Course: Modelling Analysis for Decision Making in Organisations
Course Code: MGQT6003
Mastery of statistical tools and techniques, generally, and problem-solving tools and techniques, specifically, are essential for the contemporary manager and leader. Imagination and intuition remain requirements but the ability to manipulate data and to produce information is becoming increasingly important in situations where tolerances are becoming narrower and the room for error approaching zero. Modelling Analysis for Decision Making in Organisations is designed to expose students to some of the tools that are necessary to perform accurate quantitative analysis in the decision making process. Students will get an insight into the application of Operations Research (OR) and Management Science (MS).
This course challenges the view that management is a discipline and vocation for persons who do not relish quantitative methods of analysis, problem solving and decision making. The objective of this course is not to make statisticians of participants but instead to provide them with applied knowledge relative to problem solving and data management tools and techniques, such as, root cause analysis, Pareto analysis, fish-bone diagrams, game theory, network applications, forecasting, and histograms, based on a sound grounding in the basics of statistical methodology. Upon successful completion of this course, learners will be able to explain the advantages of quantitative techniques for effective managerial decision making and, recommend and apply appropriate quantitative tools for specific organisational challenges.