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1. Formulate hypothesis tests, estimate or make decisions about population means or proportions based on one and two sample(s) selected from a population.

This paper deals with the fundamentals of statistics that are applied to different decision-making applications. The student is supposed to highlight the following aspects in detail:

  • Create hypothesis tests

  • Evaluate population means or proportions

  • Implement simple and multiple linear regression analysis

  • Explain the behaviour of a variable

  • Estimate expected value of perfect and sample information along with optimal solution to a business decision

  • Make written interpretations of the results of various statistical analysis

  • Implement spreadsheet software (EXCEL) to calculate the statistical data

Instructions 

Subject Title 
Quantitative Approaches to Decision Making

Subject Description 
This subject applies the basic knowledge of statistics developed in QNM222 to several important decision-making applications including hypothesis testing, regression and correlation analysis, linear programming, and time series.

Learning Outcomes 
Upon successful completion of this subject the student will be able to:

1. Formulate hypothesis tests, estimate or make decisions about population means or proportions based on one and two sample(s) selected from a population.

2. Apply simple and multiple linear regression analysis, i.e., relate the mean value of a single dependent variable to one or more independent variables.

3. Describe the behaviour of a variable by analyzing a time series of that variable.

4. Calculate the expected value of perfect and sample information.

5. Calculate the optimal solution to a business decision given an objective and a set of resource constraints.

6. Prepare written interpretations of the results of various statistical analysis.

7. Apply spreadsheet software (EXCEL) to solve statistical problems.


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