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IDS01-Fall11 - BUS 220 Section 01 Fall 2011 BUS 220...

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BUS 220 Section 01 Fall 2011 BUS 220 - Introduction to Decision Sciences INSTRUCTOR : Dr. Jadranka Skorin-Kapov OFFICE : Harriman Hall 323 PHONE : (631) 632-7426 FAX: (631) 632- 9412 e-mail : js[email protected] web page: http://www.ams.sunysb.edu/~jskorin/jskorin.html PLACE : Harriman Hall 108 TIME : Tu, Th 9:50 am- 11:10 am OFFICE HOURS : W 2:50pm 3:50pm Tu, Th 9:10am 9:40am COURSE DESCRIPTION: This course is about analyzing, solving, and presenting the solution of various business problems arising in all areas of business, including but not limited to finance, marketing, operations, and human resources. Some quantitative methods and appropriate tools applicable while managing both service and manufacturing sector will be presented and used in numerous examples. It will be discussed how the analysis can support effective decision-making in business settings. Topics will include: formulations and solution of business problems in order to maximize profit (or minimize cost) subject to business constraints; decision making when possibly conflicting criteria have to be taken into account; decision making under uncertainty and with probabilities; forecasting; and simulation of business practices in complex settings. The sensitivity of the solution to a business problem in light of changing business environment will be addressed. LEARNING OBJECTIVES: This course will allow students to: develop critical and analytical thinking; get familiarity with software tools designed to support decision making, such as the SOLVER engine of Excel; develop the ability to read computer output and answer “What If” questions pertaining to the sensitivity of the solution (the Answer and Sensitivity Report in Excel); develop presentation skills to present to a busy executive the summary of problem analysis, the solution procedure, and the significance of the obtained results by creating a memo, or a PowerPoint Presentation, possibly using graphical tools; develop communication skills for team-work by jointly working on assignments. THE IMPLICATIONS OF ACQUIRING KNOWEDGE FROM THS COURSE: Many organizations find themselves awash in data, with little understanding of how to leverage that data for better results. With Decision Sciences techniques one brings the tools and
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