Quantitative Techniques for Decision Making

Main Block of Hallmark Businsess School

OBJECTIVE:

UNIT I - INTRODUCTION TO LINEAR PROGRAMMING (LP)

Relevance of quantitative techniques in management decision making. Linear Programming-formulation, solution by graphical and simplex methods (Primal – Penalty, Two Phase), Special cases. Sensitivity Analysis.

UNIT II - LINEAR PROGRAMMING EXTENSIONS

Assignment Models (Minimising and Maximising Problems) – Balanced and Unbalanced Problems. Solution by Hungarian and Branch and Bound Algorithms. Travelling Salesman problem. Crew Assignment Models.

UNIT III DECISION AND GAME THEORIES

Decision making under risk – Decision trees – Decision making under uncertainty.
Game Theory-Two-person Zero sum games-Saddle point, Dominance Rule, Convex Linear Combination (Averages), methods of matrices, graphical and LP solutions.

UNIT IV INVENTORY AND REPLACEMENT MODELS

Inventory Models – EOQ and EBQ Models (With and without shortages), Quantity Discount Models.
Replacement Models-Individual replacement Models (With and without time value of money) – Group Replacement Models.

UNIT V QUEUING THEORY AND SIMULATION

Queuing Theory – single and multi-channel models – infinite number of customers and infinite calling source.
Monte Carlo simulation – use of random numbers, application of simulation techniques

Outcomes:

To understand the applications of

Text Books

  1. N. D Vohra, Quantitative Techniques in Management, Tata Mcgraw Hill, 2010.
  2. G. Srinivasan, Operations Research – Principles and Applications, 2nd edition, PHI, 2011.
  3. Paneerselvam R., Operations Research, Prentice Hall of India, Fourth Print, 2008.
  4. Hamdy A Taha, Introduction to Operations Research, Prentice Hall India, Tenth Edition, Third Indian Reprint 2019.
  5. Bernard W.Taylor III, Introduction to Management Science, 9th Edition, Pearson Ed.
  6. Frederick & Mark Hillier, Introduction to Management Science – A Modeling and case studies approach with spreadsheets, Tata Mcgraw Hill, 2010.
  7. Nagraj B, Barry R and Ralph M. S Jr., Managerial Decision Modelling with Spreadsheets, Second Edition, 2007, Pearson Education.

Course Reference

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