Quantitative Methods (BUS107)

BUS107 Quantitative Methods introduces management science techniques and their potential applications in various business challenges. Students will learn and practise the use of quantitative methods for various purposes, such as linear programming for optimisation problems and simulation for estimating performance measures. This course will cover linear programming, forecasting, decision analysis, simulation, and network flow problems. In addition to manual methods, this course also presents software tools for performing computing tasks. At the end of the course, students will learn how to transform data into better decisions.

• An overview of operations research/management science techniques and their applications in business operations
• An introduction to linear programming models: Objective, decision variables, constraints
• Linear programming: A graphical solution procedure and a computer solution by Excel
• Linear programming: Sensitivity analysis and interpretation of solution
• Applications of Linear Programming in business and social sciences
• Time series analysis
• Forecasting methods and applications
• Decision analysis
• Approaches to decision-making with or without probabilities
• Monte Carlo simulations and discrete-event simulations
• Network models
• Applications of network models

• Identify key elements in a decision-making problem in the business context
• Apply linear programming models for optimisation problems in business operations
• Demonstrate the use of forecasting models and simulation models to solve optimisation problems in business
• Describe decision-making problems under uncertainty
• Interpret software output for business insights
• Solve network optimisation problems using iterative algorithms