Campbell University

Lundy-Fetterman School of Business

BADM 345-Quantitative Methods for Business & Economics 

12:30PM - 1:50PM TTh (Sec.1, Rec#12419)

Location: Room 126, Lundy-Fetterman School of Business Building

Fall 2008

Prerequisite : MATH 111 AND MATH 160

Instructor:      Dr. Yu-Mong Hsiao

Office:           230 School of Business Bldg.         Phone: 910-893-1397            Fax: 910-893-1392

Office Hours:  10 am - 10:50am MWF; 2:00 pm-2:50 pm  Tuesday, or by appointment.

E-Mail Address: hsiao@campbell.edu

STATEMENT OF PURPOSE:

As an integral part of University purpose, this course is to equip students with superior vocational skills, productive insights, and professional integrity, and to transfer from one generation to the next the vast body of knowledge and values accumulated over the ages.

TEXT:

D. R. Anderson, D. J. Sweeney, & T. A. Williams,  An Introduction to Management Science- Quantitative Approaches to Decision Making, 12th Edition, Thomson South-Western, 2008

SOFTWARE & WEB SOURCES:

Campbell Blackboard course website: BADM-345-1-08-MC1

The Management Scientist: A Microcomputer software Package, by  D. R. Anderson, D. J. Sweeney & T. A. Williams, South Western Publishing Company, 2008.

COURSE DESCRIPTION:

This course is designed to study contemporary quantitative methods in management science.  It integrates different modeling techniques and applications in solving decision-making problems that confront and confound managers in the changing business world.  Business ethics related to decision-makings will also be addressed.  In-class assignments, homework and case studies will supplement class lectures. 

COURSE OBJECTIVES:   

Course learning objectives of this course are:     

  1. To provide students with a sound conceptual understanding of the role quantitative methods in the decision-making process,

  2. To familiarize students with a wide variety of quantitative techniques in management science, and

  3. To show students the applications of quantitative approaches and techniques to the solution of management problems.

Course learning outcomes: Students will be able:

  1. To understand the quantitative techniques covered in this course
  2. To analyze and apply the appropriate quantitative methods to business decision-making situations
  3. To interpret their results.

ATTENDANCE REQUIREMENT:

  1. Students are expected to be punctual and to comply with the University’s attendance policy described on page 21 of Campbell University Bulletin 2007-2009.   

  2. Three tardiness count as one absence.  Any one of the following situation will count as one absence: more than 15 minutes late, leaving class before dismissal, or sleeping during class.  

  3. Students who fail to attend at least 85 percent of the class meetings (which means five absences or more)  will result in failing the course.

IN-CLASS USE OF LAPTOPS AND SIMILAR ELECTRONIC DEVICES

In-class use of laptops, PDAs, and other similar electronic devices is prohibited unless it is pre-approved or specifically asked by the instructor. 

SUPPORT SERVICES:

Students with documented disabilities who desire modifications or accommodations should contact the office of Student Support Services located in the University's Hight House.

  1. For disability and tutoring services, contact:  Miss Laura Rich - Director of Student Support Services,  Hight House 104, 910-814-4364

  2. For personality and career interest testing, and job placement services, contact:  Mr. John Creech - Assistant Dean of Student Services, Hight House 103,  910-893-1901 or creech@campbell.edu

GRADING SYSTEM*:

Three major tests, each counts 30% of the total course grade 90%
Quizzes, In-class assignments, homework, and case studies 10%
                     Total 100%

  Tentative Test Dates*:

First  test Thursday, September 18, 2008
Second test Thursday, October 23, 2008
Final Exam 8:00am - 10:50am Friday, December 4, 2008

*Notes:

a.. Test dates may be changed due to inclement weather. Please check Campbell's home page for class cancellation announcements if this situation applies. If this is the case, then the test date will be postponed until the first class resumes.
b.. If you know in advance that you will not be able to take a test on the date scheduled, the test should be taken early with instructor approval. If you miss a test with valid  reasons, you are responsible for contacting the instructor ASAP  to take the make-up test before the next class.  Students who fail to take the make-up test during the permissible period will receive a zero grade.   
c. Honor Code: All students are subject to the academic integrity and behavioral expectations of the University. Cheating of any kind will not be tolerated and will result in an FX as the course grade and other possible sanctions. This applies to quizzes, in-class work ,homework, case study, and tests.  
d.. No make-up quiz or in-class assignment  will be given for any reasons (excused or not).  A zero grade will be assigned to the missing quiz/in-class assignment.  Homework, assignments, delivery methods, and due dates will be posted on the course website. No late assignments will be accepted for any reasons.  I will drop one of your lowest grade in each of the following category: quizzes, In-class assignments, and homework.
e. Grading Scale: A = 90 and above; B=80s; C=70s; D=60s and F= below 60.  Students earn their grades according to the grading system stated in this syllabus.  To be fair to all students, I do not allow students to do extra projects or other work to improve their grades.
f.  No grades will be distributed over the phone or by email.

SUGGESTED SUPPLEMENTARY MATERIALS AND SELECTED BIBLIOGRAPHY:

  1. William J. Stevenson & Ceyhun Ozgur,  Introduction to Management Science with Spreadsheets,  McGraw-Hill/Irwin, 2007

  2. Winston Albright, Practical Management Science, 3e, Thomson/South-Western, 2007.

COURSE OUTLINE:

Part 1.  Introduction (Ch. 1)

  1. Management Science Modeling Techniques
  2. Business Ethics in Decision-Making Process

Part 2.  Linear Programming

  1. An Introduction to Linear Programming (Ch.2)
  2. Sensitivity Analysis and Interpretation of Solution (Ch.3)
  3. LP Applications in Marketing, Finance, and Operations Management (Ch.4)
  4. Advanced Linear Programming Applications (Ch. 5)
  5. Distribution and Network Models (Ch. 6)

Part 3.  Integer Programming (Ch. 7) - Computer Solution

Part 4.  Project Scheduling Techniques (Ch. 9)

  1. PERT network
  2. The Critical Path
  3. PERT under Uncertainty
  4. The LP Formulation for Project Crashing Decision

Part 5. Inventory Models (Ch. 10)

  1. The simple EOQ model
  2. The EOQ model with noninstantaneous receipt
  3. The EOQ model with shortages
  4. The EOQ model with quantity discounts
  5. The Reorder Point and Safety Stocks

Part 6.  Decision Analysis (Ch. 13)

  1. Deterministic Decision Criteria
    1. Optimistic approach (maximax, Minimin)
    2. Conservative approach (Maximin, minimax regret)
  2. Probabilistic Decision Criteria
    1. Expected Value criterion
    2. Maximum Likelihood Principles
    3. EVPI
  3. Decision Tree Analysis

Part 7.  Forecasting & Regression Analysis (Ch.15)

  1. Forecasting Methods
    1. Time Series Methods
      1. Moving Average
      2. Weighted Moving Average
      3. Exponential Smoothing
    2. Linear Trend Projection
    3. Seasonal Adjustments
    4. Forecasting Accuracy Criteria: MAD; MSE
  2. Regression Analysis
    1. Simple linear regression
    2. Multiple linear regression
    3. Nonlinear regression
    4. Goodness of fit

Part 8.  Probabilistic Techniques

  1. Waiting Line Models (Ch. 11)
  2. Markov Process Models (Ch. 16)