(English) Quantitative Methods and Applications

COMMUNITY COLLEGE OF CITY UNIVERSITY CITY UNIVERSITY OF HONG KONG Information on a Course offered by Division of Applied Science and Technology

Course Title: Course Code: Credit Units: Level: Medium of Instruction: Pre-requisites: Pre-cursors: Equivalent Courses: Exclusive Courses: Course Duration:

(English) Quantitative Methods and Applications (Chinese) AST22201 3 A2 English Nil Nil Nil Nil one semester

Course Aims: The aims of this course are to give students an understanding of the principles of quantitative methods, and enable students to use the appropriate methods and techniques to solving managerial and industrial problems. Course Intended Learning Outcomes (CILOs) Upon successful completion of this course, students will be able to: 1. Analyze business problems to determine if the quantitative methods are most appropriate to obtain solutions; 2. Convert suitable business problems into the appropriate quantitative models; 3. Apply quantitative models to solve problems by hand and also by the application of suitable software; 4. Interpret the solutions of quantitative models in the context of business; and 5. Apply different quantitative methods in various decision making situations.

Alignment of the CILOs with the PILOs of ASc in Applied Business Statistics: CILOs (Please  if the CILO(s) is/are aligned with the PILO 1 2 3 4 5 Programme Intended Learning Outcomes (PILOs) I. Apply mathematical and statistical skills to      formulate and solve business problems. II. Use a range of statistical and information technology applications to solve business   problems. III. Apply business sense and ethical principles in the      undertaking of statistical work. IV. Examine the major socio-political, cultural and economic issues affecting business in the local,   national, regional and international contexts. V. Perform skilled tasks responsibly and produce outputs that meet quality standards. VI. Communicate efficiently in English both orally and in writing in different business environments. VII. Relate the major ideas in arts and humanities,   science and technology to their own area of study. Keyword Syllabus: (a brief description of the syllabus of the course)      

Resource Allocation Using Linear Programming (LP) Problem formulation. Graphical and computer solution of LP problems. Modeling and applications. Sensitivity analysis. Inventory Management Importance of inventory control. Economic Order Quantity (EOQ) model. EOQ model without instantaneous receipt. Safety stock. Quantity discount model. ABC analysis. Analysis for Decision-Making Decision tree analysis. Expected monetary value. Expected opportunity loss. Expected value of perfect information. Expected value of sample information. Bayesian analysis. Project Management Phases in project management. Project networks. Critical path analysis. Forecasting Basic time series forecasting models. Trends and seasonality in time series. Causal forecasting model Application of Computer Software for Analysis For example, Excel, VBA

Indicative Readings Recommended Textbook Hillier, F. & Hillier, M. Introduction to management science: a modeling and case studies approach with spreadsheets. 4/E Mc-Graw Hill (2011). References Albright, S.C. VBA for modelers : developing decision support systems with Microsoft Excel. 2/E. Belmont, CA : Thomson/Brooks-Cole. (2007).

Teaching and Learning Activities (TLAs): (designed to facilitate students’ achievement of the CILOs) a. Lectures provide an introduction to key concepts together with practical examples and simple case studies using quantitative methods. b. Tutorials provide an opportunity for students to practice using quantitative methods to formulate models and solve problems with the use of computers. Teaching Schedule: Lecture (hr/week): 2

Tutorial (hr/week): 1

Other (please specify) (hr/week):

Assessment Tasks/Activities: (designed to assess how well the students achieve the CILOs) Type of assessment tasks/activities % Brief Description of assessment tasks/ activities i. Examination 50 Assesses students’ ability to formulate and analyze simple quantitative models, to solve problems based on these models and to interpret the solutions. ii. Tests 20 Two one-hour tests using MC/short questions to assess students’ ability to solve quantitative problems by hand and/or using computer software. iii. Case study project/assignment 20 Assess students’ abilities to accomplish group project / assignment through analyzing a problem and applying appropriate quantitative methods to solve the problem. iv. Tutorial Exercises 10 Assess students’ abilities to solve quantitative problems manually and using computer software. Assessment Schedule (on the basis of Assessment Tasks/ Activities identified above) Examination (%): 50% Duration (Hrs): 2 Coursework (%): 50% Participation (%): Grading Mode: Standard or Pass/Fail * (delete as appropriate) Alignment of TLAs and Assessment Tasks/Activities with the CILOs: TLAs (Please  if the TLA(s) Assessment (Please  if the is/are aligned with the CILO Assessment(s) is/are aligned with the CILO a. b. i. ii. iii. iv. CILOs 1. Analyze business      problems to … 2. Convert suitable business problem       into … 3. Solve quantitative models by hand and also       by software … 4. Interpret the solutions of       quantitative models … 5. Apply different quantitative in       various …