MCCCD Official Course Competencies:

GBS220  2006 Fall - 2007 Summer II

Quantitative Methods in Business

1.

Identify business applications and problem situations where quantitative methods and modeling are useful for decision making. (I)

2.

Model and solve business problems with matrices. (II)

3.

Model, solve, and interpret linear programming problems using computer software. (III)

4.

Solve basic business problems using discrete and continuous probability distributions. (IV)

5.

Model, solve, and interpret Program Evaluation and Review Technique (PERT) and Critical Path Method (CPM) type problems. (V)

6.

Develop total cost and Economic Order Quantity (EOQ) models for specific inventory systems. (VI)

7.

Use multivariable calculus to solve business problems. (VII)

MCCCD Official Course Outline:

GBS220  2006 Fall - 2007 Summer II

Quantitative Methods in Business

I. Importance of Quantitative Methods in Business

II. Matrices

A. Arithmetic and Algebra of Matrices

B. Matrix Based Concepts

III. Linear Programming

A. Computer Solution

1. General Optimization Problems

2. Transportation Problems

3. Assignment Problems

B. Sensitivity Analysis

IV. Probability Distributions

A. Random Variables

B. Discrete Random Variables

C. The Normal Probability Distribution

V. Program Evaluation and Review Technique/Critical Path Method (PERT/CPM)

A. Networks

B. Critical Path

C. Probability of Completion

VI. Inventories

A. Total Cost Model

B. Economic Order Quantity (EOQ) Model

C. Deterministic and Probabilistic Models

VII. Multivariable Calculus

A. Multivariable Differentiation

B. Surfaces and Contour Plots

C. Extreme Points

D. Extreme Value Theorem

E. Method of Lagrange Multipliers