Commerce 3QA3 Management Science for Business
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Commerce 3QA3 Management Science for Business:
The program helps students in comprehending the five widely utilized quantitative management science tools which comprises, modeling, simulation, linear programming, decision analysis, and waiting for lines that are employed in business decision situations when the circumstances are relatively specific or somewhat unpredictable. All five tools are enforced in Excel. The program is acquainted through sermons, computer work with Excel, lecture memos and textbook readings, exercise problems, and online podcasts. Problem calculation and the solution manipulating Excel is a crucial skill in modern business. Throughout the program, scholars will understand how to utilize the five tools which; business problem modeling, decision analysis, linear programming, simulation, and waiting for lines in Excel to analyze and unravel the business problems in the sectors of accounting, marketing, human resources, finance, and operations.
After the successful completion of the program students will be able to:
1. Develop Excel prototypes of business decision problems in accounting, human resources, finance, marketing, and operations.
2. Compose linear and integer decision problems. Employ Excel Solver to decipher these questions, perform sensitivity examinations, and discern the marginal price of the various resources consumed.
3. Evaluate the business judgment problems under uncertainty and hazards utilizing payoff tables and decision-tree prototypes in Excel.
4. Use utility functions to account for threat prerogatives.
5. Utilize Excel to model and evaluate the business processes wielding simulation and deferring for the line and queuing models.
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