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Quantitative Techniques
This course will enable the students to develop a comprehensive understanding of fundamental quantitative tools and techniques used in business decision-making.
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course title |
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24CATG313
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Quantitative Techniques (Theory)
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CO85: Apply QT concepts in trade and industry, recognizing their nature and role, and design and solve transportation and assignment models. CO86: Develop mathematical formulations for optimization problems. CO87: Utilize concepts of Permutation, Combinations, and Probability in problem-solving. CO88: Apply interpolation, extrapolation, and simulation techniques to estimate hypothetical values and apply learned skills in real-life situations CO89: Employ game theory to formulate persuasive strategies and manage waiting lines efficiently. CO90: Contribute effectively in course-specific interaction |
Approach in teaching: Interactive Lectures, Discussions, Tutorials, Reading assignment; Solving Questions.
Learning activities for the students: Self-learning assignment, Effective questions, Seminar Presentation |
Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects. |
Quantitative Techniques: Basic Concepts and Definitions,
• Merits and demerits, classification of QT,
• Nature and Functions, Role of QT in trade and Industry,
• Application of QT, Limitations
Transportation: Meaning, definition,
• Solving the problem. unbalanced problems,
• prohibited route, Maximization objective.
Assignment: Solving the problem.
• Cases of unbalanced problems,
• multiple optimum solutions, maximization objective,
• Prohibited Route
• Mathematical formulation of Linear Programming problems and their solution using Graphic approach and Simplex method,
• Duality.
Probability- Basic Concepts,
• Importance of Concept of Probability,
• Theorem of Probability (Additional Theorem and Multiplication Theorem),
• Conditional Probability, Bayes’ Theorem,
• Mathematical Expectation
• Newton’s methods of advancing differences,
• Binominal Method & Lagrange’s Method
Simulation
• Methodology and Application of Simulation technique.
• Monte Karlo Simulation Model- Concept and steps.
Game Theory: Games of Pure strategy,
• Games of Mixed strategy, Law of Dominance,
• Sub Game
Queuing Theory: Elements of Queuing theory,
• Single Channel Queuing Problem.
● Agarwal, N. P. Quantitative Techniques . Ramesh Book Depot.
● Mathur, Khandelwal, & Gupta. Operational Research. Ajmera Book Company.
● Nag, N. K. Quantitative Methods . Kalyani Publishers
● Kapoor & Sancheti. Statistics Theory and Practice. Sultan Chand and Sons, New Delhi
● Agarwal, NP & Chaturvedi A, Advanced Business Statistucs, Ramesh Book Depot
Suggested Readings:
● Kapoor, V. K. Operational Research . Sultan Chand.
● Kothari, C. R. Quantitative Techniques. Vikas Publishing House Pvt. Ltd.
● Vohra, N. D. Quantitative Techniques in Management. Tata Mc Graw Hill, New Delhi.
● Taha, Hamady A, Operational Research- An Introduction, Prentice Hall of India
● Agarwal, N. P. Quantitative Techniques . Ramesh Book Depot.
● Gupta, S.P. Statistical Methods .Sultan Chand & Sons New Delhi
e- Resources:
● https://www.bbau.ac.in/dept/UIET/EME-601%20Operation%20Research.pdf
● https://wdn2.ipublishcentral.com//himalaya_publishing_pvt/viewinsidehtml...
● https://www.amirajcollege.in/wp-content/uploads/2020/10/3151910-operatio...
Reference Journals:
● Journal of Operations and Strategic Planning
● Indian Journal of Finance
● IUP Journal of Applied Finance
● The Indian Journal of Commerce
