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