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by Mik Wisniewski

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Focusing on the practical uses of decision-making techniques, this text encompasses a mixture of quantitative methods, and provides the manager with a detailed overview of how such techniques fit into the wider management process. A real-life case study appears at the end of each chapter.

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The second edition of this text provides the reader with a detailed understanding of both the role and purpose of quantitative techniques in effective management and in the process of managerial decision making. Focusing on the practical uses of the techniques, the text encompasses a mixture of quantitative methods including data presentation and analysis techniques and basic operational research models. The author focuses on specific quantitative skills development and provides the manager with a detailed overview of how such techniques fit into the wider management process. A real-life case study appears at the end of each chapter along with a fully worked exam-style example. Solutions to student activities appear at the end of the text.

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1. INTRODUCTION The use of quantitative techniques by business The role of quantitative techniques in business Models in quantitative decision making Use of computers Using the text Summary Further reading Application: British Telecom 2. TOOLS OF THE TRADE Learning objectives Some basic terminology Fractions, proportions, percentages Rounding and significant figures Common notation Powers and roots Logarithms Summation and factorials Equations and mathematical models Graphs Real and money terms Summary Further reading Exercises 3. MANAGEMENT INFORMATION AND DIAGRAMS Learning objectives Bar charts Pie charts Frequency distributions Percentage and cumulative frequencies Histograms Frequency polygons Ogives Lorenz curves Time-series graphs Z charts Scatter diagrams General principles of graphical presentation Worked example Summary Further reading Application: Cowie Health Centre, Scotland Exercises 4. MANAGEMENT STATISTICS Learning objectives A business example Why are statistics needed? Measures of averages Measures of variability Using the statistics Calculating statistics for aggregated data Index numbers Working example Summary Further reading Application: Halifax Building Society - House Price Index Exercises 5. PROBABILITY AND PROBABILITY DISTRIBUTIONS Learning objectives Terminology The multiplication rule The addition rule A business application Probability distributions The Binomial distribution The Normal distribution Worked example Summary Further reading Application: ICI Pharmaceuticals Exercises 6. DECISION MAKING UNDER UNCERTAINTY Learning objectives The decision problem The Maximax criterion The Maximin criterion The Minimax regret criterion Decision making using probability information Risk Decision trees The value of perfect information Worked example Summary Further reading Application: Gulf Oil Exercises 7. MARKET RESEARCH AND STATISTICAL INFERENCE Learning objectives Population and samples Sampling distributions The Central Limit Theorem Characteristics of the sampling distribution Confidence intervals Other confidence intervals Confidence intervals for proportions Interpreting confidence intervals Hypothesis test Tests on a sample mean Tests on the difference between two means Tests on two proportions of percentages Tests on small samples Inferential statistics using a computer package p values in hypothesis tests [chi]2 tests Worked example Summary Further reading Application: Queen's College, Taunton Exercises 8. QUALITY CONTROL AND QUALITY MANAGEMENT Learning objectives The importance of quality Techniques in quality management Statistical process control Control charts Control charts for attribute variables Pareto charts Ishikawa diagrams Worked example Summary Further reading Application: Hewlett Packard Exercises 9. FORECASTING I: MOVING AVERAGES AND TIME SERIES Learning objectives The need for forecasting Alternative approaches for forecasting Trend projections Time-series models Worked example Summary Further reading Application: Retail supermarket, UK Exercises 10. FORECASTING II: REGRESSION Learning objectives The principles of simple linear regression The correlation coefficient The line of best fit Using the regression equation Further statistical evaluation of the regression equation Non-linear regression Multiple regression The forecasting process Worked example Summary Further reading Application: RAC Exercises 11. LINEAR PROGRAMMING Learning objectives The business problem Formulating the problem Graphical solution to the LP formulation Sensitivity analysis Computer solutions Assumptions of the basic model Dealing with more than two variables Extensions to the basic LP model Worked example Summary Further reading Application: Blue Bell, Inc. Exercises 12. STOCK CONTROL Learning objectives The stock-control problem Costs involved in stock control The stock-control decision The economic order quantity model The reorder cycle Assumptions of the EOQ model Incorporating lead time Classification of stock items MRP and JIT Worked example Summary Further reading Application: Unipart Exercises 13. PROJECT MANAGEMENT Learning objectives Characteristics of a project Project management Business example Network diagrams Developing the network diagram Using the network diagram Precedence diagrams Gantt charts Uncertainty Project costs and crashing Worked example Summary Further reading Application: Central Regional Council, Scotland. Exercises 14. SIMULATION Learning objectives The principles of simulation Business example Developing the simulation model A simulation flowchart Using the model Worked example Summary Further reading Application: University Hospital of Wales. Exercises 15. FINANCIAL DECISION MAKING Learning objectives Interest Nominal and effective interest Present value Investment appraisal Replacing equipment Worked example Summary Further reading Application: Tomco Oil Inc. Exercises

GOR001004726

Quantitative Methods For Decision Makers Book and Disk by Mik Wisniewski

Mik Wisniewski

Used - Very Good

Paperback

Pearson Education Limited

1997-05-31

576

0273624040

9780273624042

N/A

Book picture is for illustrative purposes only, actual binding, cover or edition may vary.

This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.

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