. Emphasizes problem identification and applies appropriate solution techniques for interpretation of results. Includes probability theory, decision-making under certainty, risk and uncertainty, inventory control, forecasting, PERT/CPM, utility theory, and linear programming.
Course Objectives
After completing this course, you should be able to:
Discuss how management science models are created and used to improve managerial decisions in business
Explain the key quantitative methods used in diverse management science models
Identify the strengths and limitations of the key quantitative methods
Select and apply the method most appropriate to the problem at hand
Prerequisites
Undergraduate level EST 2703 Minimum Grade of D
Credit Hours
3
Course Materials Introduction to Management Science (11th edition), Taylor, Bernard W.
Grading Your grade in this course will be our evaluation of your performance. We will base this evaluation on your demonstrated competence on the following:
Item Percentage Possible
Quizzes (5 at 5% each) 25%
Homework (15 at 2.3% each) 35%
Midterm Exam 20%
Final Exam 20%
Total 100%
Grade Scale
The grades are based on the official college policy. THERE WILL BE NO CURVE. There will be no extra credit. The grade scale is:
A 90–100
B 80–89
C 70–79
D 60–69
F 0–59
Guidelines & Expectations Homework, Quizzes, and Exams All assignments (exams and homework) must be typed, 12-point font, and double spaced. Regardless of the assignment, a one-word or one-number answer will never suffice for full credit. Always show your calculations! The only exception is when you are dealing with multiple-choice questions
Homework assignments and quizzes are due on or before Sunday at 11:59 p.m. ET for the week in which they have been assigned
Online Tutoring In addition to your professor in this class, we have made arrangements for you to access an online tutoring service if you want to get extra help with math and writing. When you click on the link below, you will automatically be logged in to a website for the tutoring service, offered by Smarthinking. No account setup is necessary, and there is no additional cost to you for this service. You will see on that page that you have the option to schedule a session with a tutor, submit a question, or submit your writing for feedback. www.smarthinking.com
Week: 1
Management Science Processes, Mathematical Models, and Linear Programming
Lecture
Lecture
Reading
Homework
Week: 2
Formatting Linear Programming Models and Solving Transportation Problems
What does it take to become a management scientist? This week, we will examine the management science process and mathematical models that facilitate business decisions. We will also conduct a break-even point analysis, format a linear programming model, and produce graphical solutions.
After completing this lesson, you should be able to:
Define management science
Describe the management science approach to problem solving
Discuss the nature of a model
Differentiate between normative model results and descriptive model results
Identify the basic components of break-even analysis
Demonstrate break-even analysis
Describe linear programming
Design a linear programming model
Explain what a maximization linear programming model is
Find a graphical solution to a maximization linear programming model
Apply such a model in the appropriate managerial decision situations
Introduction to Management Science
We define management science, outline the management science process, identify mathematical model types, calculate a break-even point, and illustrate a graphical solution.
Linear Programming: Part 1
How is linear programming used in maximization and minimization problems? We review linear programming model steps, formatting, and graphical solutions.
Chapter 1
Chapter 2
Homework Assignment 1
Problem 2, page 61
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
How do you identify solutions for irregular and complex linear programming problems, or for transporting products between locations? This week, we will calculate how to minimize costs, discuss infeasible and unbounded problems, examine complex linear programming models, and practice solving transportation and assignment problems.
After completing this lesson, you should be able to:
Explain what a maximization linear programming model is
Produce a graphical solution to a maximization linear programming model
Apply such a model in the appropriate managerial decision situations
Describe the different types of irregular linear programming models
Analyze situations when encountering an irregular linear programming model
Convert constraints in linear programming models
Define the standard form of a linear programming model
Convert problems into the proper form for computer solution
Solve linear programming problems using spreadsheets
Lecture
Lecture
Lecture
Reading
Homework
Homework
Homework
Quiz
Week: 3
Identifying Optimal Transportation Solutions, Creating Network Flow Models, and Managing Projects
Define transportation problems
Describe the connection between transportation problems and linear programming problems
Solve transportation problems using the Northwest Corner method
Solve transportation problems using the minimum cell cost method
Solve transportation problems using Vogel's Approximation Method
Linear Programming: Part 2
We explain how linear programming is used to help minimize costs, and we explore irregular types of linear programming problems.
Linear Programming: Part 3
How do you format complex models with more than two variables? We review how to solve these problems mathematically using slack variables.
Transportation Problem: Part 1
We create a matrix and use three different methods to determine solutions for transporting product between locations.
Chapter 2
Chapter 3
Module B, Transportation and Assignment Solution Methods, pages B1–B25
Homework Assignment 2
Problem 5, page 61
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Homework Assignment 3
Problem 8, page 97
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Homework Assignment 4
Problem 4, page B27 (from the reading)
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Quiz 1
This quiz includes 10 multiple-choice questions
You have 120 minutes to complete this quiz
This is due no later than Sunday at 11:59 p.m. ET
How can you optimize your transportation model and network flow and effectively manage your projects? This week, we will apply the stepping-stone method to identify the optimal transportation solution. We will also analyze branches and nodes to assess network routes and examine the essentials of effective project management.
After completing this lesson, you should be able to:
Solve transportation problems using the stepping-stone method
Lecture
Lecture
Lecture
Reading
Homework
Homework
Homework
Quiz
Describe an unbalanced transportation problem
Solve unbalanced transportation problems
Describe degeneracy in transportation problems
Solve degenerate transportation problems
Define network flow problems
Use the shortest route solution approach
Use the minimal spanning tree solution approach
Solve the maximal flow problem
Describe the elements of project management
Describe the project network
Discuss the concept of critical path
Solve project management problems using CPM
Transportation Problem: Part 2
We demonstrate how to find the optimal solution to transportation problems using the stepping-stone method and how to solve unbalanced transportation models.
Network Flow Problems
We diagram a network using branches and nodes and evaluate the paths using the shortest route, minimal spanning tree, and maximal flow methods.
Project Management
What are the steps involved in effectively managing projects? We explore planning elements, project networks, critical path, activity scheduling, and activity slack.
Chapter 6
Chapter 7
Chapter 8
Homework Assignment 5
Problem 1, page 253
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Homework Assignment 6
Problem 3, page 313
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Homework Assignment 7
Problem 3, page 385
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Quiz 2
This quiz includes 10 multiple-choice questions
You have 120 minutes to complete this quiz
This is due no later than Sunday at 11:59 p.m. ET
Week: 4
Fundamentals of Probability Theory, Statistics, and Markov Analysis
Lecture
Lecture
Reading
Homework
Homework
Exam
Week: 5
Queuing Systems, Computer Simulations, and Demand Prediction
What is the likelihood of a specific business-related event occurring or a consumer switching between brands? This week, we will predict outcomes to business situations using probability theory and statistics, and evaluate the problem of brand switching through a Markov Analysis.
After completing this lesson, you should be able to:
Describe the fundamentals of probability theory
Discuss the issues of statistical independence and dependence
Use expected values
Apply the normal distribution
Describe the type of systems that are suited to a Markov analysis
Determine the characteristics of a Markov analysis
Solve problems using Markov analysis
Probability and Statistics
We explore probability theory, including marginal probability, conditional probability, succession of events, and dependent events, and review key concepts in statistics
Markov Analysis
How does human nature impact probability? We examine the human factor in decision-making with a Markov Analysis and create a transition matrix.
Chapter 11
Module F, Markov Analysis, pages F1–F17
Homework Assignment 8
Problem 14, page 530
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Homework Assignment 9
Problem 7, page F18 (from the reading)
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Midterm Exam
This exam includes 16 multiple-choice and true/false questions
You have 180 minutes to complete this exam
This is due no later than Sunday at 11:59 p.m. ET
How can businesses minimize customer wait times, replicate complex systems, and forecast future product demand? This week, we explore how queuing analysis can help reduce wait times and save money, and we conduct computer simulations of complex systems. We also experiment with common demand forecasting techniques.
After completing this lesson, you should be able to:
Describe the type of systems that are suited to a queuing analysis
Describe the characteristics of a queuing analysis
Lecture
Reading
Homework
Homework
Homework
Quiz
Week: 6
Forecasting Demand and Managing Inventory
Solve problems using queuing analysis
Describe the concept of forecasting
Discuss the components of forecasting
Use the moving average forecasting method
Use the weighted average forecasting method
Use the exponential smoothing method
Use the adjusted exponential smoothing method
Describe the EOQ model using noninstantaneous receipt
Discuss the concept of reorder point
Determine safety stocks using service levels
Queuing Analysis
We summarize the components of queuing (or waiting-line) systems and examine a single-server model, identifying potential cost-savings and wait-time reductions.
Chapter 13
Chapter 14
Chapter 15
Homework Assignment 10
Problem 2, page 625
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Homework Assignment 11
Problem 2, page 725
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Homework Assignment 12
Problem 26, page 734
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Quiz 3
This quiz includes 10 multiple-choice questions
You have 120 minutes to complete this quiz
This is due no later than Sunday at 11:59 p.m. ET
What techniques allow businesses to forecast demand, and how can companies determine optimal order quantities to minimize their total inventory cost? This week, we discuss the essentials of demand forecasting, including several commonly used forecast methods. We also apply economic order quantity (EOQ) models to calculate optimal order size.
After completing this lesson, you should be able to:
Describe the elements of inventory management
Discuss the different types of inventory control systems
Use the Economic Order Quantity (EOQ) model
Lecture
Lecture
Reading
Homework
Quiz
Week: 7
Analyzing Business Decisions
Lecture
Reading
Describe the EOQ model with noninstantaneous receipt
Discuss the concept of reorder point
Determine safety stocks using service levels
Forecasting
We define forecasting, trends, cycles, and seasonal patterns, and we explore different forecasting techniques: time-series analysis, linear regression, multiple regression, and qualitative methods.
Inventory Management
We examine continuous and periodic inventory systems and use EOQ models to identify optimal order quantity and minimize total inventory cost.
Chapter 16
Homework Assignment 13
Problem 1, page 783
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Quiz 4
This quiz includes 10 multiple-choice questions
You have 120 minutes to complete this quiz
This is due no later than Sunday at 11:59 p.m. ET
How can you evaluate the possible outcomes of business decisions? This week, we illustrate how to analyze decisions that may or may not have probabilities associated with them. We also review relevant criteria, equal likelihood, dominant decision, and potential payoffs.
After completing this lesson, you should be able to:
Discuss the key categories of decision situations
Define the components of decision making
Use the maximax criterion method
Use the maximin criterion method
Use the minimax regret criterion method
Use the Hurwicz criterion method
Use the equal likelihood criterion method
Discuss decision making with probabilities
Apply the concept of expected value
Use the expected value to make decisions
Use decision trees to make decisions
Decision Analysis
How can you evaluate the possible outcomes of business decisions? This week, we illustrate how to analyze decisions that may or may not have probabilities associated with them. We also review relevant criteria, equal likelihood, dominant decision, and potential payoffs.
Chapter 12
Homework
Quiz
Week: 8
Applying Game Theory to Business
Lecture
Reading
Homework
Exam
Homework Assignment 14
Problem 5, pages 573–574
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Quiz 5
This quiz includes 10 multiple-choice questions
You have 120 minutes to complete this quiz
This is due no later than Sunday at 11:59 p.m. ET
How does game theory pertain to the business world? This week, we examine the players and types of strategies found in a competitive business environment. We also calculate expected gains and losses to determine the winner of a zero-sum game.
After completing this lesson, you should be able to:
Define game theory
Discuss the major types of games
Apply techniques in pure strategy games to make decisions
Apply techniques in mixed strategy games to make decisions
Game Theory
We relate the core concepts behind game theory, including players, strategies, expected gains and losses, and the premise of a zero-sum game.
Module E,Game Theory, pages E10–E11
Homework Assignment 15
Problem 2, Module E, pages E10–E11 (from the reading)
Post your response to the digital drop box
This is due no later than Sunday at 11:59 p.m. ET
Final Exam
This exam includes 16 multiple-choice questions
You have 180 minutes to complete this exam
This is due no later than Sunday at 11:59 p.m. ET
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