Quantitative Techniques for Management

UNIT I
QT – Introduction – Measures of Central Tendency – Mean, Median, Mode.
Mathematical Models – deterministic and probabilistic – simple business examples – OR and optimization models – Linear Programming – formulation – graphical solution –simplex – solution.
UNIT II
Transportation model – Initial Basic Feasible solutions – optimum solution for non – degeneracy and degeneracy model – Trans-shipment Model – Assignment Model – Travelling Salesmen problem.
UNIT III
Network Model – networking – CPM – critical path – Time estimates – critical path – crashing, Resource levelling, Resources planning. Waiting Line Model – Structure of model – M/M/1 for infinite population.
UNIT IV
Probability – definitions – addition and multiplication Rules (only statements) – simple business application problems – probability distribution – expected value concept – theoretical probability distributions – Binomial, Poison and Normal – Simple problems applied to business.
UNIT V
Inventory Models – Deterministic – EOQ – EOQ with Price Breaks – Probabilistic Inventory Models - Probabilistic EOQ model – Game theory-zero sum games: Arithmetic and Graphical Method.
Simulation – types of simulation – Monte Carlo simulation – simulation problems.
Decision Theory – Pay off tables – decision criteria – decision trees.