Quantitative Decision Making – Using numbers in Decision Making
(Mathematical Modelling for Non-Mathematicians)
Course Description
Quantitative Decision Making looks at how different mathematical models and numerical methods help family business members make informed decisions. This course will try to explain mathematical models in a way that non-mathematicians can easily understand and appreciate.
Learning Outcomes
- Appreciate and understand how mathematical models can help in decision making
- Know basic linear program modelling
- Understand and apply Game Theory Concepts in Real World Problems
- Understand how to apply PERT-CPM in Project Management
- Understand Economic Order Quantity Models
- Understand and appreciate Queueing Theory / Waiting Lines models
Course Coverage
Module 1: Introduction to Mathematical Modelling
Module 2: Linear Programming
Module 3: Game Theory
Module 4: Project Evaluation and Review Technique – The Critical Path Method
Module 5: Economic Order Quantity
Module 6: Queueing / Waiting Lines Theory
Module 1: Introduction to Mathematical Modelling
- Definition of mathematical modelling
- Components of a mathematical model
- Base example of mathematical modelling
Module 2: Linear Programming
- Definition of Linear Programming
- Product Mix Problem
- Blending Problem
- Cutting and Slitting Problem
- Scheduling Problem
- Investment Problem
Module 3: Game Theory
- Definition of Game Theory
- Components of a Game
- Dominated Strategies
- Saddle Points
- Game Theory in the Real World
Module 4: Project Evaluation and Review Technique – The Critical Path Method
- Definition of a project
- Graphical Representation of Projects
- The Critical Path
- Results of PERT-CPM
- PERT-3 Estimate Approach
Module 5: Economic Order Quantity
- Economic Order Quantity
- Economic Order Quantity with Planned Shortage
- Economic Order Quantity with Supply Rate
- Quantity Discount Models
Module 6: Queueing / Waiting Lines Theory
- Definition of a Queueing System
- Terminologies and Steady State Results
- M/M/1 model
- M/M/s model
- M/M/1/k model
- Finite Calling Population variation of M/M/1
Resource Person: Alyson Yap
Mr. Alyson Yap is currently the Program Director of BS Management Progam. He is currently a lecturer at the John Gokongwei Schools of Management of the Ateneo de Manila University.
Mr. Alyson Yap is currently the Program Director of BS Management Progam. He is currently a lecturer at the John Gokongwei Schools of Management of the Ateneo de Manila University.
