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QM Appendix Note - Appendix Quantitative Methods This...

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Appendix Quantitative Methods This Appendix on Quantitative Methods has been designed for students who do not have exposure to mathematics and statistics. It is aimed to provide students an insight into the basics of mathematics, business statistics, probability, and probability distributions. This knowledge will enable the student to apply these tools and techniques in the study of Operations Management.
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Operations Management 2 Contents Section 1 Basics of Mathematics 3 – 15 Section 2 Measures of Central Tendency 16 – 25 Section 3 Measures of Dispersion 26 – 33 Section 4 Concepts of Probability 34 – 40 Section 5 Probability Distributions 41 – 46
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Quantitative Methods: Appendix 3 Section 1 Basics of Mathematics In this section, we will discuss: Number Systems Simultaneous Equations Polynomials Theory of Indices Permutations and Combinations Progressions Functions It is important to revise the decimal, binary and octal number systems before proceeding on to study the quantitative methods. Also, it is important to understand the concepts of Simultaneous Equations, Polynomials, and the Theories of Indices to solve problems which are complex in nature. Some of the other important concepts that have to be understood are Permutations and Combinations and the three progressions – arithmetic, geometric, and harmonic. NUMBER SYSTEMS Apart from the two most commonly used number systems decimal (0,1,2,3,4,5,6,7,8,9) and Roman (I,II,III,IV,V,VI .... ), we have other systems such as octal number system represented by (0,1,2,3,4,5,6 and 7) and hexadecimal number system based on the digits 0 to 9 and also the letters from A to F. Decimal System The decimal system has 10 digits (0 to 9). Each digit is a number. If there are two or more than two digits in a number, each digit has a value that is ten times greater than the digit just to its right. For example, if 9628 is a number that has four digits. We can say that 8 is in the units place, 2 is in the tens place, 6 is in the hundreds place and 9 is in the thousands place. Each digit in a number has two values one is called the absolute value and the other is called as the place value. If 9628 is taken, 9 has an absolute value which is 9 itself and place value which is 9000, for 6, absolute value is 6 itself and place value is 600, similarly for 2 and 8 the absolute values are 2 and 8 again and the place values are 20 and 8 respectively. A decimal system has number 10 as its base or radix. A number in any number system can be represented as 0 1 1 2 2 3 n 1 n r d r d r d ..... .......... r d N + + + × = + Where, N = any number of any base system, d n = digit in the n th position, r n = the exponent for (n+1) th digit position.
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Operations Management 4 Binary Number System The binary number system is based on only two variables 0 and 1.
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