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| Introduction | |
| The use of quantitative techniques by business | |
| The role of quantitative techniques in business | |
| Models in quantitative decision making | |
| Use of computers | |
| Using the text | |
| Summary | |
| Further Reading | |
| Application: British Telecom | |
| Tools Of The Trade | |
| Learning objectives | |
| Some basic terminology | |
| Fractions, proportions, percentages | |
| Rounding and significant figures | |
| Common notation | |
| Powers and roots | |
| Logarithms | |
| Summation and factorials | |
| Equations and mathematical models | |
| Graphs | |
| Real and money terms | |
| Summary | |
| Further Reading | |
| Exercises | |
| Management Information and Diagrams | |
| Learning objectives | |
| Bar charts | |
| Pie charts | |
| Frequency distributions | |
| Percentage and cumulative frequencies | |
| Histograms | |
| Frequency polygons | |
| Ogives | |
| Lorenz curves | |
| Time-series graphs | |
| Z charts | |
| Scatter diagrams | |
| General principles of graphical presentation | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: Cowie Health Centre, Scotland | |
| Exercises | |
| Management Statistics | |
| Learning objectives | |
| A business example | |
| Why are statistics needed? | |
| Measures of averages | |
| Measures of variability | |
| Using the statistics | |
| Calculating statistics for aggregated data | |
| Index numbers | |
| Working example | |
| Summary | |
| Further Reading | |
| Application: Halifax Building Society - House Price Index | |
| Exercises | |
| Probability and Probability Distributions | |
| Learning objectives | |
| Terminology | |
| The multiplication rule | |
| The addition rule | |
| A business application | |
| Probability distributions | |
| The Binomial distribution | |
| The Normal distribution | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: ICI Pharmaceuticals | |
| Exercises | |
| Decision Making Under Uncertainty | |
| Learning objectives | |
| The decision problem | |
| The Maximax criterion | |
| The Maximin criterion | |
| The Minimax regret criterion | |
| Decision making using probability information | |
| Risk | |
| Decision trees | |
| The value of perfect information | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: Gulf Oil | |
| Exercises | |
| Market Research and Statistical Inference | |
| Learning objectives | |
| Population and samples | |
| Sampling distributions | |
| The Central Limit Theorem | |
| Characteristics of the sampling distribution | |
| Confidence intervals | |
| Other confidence intervals | |
| Confidence intervals for proportions | |
| Interpreting confidence intervals | |
| Hypothesis test | |
| Tests on a sample mean | |
| Tests on the difference between two means | |
| Tests on two proportions of percentages | |
| Tests on small samples | |
| Inferential statistics using a computer package | |
| P values in hypothesis tests [chi]2 tests | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: Queen's College, Taunton | |
| Exercises | |
| Quality Control and Quality Management | |
| Learning objectives | |
| The importance of quality | |
| Techniques in quality management | |
| Statistical process control | |
| Control charts | |
| Control charts for attribute variables | |
| Pareto charts | |
| Ishikawa diagrams | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: Hewlett Packard | |
| Exercises | |
| Forecasting I: Moving Averages and Time Series | |
| Learning objectives | |
| The need for forecasting | |
| Alternative approaches for forecasting | |
| Trend projections | |
| Time-series models | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: Retail supermarket, UK | |
| Exercises | |
| Forecasting II: Regression | |
| Learning objectives | |
| The principles of simple linear regression | |
| The correlation coefficient | |
| The line of best fit | |
| Using the regression equation | |
| Further statistical evaluation of the regression equation | |
| Non-linear regression | |
| Multiple regression | |
| The forecasting process | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: RAC | |
| Exercises | |
| Linear Programming | |
| Learning objectives | |
| The business problem | |
| Formulating the problem | |
| Graphical solution to the LP formulation | |
| Sensitivity analysis | |
| Computer solutions | |
| Assumptions of the basic model | |
| Dealing with more than two variables | |
| Extensions to the basic LP model | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: Blue Bell, Inc | |
| Exercises | |
| Stock Control | |
| Learning objectives | |
| The stock-control problem | |
| Costs involved in stock control | |
| The stock-control decision | |
| The economic order quantity model | |
| The reorder cycle | |
| Assumptions of the EOQ model | |
| Incorporating lead time | |
| Classification of stock items | |
| MRP and JIT | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: Unipart | |
| Exercises | |
| Project Management | |
| Learning objectives | |
| Characteristics of a project | |
| Project management | |
| Business example | |
| Network diagrams | |
| Developing the network diagram | |
| Using the network diagram | |
| Precedence diagrams | |
| Gantt charts | |
| Uncertainty | |
| Project costs and crashing | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: Central Regional Council, Scotland | |
| Exercises | |
| Simulation | |
| Learning objectives | |
| The principles of simulation | |
| Business example | |
| Developing the simulation model | |
| A simulation flowchart | |
| Using the model | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: University Hospital of Wales | |
| Exercises | |
| Financial Decision Making | |
| Learning objectives | |
| Interest | |
| Nominal and effective interest | |
| Present value | |
| Investment appraisal | |
| Replacing equipment | |
| Worked example | |
| Summary | |
| Further Reading | |
| Application: Tomco Oil Inc | |
| Exercises | |
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