BMGT 338 - Operations Management & Quantitative Analysis

Institution:

Point Park University

Subject:

BUSINESS MANGEMENT

Description:

Students will study concepts of operations management. Students will learn to use statistical techniques and quantitative analysis to apply to business type problems. Topics will include: Project management (PERT), use of formulas/mathematical equations/probability to make business decisions, models such as linear programming, forecasting, and basic inventory models Course Objectives Upon successful completion of the course, students will be able to: 1. Understand the role & techniques of operations management 2. Apply financial formulas/mathematical equations to make educated business decisions (break-even analysis, sensitivity analysis, constructing models & equations to calculate profit maximization with limitations, moving averages, weight moving averages) 3. Apply the Elements of Project Management (CPM/PERT Networks, calculate ES, EF, LS, LF & slack) 4. Apply probability methods to solve business problems (define the different types of probability; Understand the terms: probability experiment, mutually exclusive, frequency distribution, marginal probability, Venn diagram, independent events, conditional probability; draw a probability tree to determine the answer to a business problem; Determine the probability in a frequency distribution; calculate the expected value; calculate the cumulative probability distribution 5. Use the linear programming formulation steps (define decision variables, define objective function, and define constraints) to solve business problems (formulate a linear programming model for a business problem and solve the model using graphical analysis; understand and define the terms: decision variables, objective functions, constraints, parameters, non-negativity constraints, feasible solutions, and infeasible solution). 6. Identify the components of decision making and how to apply to business situations (interpret a payoff table 7. Understand the different criterion that can be used for decision making (with and without probabilities) (i.e. Maximax, Maximin, Minimax Regret, Hurwicz, Equal Likelihood) 8. Apply the EOQ Model to a business problem (Understand the elements of inventory management and apply them

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

www.pointpark.edu

Phone Number:

(412) 391-4100

Regional Accreditation:

Middle States Association of Colleges and Schools

Calendar System:

Semester

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