Authorised by Academic Registrar, April 1996
Objectives On the successful completion of this subject students will understand the quantitative way of thinking about planning and controlling business operations; have acquired computing skills for quantitative business modelling; possess a knowledge of quantitative methods suitable to support decision making under risk and uncertainty.
Synopsis Principles of decision making under risk, decision trees, common probability distributions in business applications, discrete time Monte Carlo simulation, inventory and production control, queuing theory, Markov chains and semi-Markov chains; a training in more advanced features of Microsoft Excel.
Assessment Written (1 assignment [computing and report]): 20% + Weekly exercises: 10% + Examination (2 hours): 70%