Introduction to Quantitative Techniques-CAC.pdf - PRELIM...

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PRELIM COVERAGE (12 hours) BASIC CONCEPTS IN MANAGEMENT SCIENCEExplain the definition quantitative analysis and decision makingIllustrate the different classification of Quantitative TechniquesExplain the functions of Quantitative TechniquesIllustrate models of cost, revenue and profitClassify the different management science techniquesIllustrate linear programmingExplain and interpret linear programming sensitivity analysisSPECIFIC INSTRUCTIONS IN THE COMPLETION OF THIS CHAPTER: 1.Student must read and understand the Intended Learning Outcomes specified aboveand make it as a checklist of acquired knowledge and skills after completing the entirechapter. This shall be the basis of the teacher in the formulation of the Summativeevaluation given at the end of the chapter. 2.Students must carefully study the given lecture notes and take note of the topics thatwere not clearly stated or understood by the student. This areas can be referred to thesubject teacher during consultation hours provided for the students to contact theteacher. 3.Study the discussions and insights given and follow instructions for activities if there are.4.After completely reading all the materials, open the video links of the lessons givenalong with this learning package and watch the given videos to supplement yourreading. (please check your Flash Drive content). 5.Upon completion of all the lessons and topics presented, answer the self reflectionquestions given to you. Check the instruction of to answer and what to do to complywith required answers. 6.Compile you outputs in your Learning Portfolio to be submitted at specific date by yourteacher. 7.Should the student have any queries or clarifications with the topics, the student shouldcontact the subject teacher in the given consultation hours which can be found in thepreliminaries of this material. Key Terms:TaxationManagement ScienceQuantitative AnalysisQualitativeConstraintsSlack Variable PermutationsCombinationsIndex NumbersProblem SolvingModelsObjective FunctionSimple Maximization
Solution PointLESSON I (4HRS)INTRODUCTION TO QUANTITATIVE TECHNIQUESQuantitative techniquesmay be defined as those techniques which provide the decisionmakes a systematic and powerful means of analysis, based on quantitative data. It is a scientificmethod employed for problem solving and decision making by the management. With the helpof quantitative techniques, the decision maker is able to explore policies for attaining thepredetermined objectives. In short, quantitative techniques are inevitable in decision-makingprocess.Classification of Quantitative Techniques:There are different types of quantitative techniques. We can classify them into three categories.

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