Skip to Content

STAT888: Applied Business Techniques

Lecturer in charge

Ms KJ Byun

Availability

D1 - Day; Offered in the first half-year
E2 - Evening; Offered in the second half-year

Unit Outline

N/A

Websites

Handbook entry

Coursework unit website - Online learning @ MQ (Login required)

Description

This unit provides the skills necessary to apply the techniques of quantitative analysis in organisational decision-making situations. The approach taken consists of defining the business problem, developing a model, acquiring the necessary data, developing and analysing the solution and implementing the results. Practical examples taken from a wide variety of business situations will be used and discussed with the emphasis being on application of the techniques rather than the theory.

The solutions to many of the problems will be found using the program QM for Windows (supplied with the textbook) and Microsoft Excel. The aim of the unit is to provide an appreciation of information requirements within business and to develop competence in the analysis of management decisions.

Lecture notes including many exercises and examples will be provided.

Topics

  • Project management
  • Inventory management
  • Simulating business systems
  • Modelling business problems
  • Optimal allocation of resources
  • Maximising profits and minimizing costs
  • Applications of scientific method in business
  • Provision of service versus customer waiting times
  • Time limited and resource limited project scheduling