Quantitative Techniques & Methods
QM-545
University of Management and Technology
Quantitative
Techniques &
Methods
QM-545
Basic Information
Program:
Semester:
Credit Hours:
Prerequisites:
Resource Person:
Contact Information:
MBA-Professional
Fall 2010
3
Students attending this course should have studied
Business Mathematics.
Malik Umer Ayub
umer.ayub@umt.edu.pk
Capsule Statement
Important decisions are rarely made by intuition alone. We need to use the data to develop
our insights and to support our analysis. Quantitative analysis includes the tools and
techniques with which we seek to replicate reality mathematically. Quantitative Techniques
are applied in all the functions of business like Operations, Marketing, HR, Finance etc.
The aim of this course is to learn when a technique is appropriate and what it can achieve.
The emphasis throughout the course is on concepts and reasoning rather than technical
details. You should acquire some basic data analysis skills but most importantly, become a
more informed and critical producer and user of business Statistical analyses.
Learning Objectives
Purpose of the course is to provide the participants with statistical and analytical tools useful
for business mangers. Future managers will use these tools in planning, executing and
evaluating their business needs. Upon successfully completing this course, the participants
will be able to:

Identify and formulate problems where quantitative techniques can have an impact.

Use statistical tools to solve these problems.

Assess data with healthy skepticism and seek expert help when needed.

Recognize when better data and information are needed for decision making.
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
QM-545
Learning Methodology
Following instructional tools and methodologies would be used during the course.
Lectures:
15 sessions in total including MID TERM Exam.
In Class Exercises:
Each session is accompanied by Exercises from the TEXT
Calculators:
Scientific Calculator
Computer Software:
SPSS
Assessment Scheme
Participants would be evaluated on the basis of their overall performance during the
semester including their attendance, discipline, participation besides academic pursuits. In
summary, a participant would be evaluated as follows;
Class Participation: 5% Participants are expected to be present, both physically and mentally,
in each and every session and this is contributed towards their final evaluations. Attendance
would be called in first 5 minutes of each session and no concession would be given in
relaxing these minutes. Discipline should be maintained at all cost and a healthy and
conducive participation is always cherished.
Quizzes: 15% There would be 5 announced, in-class quizzes in total, out of which best 4
would be considered. No make-up quiz would be arranged for any missing quiz.
Assignments: 20% There would be 4 assignments in total. All of these four assignments
would be available on the day 1 at Campus Photocopier. Any assignment submitted after
due date and time would result in deduction of marks.
Exams: There would be TWO exams; one around the middle and the other at the end of
the semester.
25% The MID Term Exam would be an in-class test. You are to bring your own stationary
and no borrowing is allowed during the test.
35% The FINAL Term Exam, however, providing you with the Answer Sheets but still no
borrowing is allowed during the exam.
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
QM-545
Cheating
Participants are expected to do their own work in their assignments, quizzes and exams.
They are always encouraged to discuss with each other but the assignments, quizzes and
exams should be their own work reflecting their own effort and intellect. The School of
Business & Economics is VERY STRICT against any action of plagiarism, copying and
cheating. So don’t put yourself in any embarrassing position that may mar your career. In
summary, any or all of these actions may be taken against you in case of cheating.
1. Zero Point for the assignment/quiz/exam
2. Case would be sent to UMC Committee
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
QM-545
Topics to be Taught
(1) What is Statistics?
Objectives:
Weight 10% (1 Session)
To understand why we study statistics and to explain what is
meant by descriptive statistics and inferential statistics. To
distinguish among the nominal, ordinal, interval, and ratio
levels of Measurement.
Text Recommended:
Statistical Techniques in Business and Economics (13th
Edition) By: Doulas A. Lind and William G. Marchal
References:
Essentials of Modern Business Statistics with Microsoft
Excel: By Anderson and Sweeny (3rd Edition)
Business Statistics: By Groebner, Shannon, and Fry (7th
Edition)
Topics:
What is Statistics? Why Study Statistics, What is meant by
Statistics, Types of Statistics Fundamental Elements of
Statistics, Levels of Measurement.
Evaluation:
Criterion:
Min. Req. Num. Accuracy: 60%
Assignments: Must 1
Exercising
Material:
From Recommended Text: Exercises 1, 3, and 5 on page 27;
7, 9, 11, and 13 on page 33-34; 15 and 17 on page 39-40; 19
and 21 on page 43-44
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
(2) Description and Analysis of Data
Objectives:
QM-545
Weight 20% (3 Sessions)
Organizing qualitative and quantitative data into a frequency
table, displaying the data through charts and graphs,
describing and exploring data through different numerical
measures.
Pre-requisites:
None
Text Recommended:
Statistical Techniques in Business and Economics (13th
Edition) By: Doulas A. Lind and William G. Marchal
References:
1-Essentials of Modern Business Statistics with Microsoft
Excel: By Anderson and Sweeny (3rd Edition)
2-Business Statistics: By Groebner, Shenon, and Fry (7th
Edition)
Topics:
Describing Data: Frequency Distributions and Graphic
Presentation Constructing a Frequency Distribution, Relative
Frequency Distribution, Graphic Presentation of a Frequency
Distribution, Other Graphic Presentations of Data,
Numerical Measures of Central Location, Population and
Sample Mean, Weighted Mean, Geometrics Mean and Its
Significance in Business and Economics, Why Study
Dispersion, Numerical Measures of Dispersion (Or
Variation), Interpretation and Uses of the Standard
Deviation, Chebyshev’s Theorem, The Empirical Rule, The
Mean and Standard deviation of Grouped Data, Describing
Data: Displaying and Exploring Data, Dot Plots, Stem-andLeaf Displays, Other Measures of Dispersion: Quartiles,
Deciles and Percentiles, Box Plots, Relative Dispersion, Use
of SPSS.
Evaluation:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 2, Duration: 15 min.
Assignments: Must 1
Exercising
Material:
From Recommended Text: Exercises 7, 9, and 11 on page 60;
13 and 15 on page 62; 17, 19, 21, and 23 on page 65-66; 25 on
page 69; 27, 29, 31, and 33 on page 71; 35, 37, 39 on page 41,
43, and on page 78; 49, 51 on page 81; 53, 55, on page 83.
Exercises 19 and 21 on page 43-44; 1, 3, 5, and 7 on page
105; 11 and 13 on page 109-110; 15 and 17 on page 112-113.
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
QM-545
(3) A Survey of Probability Concepts
Weight 20% (2 Sessions)
Objectives:
To describe the classical, empirical, and subjective approaches
to probability, why we use probability and how it helps in real
business and economics situations for effective decision
making.
Pre-requisites:
None
Text Recommended:
Statistical Techniques in Business and Economics (13th
Edition) By: Doulas A. Lind and William G. Marchal
References:
1-Essentials of Modern Business Statistics with Microsoft
Excel: By Anderson and Sweeny (3rd Edition)
2-Business Statistics: By Groebner, Shenon, and Fry (7th
Edition)
Topics:
What is a Probability, Approaches to Assigning Probabilities,
Some Rules for Computing Probabilities, Conditional
Probability, Contingency Tables, Principles of Counting,
Probability Distribution, Concept of Random Variable, The
Mean, Variance, and Standard Deviation of Probability
Distribution, Concept of Discrete Probability Distribution,
Binomial Probability Distribution. How is a Binomial
Probability Distribution Computed? Poisson Probability
Distribution, The Family of Uniform Distributions, The
Family of Normal Probability Distributions, The Standard
Normal Distribution, Finding Areas under the Normal Curve,
Use of SPSS.
Evaluation:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1, Duration: 15 min.
Assignments: Must 1
Exercising
Material:
From Recommended Text: Exercises 1, 3, 5, 7, and 9 on page
146-147; 15, 17, 19 ,and 21 on page 152; 27, and 29 on page
161; 41, 43, and 45 on page 170; 5, 7, 13, 15, 17, 2, 33 and 35
on pages 188, 196, 198-199, 208 respectively; 1, 3, 5, 9, 11, 13,
15, 19, 21, 27, and 29 on pages 226-227, 233, 236-237, 239,
and 241 respectively.
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
QM-545
(4) Sampling Methods
Weight 7.5 % (1 Session)
Objectives:
To explain why a sample is often the only feasible way to
learn something about a population, to describe methods to
select a sample.
Pre-requisites:
None
Text Recommended:
Statistical Techniques in Business and Economics (13th
Edition) By: Doulas A. Lind and William G. Marchal
References:
1-Essentials of Modern Business Statistics with Microsoft
Excel: By Anderson and Sweeny (3rd Edition)
2-Business Statistics: By Groebner, Shenon, and Fry (7th
Edition)
Topics:
Sampling Methods, Sampling Distribution of the Sampling
Mean, The Central Limit Theorem, Using the Sampling
Distribution of the Sample Mean.
Evaluation:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Optional, Duration: 15 min.
Assignments: Must 1
Exercising
Material:
From Recommended Text: Exercises 1, 3, 5, 7, 9, 11, 13, 15,
and 17 on pages 268, 273, 281, and 285 respectively.
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
(5)
QM-545
Estimation and Confidence Intervals
Weight 7.5% (2 Session)
Objectives:
To understand the concepts of point estimate and level of
confidence and their applications in different situations of
business and economics.
Pre-requisites:
Sampling and sampling distribution
Text Recommended:
Statistical Techniques in Business and Economics (13th
Edition) By: Doulas A. Lind and William G. Marchal
References:
1-Essentials of Modern Business Statistics with Microsoft
Excel: By Anderson and Sweeny (3rd Edition)
2-Business Statistics: By Groebner, Shenon, and Fry (7th
Edition)
Topics:
Point Estimates and Confidence Intervals, A Large Sample
Confidence Interval for Population Mean, for Population
Proportion, A Small Sample Confidence Interval for
Population Mean, Choosing an Appropriate Sample Size, Use
of SPSS.
Evaluation:
Exercising
Material:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1
Assignments: None
From Recommended Text: Exercises 3, 5, 7, 11, 13, 15, 17,
27, and 29 on pages 301-302, 309, 312, and 317 respectively.
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
QM-545
(6) Hypothesis Testing
Objectives:
Weight 20% (3 Sessions)
To define a hypothesis and to learn how hypothesis testing
can be used to verify the claims, and to understand their
significance in the field of business and management
research.
Pre-requisites:
All the concepts discussed so for related to inferential
statistics
Text Recommended:
Statistical Techniques in Business and Economics (13th
Edition) By: Doulas A. Lind and William G. Marchal
References:
1-Essentials of Modern Business Statistics with Microsoft
Excel: By Anderson and Sweeny (3rd Edition)
2-Business Statistics: By Groebner, Shenon, and Fry (7th
Edition)
Topics:
What is a Hypothesis?, What is a Hypothesis Testing, OneTailed and Two-Tailed Tests of Significance, Large Sample
tests of Hypothesis About Population Mean, Small Sample
tests of Hypothesis About Population Mean, Large Sample
tests of Hypothesis About Population Proportion, p-Value in
Hypothesis Testing, Errors in Hypothesis Testing, TwoSample Tests of Hypothesis: Independent Samples, TwoSample Tests About Proportions, Comparing Population
Means with Small Samples, Two-Sample Tests of Hypothesis:
Dependent Samples, Use of SPSS.
Evaluation:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1
Assignments: Must 1
Guest Speaker
Exercising
Material:
A guest speaker will be invited to further discuss its use in the field of
business and management research.
From Recommended Text: Exercises 3, 5, 7, 11, 13, 15, 17,
19, 23, and 25 on pages 344, 350, 352-353, and 356
respectively; 3, 5, 9, 11, 15, 17, 19, and 21 on pages 374-375,
379, 384, and 388 respectively.
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
QM-545
(7) Goodness-of-FIT Test
Objectives:
Weight 7.5% (1 Session)
To discuss the use and significance of the chi-square
distribution in goodness of FIT Test.
Pre-requisites:
Concepts previously discussed related to hypothesis testing
Text Recommended:
Statistical Techniques in Business and Economics (13th
Edition) By: Doulas A. Lind and William G. Marchal
References:
1-Essentials of Modern Business Statistics with Microsoft
Excel: By Anderson and Sweeny (3rd Edition)
2-Business Statistics: By Groebner, Shenon, and Fry (7th
Edition)
Topics:
Characteristics of the Chi-Square Distribution, Goodness-ofFit Test: Equal Expected Frequencies, Goodness-of-Fit Test:
Unequal Expected Frequencies, Contingency Table Analysis,
Use of SPSS.
Evaluation:
Exercising
Material:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Optional, Duration: 15 min.
Assignments: Optional
From Recommended Text: Exercises 5, 7, 9, 11, 13, and 15
on pages 652-653, 657-658, and 662 respectively.
________________________________________________________________________
School of Business & Economics
UMT
Quantitative Techniques & Methods
QM-545
(8) Analysis of Variance
Objectives:
Weight 7.5% (1 Session)
To discuss the general idea of analysis of variance, to conduct
a test of hypothesis to determine whether the variances and
mean of two populations are equal, its use in business and
management research.
Pre-requisites:
All the concepts related to hypothesis testing
Text Recommended:
Statistical Techniques in Business and Economics (13th
Edition) By: Doulas A. Lind and William G. Marchal
References:
1-Essentials of Modern Business Statistics with Microsoft
Excel: By Anderson and Sweeny (3rd Edition)
2-Business Statistics: By Groebner, Shenon, and Fry (7th
Edition)
Topics:
Characteristics of F-Distribution, Comparing Two Population
Variances, Comparing Means of Two or More Populations,
Use of SPSS.
Evaluation:
Exercising
Material:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1
Assignments: Must 1
From Recommended Text: Exercises 1,3, 5, 7, 9, 11, 13 on
pages 412, 421-422, and 425 respectively.
________________________________________________________________________
School of Business & Economics
UMT