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Quantitative Methods for Decision Makers

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ISBN-10: 0273687891

ISBN-13: 9780273687894

Edition: 4th 2006 (Revised)

Authors: Mik Wisniewski

List price: $152.67
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Description:

Appealing both to students on introductory courses for quantitative methods and MBA and post-experience students, this respected text provides an accessible, practical introduction to an area that students often find difficult.Concentrating on helping students to understand the relevance of quantitative methods of analysis to managers' decision-making, it focuses on the development of appropriate skills and understanding of how the techniques fit into the wider management process.
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Book details

List price: $152.67
Edition: 4th
Copyright year: 2006
Publisher: Prentice Hall PTR
Publication date: 2/27/2006
Binding: Paperback
Pages: 616
Size: 7.75" wide x 10.75" long x 1.00" tall
Weight: 2.486
Language: English

Preface
Guided Tour
Acknowledgements
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
Useful online resources
Application: British Telecom
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
Presenting Management Information
Learning objectives
A Business Example
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
Useful online resources
Application: Cowie Health Centre, Scotland
Exercises
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
Worked Example
Summary
Further reading
Useful online resources
Application: Halifax plc: house price index
Exercises
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
Useful online resources
Application: ICI Pharmaceuticals
Exercises
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
Useful online resources
Application: Gulf Oil
Exercises
Market Research and Statistical Inference
Learning objectives
Populations 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 Tests
Tests on a Sample Mean
Tests on the Difference Between Two Means
Tests on Two Proportions or Percentages
Tests on Small Samples
Inferential Statistics Using a Computer Package
p Values in Hypothesis Tests
x[superscript 2] Tests
Worked Example
Summary
Further reading
Useful online resources
Application: Queen's College, Taunton
Exercises
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
Useful online resources
Application: Hewlett-Packard
Exercises
Forecasting I: Moving Averages and Time Series
Learning objectives
The Need for Forecasting
Approaches to Forecasting
Trend Projections
Time-series Models
Worked Example
Summary
Further reading
Useful online resources
Application: Retail supermarket, UK
Exercises
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
Useful online resources
Application: RAC
Exercises
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
Useful online resources
Application: Blue Bell Inc.
Exercises
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
Useful online resources
Application: Unipart
Exercises
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
Useful online resources
Application: Central Regional Council, Scotland
Exercises
Simulation
Learning objectives
The Principles of Simulation
Business Example
Developing the Simulation Model
A Simulation Flowchart
Using the Model
Worked Example
Summary
Further reading
Useful online resources
Application: University Hospital of Wales
Exercises
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
Conclusion
Appendices
Binomial Distribution
Areas in the Tail of the Normal Distribution
Areas in the Tail of the t Distribution
Areas in the Tail of the x[superscript 2] Distribution
Areas in the Tail of the F Fistribution, 0.05 Level
Solutions to Chapter Activities
Index