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KING FAHD UNIVERSITY OF PETROLEUM & MINERALS COLLEGE OF INDUSTRIAL MANAGEMENT DEPARTMENT OF MANAGEMENT & MARKETING EXECUTIVE MASTER OF BUSINESS ADMINISTRATION QUANTITATIVE METHODS FOR MANAGEMENT OM 551 Class Schedule: Wed / or Thurs: 8:00- 11:45 &13:00- 16:30 DR. TAQI N. AL-FARAJ E-MAIL: tagi@kfupm. edu. sa Telephone: 860-2724 Mobile: +966506847529 Introduction Quantitative Methods for Management, also known as Management Science, is a discipline that attempts to aid managerial decision making by applying a scientific approach to managerial problems that involve quantitative factors.
Most traditional quantitative management courses at the university and the MBA levels have given the reputation of the field as being highly mathematical by emphasizing the mathematics of the field rather than its practical application. In preparing for this course, it is realized that students are aspiring to become managers not mathematicians. It is also realized that computers compute and managers make decisions and there is no good reason why managers should learn to know the details of algorithms executed by computers.
Although the mathematics that will be used is at the level of high school algebra and elementary statistics, heavy mathematics that is used will be carried out automatically in the background by the powerful spreadsheet packages with only a minimum guidance by the user. Purpose & Objectives The goal of teaching quantitative methods is to gain an appreciation for the relevance and power of the quantitative methods techniques and to provide future managers with the basic skills required to apply these techniques to analyze a variety of managerial problems.
To meet its purpose, the course will focus on the kind of problems to which various quantitative methods can be fruitfully applied. The case study approach will be emphasized in order to bring these techniques to life in a context that illustrates the relevance of the techniques for the managerial decision making process and to provide understanding and interpretation of the results. The main emphasis will be on learning to apply the quantitative techniques to real data using a common purpose computer software packages such as Excel and a specialized package such as WINQSB and GLP. Textbook )John A. Lawrence, Jr. and Barry A. Pasternack “Applied Management Science: A Computer Integrated Approach for Decision Making” John Wiley & Sons, Inc. 2’nd Edition, 2001. Teaching Methodology A mini-case studies approach will be followed to convey the whole process of applying the quantitative methods in business and management. Participants are expected to read the material in advance to be ready for discussion and presentation. It is expected that participants work in groups of two to three persons to prepare for the materials and make the presentations, assignments and required reports.
All participants are expected to prepare well for the class discussion. The emphasis will be on learning to apply the quantitative techniques to real data using a common purpose computer software packages such as Excel and a specialized package such as WINQSB and/or GLP. Homework Assignments Most of the learning in this course will be derived from class presentation /discussions and homework assignments. The assignments include short problems, min-case studies, and a term project. There will be regular homework assignments during the term.
Most of the assignments will be computer-based, but some may also include exercises to be worked by hand. Homework assignments can be completed individually and should be submitted electronically within two weeks after assignment. The homework assignments will be graded on the following criteria: ? Complete and accurate analysis ? Demonstration of mastery of concepts and techniques ? Answers to questions that were posed in the assignment ? Concise and well-organized writing that emphasizes important results and insights and makes effective and appropriate use of tables and graphs ?
Adequate audit trail Case Studies The following list of mini cases from L & P textbook is recommended to be studied and analyzed by the participants. Each group is to select one of the cases, study it, analyze it, submit a written report and be ready to present in class. Case Studies: CASE 2-1: Franklin Furniture CASE 2-2: Rinaldo’s Hatch ‘ N Ax CASE 2-3: Kootenay Straw Broom Company Case Studies: CASE 3-1: Calgary Desk Company CASE 3-2: Lake Saddleback Development Corporation CASE 3-3: Pentagonal Pictures, Inc Case Studies: Case 4-2: GSA Industries Case 4-3: The Sandy Company Term Project
By the end of the course a term project is due. Ideally, the aim of the term project will be to develop an optimization model for a data set of interest to you, and make comparison of operations before and after the recommendation given by the model. The term project should use at least some of the modeling concepts introduced in the course and may be designed in connection with work in another course(s), subject to the approval of instructors. Before the end of the mid-term, participants should have made an idea about the cases encountered in real life business and could be tackled, analyzed and solved using quantitative methods.
A term project is needed from each team consisting of background about a real-life business case study, necessary data for the modeling, solving and analysis of the case. The final report and the presentation of the term project should follow the style given in section 1. 5 of chapter 1 in textbook #2 given above. Team Work It is expected that participants will work in groups of two to three persons to do homework assignments, case studies, final term project, and presentations. All team members are expected to participate in the team activities and the write up of all homework assignments and presentations.
Only one copy of a collaborative piece of work should be submitted in hard /and or/ soft form, with all team member names attached. Grading Policy Participants in the course will be evaluated, on a continuous basis based on participation, presentation, submitted assignments, reports of cases, and the term project. A final examination might be given if needed. The grading basis of the course will be weighted as follows: Activity____ Weight Assignments 20% Class Presentations 20% Case Reports 20% Term Project 20%
Exam or Quizzes 20% The grading scale of KFUPM will be implemented as follows: GradeRange of Total Points out of 100GPA Out of 4. 00 A+95- 1004. 00 A90- ; 953. 75 B+85- ; 903. 50 B80- ; 853. 00 C+75- ; 802. 50 C70- ; 752. 00 D+65- ; 701. 50 D60- ; 651. 00 FLess than 600. 00 TOPICAL COURSE SYLLABUS PeriodTopicReading Assignment Reference ResidencyIntroduction toDelta Hardware Stores: Lawrence & WeekQuantitative Methods, Problem Statement, Model Pasternack (L) Management Science, Formulation, Data Collection, pp 13- 26.
Mathematical Modeling,and Model Solution Spreadsheet Analysis. Homework:Problems 1. 11 to 1. 25 Pages 42 & 43 L to be submitted electronically Session 1: 1 Discussion of Homework and Reading Assignment given in the residency period. 2Linear Programming Models Chapter 2 L& P Galaxy Industries: A Prototype Example Graphical Analysis: Introducing GLP 3Using Excel Solver and Interpretation of Computer Solution 4Sensitivity Analysis and Special LP Models Infeasibility, Unboundedness, Alternative Optima Minimization Problems: Navy Sea Rations Model and solution.
Homework:Problems 2. 2, 2. 3, 2. 5 in L & P to be submitted electronically by the next class session. Session 2: 1 Discussion of Homework given in the last session. 2Linear Programming ApplicationsSec 3. 4 in L & P Galaxy Industries-An Expansion Plan ===( G1 Jones Investment Service===(G2 St. Joseph Public Utility Commission ==(G3 Euromerica Drinks =========(G4 United Oil Company =====(G5 3Integer Linear Programming (ILP) ModelsSec 2. 9 in L & P Boxcar Burger Restaurants: A prototype Example Model Formulation, Graphical and Solver Solutions Applications of Integer Linear Programming (ILP) ModelsSec 3. 5 L & P Sunset Beach Lifeguard Assignments ===(G6 Salem City Council ========( G7 Global Electronics, Inc =======( G8 Homework: Problems 3. 2, 3. 4, 3. 19, 3. 28. Session 3: 1Discussion of Assignments given in the last Session 2Distribution-Network Optimization ModelsChapter 4 in L & P Transportation/Distribution Model: Carlton Pharmaceuticals: A prototype Example Sec 4. 2 in L & P Model Formulation and Solver Solutions. Transportation Model for Production Scheduling:
Montpelier Ski Company: A prototype Example Sec 4. 2 in L & P Model Formulation and Solver Solutions. 3Capacitated Transshipment Network ModelsSec 4. 3 in L & P Depot Max: A Prototype Example, Model, and solution Assignment ModelSec 4. 4 in L & P Balliston Electronics: A prototype Example Model Formulation and Solver Solutions. 4Shortest Path ModelSec 4. 5 in L & P Fairway Van Lines: A prototype Example Model Formulation and Solver Solutions. Maximal Flow NetworksSec 4. 6 in L & P United Chemical Company: A prototype Example Model Formulation and Solver Solutions.
Traveling Salesman ModelSec 4. 7 in L & P Federal Emergency Management Agency: A prototype Example Model Formulation and Solver Solutions. Homework:Problems 4. 2, 4. 9, ____________________________________________________________ _______________ Session 4 1Discussion of Assignments given in the last Session 2Multi-criteria Decision MakingCD-158 in L & P Goal Programming Model: A prototype Example Sec 13-5 in L & PModel Formulation and Solver Solutions 3Presentations of Term Projects and Cases. 4Presentations of Term Projects and Cases.