2020-2021 Catalog 
    
    Mar 28, 2024  
2020-2021 Catalog [PREVIOUS CATALOG YEAR]

ECN 234 - Quantitative Methods


Description: Exploration of basic models of statistical decision making, linear programming, inventory management, CPM and simulation with emphasis on model building. Use of standard computer programs.

Prerequisites: ECN 232  

Credits: 3
Lecture: 3
Course Content:
  1. Introduction to quantitative methods
  2. Probability concepts
  3. Probability distributions and expected value
  4. Forecasting
  5. Basic concepts of decision making
  6. Elements of decision theory
  7. Linear programming
  8. The simplex method in linear programming
  9. Decision making using sample information
  10. Decision making using the normal distribution
  11. Network planning with PERT
  12. Dynamic programming

Learning Outcomes:
  1. Identify the key steps to solving a quantitative business problem. (1)
  2. Identify the steps involved in constructing a quantitative model. (1,2)
  3. Identify the main quantitative models for solving business problems. (3,4,7,8,11,12)
  4. Construct a model for solving a business problem. (3,4,7,8,11,12)
  5. Combine quantitative models to create new problem-solving models. (6,9,10)
  6. Evaluate the outcomes of the problem-solving process in business. (4,5,7-9,11,12)