Course outline
Course unit title
QUANTITATIVE BUSINESS DECISIONS
Name(s), surname(s) and title
of lecturer(s)
Level of course
Semester
ECTS credits
Working hours
Prof. dr. Linas Čekanavičius
Prerequisites
Language of instruction
Objectives of the course
Should match study program
objectives
To acquaint students with the
quantitative techniques which
are widely used for business
planning and decision making
and to develop ability to
employ those techniques for
the solution of specific
business problem.
First cycle
5
5
Contact hours
48
Lectures 24
Seminars
Tutorials 18
Laboratory hours,
Consultations 6
Self-study 82
Total 130
Microeconomics, Business Mathematics
English
Learning outcomes
A student’s assessments methods
A student’s knowledge,
In which activity study results are
comprehension and skills
demonstrated and proved
Uderstanding of the purpose
and role of quantitative
methods in business and
economics: why it is possible
and useful to employ
mathematics and quantitative
analysis for business planning
and decision making, and what
are both the potential and the
limits of their usefulness.
Ability to identify, classify
and interpret elements of
quantitative analysis, applied
in business and economics
Teaching methods
Interactive class discussions;
Mide-term test (in written) aimed at
revealing of understanding of
methodological foundations of
quantitative analysis
Interactive class discussions;
Midle-term test (in written) aimed
at revealing of understanding of
methodological foundations of
quantitative analysis
Competence to select and
Auditorials and final exam that will
apply relevant quantitative
require application of learned
technique to the solution of
quantitative models and techniques
specific business problem
to given business and economics
problems
Study methods: problem teaching; combination of theoretical insight
with the modelling of practical (simulated) cases; collective and
1
Course unit content
individual analysis and solution of the simulated economic and
business problems.
In-class performance is based on the principle of ccombination of
lectures and tutorials: theoretical insights are immediately followed
by the analysis and solution of simulated business and economic
problems. In order to encourage active participation in learning, at
the end of every topic students should be ready to demonstrate
individual skills of solution of simulated business decision problems
In solving a problem, managers usually have to consider and to
employ (to the various degree) both quantitative and qualitative
methods. Skills, experience and managerial judgment cannot be
replaced by formal decision making techniques - and the vice versa.
Quantitative analysis is the scientific approach to managerial
decision making. The heart and sense of quantitative analysis is the
relevant processing of available data converting it into information
that is valuable to people making decisions. The 1st part of the course
deals with methodological foundations of the quantitative
(mathematical) methods and models. Here students shall learn why it
is possible and useful to employ mathematics and quantitative
analysis for business planning and decision making, and what are
both the potential and the limits of their usefulness.
The 2nd part of the course is devoted to the mastering of various
quantitative techniques that are applicable in business and
economics. Here students shall learn what technique –and howshould be applied to the solution of specific business problem.
Topic title
Contact hours
Assignments
1. Quantitative analysis in decision
making: goals, potentials and limits
2. Basics of theory of measures for
decision making.
3
-
4
Measure scale identification tasks
4
3. Subjective measurement methods
3
4
4. Types of equations
5. Individual decision making
strategies. Decision making under
uncertainty. Assessment of
information value.
6. Inventory control model.
2
10
Application of subjective
measurement methods
Identification of equation type tasks
Solution of simulated decision
making problems
7. Basics of queuing theory: simple
queue model (one queue and one
service point), and multi- channel
systems.
8. Introduction to simulation
10
10
6
2
Independent
study hours
4
20
Solution of simulated inventory
control problems
Solution of simulated queueing
problems
18
Practical application of Monte Carlo
12
20
techniques: method Monte Carlo and
its applications for business problems
Total
Year of
publishing
2002
2011
2002
modelling technique to business
analysis
48
Reading list
Authors and title of the publication
Lucey, T. Quantitative Techniques (6th ed.).
Render, B. , Stair, R.M. Quantitative Analysis for Management (11th ed.)
Curwin, G.., Slater, R. Quantitative methods for business decisions (Part 6:
Modeling). Thomson, 2008
82
Publishing house
Thomson Learning.
Prentice-Hall
Prentice Hall
Le
pa
Additional reading
Year of
publishing
Authors and title of the publication
2006
Publishing house
Wisniewski, M.: Quantitative Methods for Decision Makers.
Prentice Hall
(4th ed)
Assessment form: mid-term (written test), three auditorials (written)
Assessment requirements
and the final examination (written). During auditorials and exam
students will have to solve several practical tasks, i e. to apply the
learned mathematical techniques to the simulated economics and
business problems. Students’ active performance in the in-class
solution of assignments is also rewarded. Results are assessed on a
0-100 point scale. To earn pass, the weighted sum of the points for
the subject, collected during the semester, has to exceed 45% of the
total. There are no additional 'threshold' score requirements for the
separate assessment form
Assessment criteria

In the mid-term written test: ability to give a reasoned answer
to the theoretical multiple and/or dichotomous choice questions, to
recognize, classify and interpret elements of quantitative analysis.

Auditorials and exam: ability to recognize typical business
decision problem, and to select and apply relevant quantitative
technique for its solution, to perform mathematical computations
and interpret obtained results.
The
final grade will be determined by the weighted sum of points
The composition of final
earned by the student during the course. The weight of mid-term is
accumulative mark
20%, another 20% will be assigned the points earned from auditorial
that will take place during lectures/tutorials, and the end-term exam
will carry 60% of the cumulative grade. Furthermore, extra points
can be earned by the active participation in the class work, e.g.
solving given numerical examples. The value of final grade will
depend on the particular decile (in the scale 1…100) to which the
weighted sum of points belong
Linas Čekanavičius, 2014-05-20
Course outline prepared by
Approved by the Study Program
Committee
3