Quantitative Methods for Decision Analysis

Course Coordinator: Dr Tony MT Chan, Grad Dip, MPhil (CUHK); PhD (CityU)

Important notes
This course will be taught through a part-time face-to-face mode. The course will be presented in English.

STAT S801F is one of the courses in the Postgraduate Certificate in Quantitative Analysis. This course focuses on conceptual training in various operational research methods, along with their applications to the management decision making process. This course aims to equip students with relevant quantitative skills to solve management decision problems with the aid of quantitative analysis tools.

Advisory prerequisite(s)
You are advised to have some background knowledge in mathematics or quantitative methods.

Aims
This course aims to:

• Teach students to formulate various operational research models to solve practical problems;
• Enable students to assess the results of quantitative decision problems, and their social benefit and impact;
• Teach students to interpret quantitative results.

Contents
The course covers the following topics:

• Decision making in management science
• Linear programming: Model formulation and graphical solutions
• Linear and integer programming: Duality and sensitivity analysis
• Transportation models, assignment problems and networks analysis
• Statistical methods for decision analysis
• Decision analysis under uncertainty and risk
• Project scheduling and management
• Inventory decisions
• Queuing models and simulation

Learning support
There will be regular face-to-face lectures and tutorials throughout the course.

Course assessment
Course assessment will be divided into continuous assessment (50%) and a project (50%). The continuous assessment portion will include 2 compulsory Assignments (30%), and a report on the practical exercise (20%). The project will be evaluated based on the following components: (i) an oral presentation (20%), and (ii) a written final report (30%). Students are required to submit assignments via the Online Learning Environment (OLE).

Online requirement
This course is supported by the Online Learning Environment (OLE). You can find the latest course information from the OLE. Through the OLE, you can communicate electronically with your lecturer as well as other students. To access the OLE, you will need to have access to the Internet. The use of the OLE is required for the study of this course.

Equipment
Students will need access to a computer system suitable for connecting to the Internet. The recommended minimum computing requirements are:

• Pentium IV CPU
• SVGA display card and monitor
• 1 GB RAM
• 500MB free hard disk space
• Broadband Internet access
• Keyboard and mouse

Set book(s)
Anderson, DR, Sweeney, DJ, Williams, TA and Camm, JD (2011)An Introduction to Management Science: Quantitative Approaches to Decision Making, Revised (with Microsoft Project and Printed Access Card), 13th edn, Cengage Learning.