Quantitative Methods & Decision Analysis Research Paper, Statistics Research Paper, Statistics
Aim of the course The objective of the course is to introduce students to modern statistical methods, as used in today’s business environment and provide the general framework of quantitative methods and their application in business analysis and business decision. It will help students who do not have a mathematics background to understand how statistical tools and techniques are applied. It provides students with an overview of descriptive statistics, sampling techniques, estimation methods, inferential tools, association analysis and forecasting techniques. Throughout the course emphasis is placed on specific examples and case studies as well as in the use of relevant software (MS Excel, SPPS, Statgraphics, etc.) in the analysis of real data sets. Learning Outcomes During this course, students will: § Develop analytical skills in structuring and analysing business decision problems § Understand key concepts for quantifying and managing information in business and management problems § Understand the usefulness and limitations of selected techniques § Use software to generate computer solutions of the models § Analyze the computer output and interpret the results Content • Data Analysis (numerical data, scales of measurement tables) • Frequency distributions, central values, dispersion, skewness • Probability Distributions • Sampling and Confidence Intervals • Hypothesis Testing • Tests of attributes independence • Analysis of variance • Regression Analysis • Use of industry standard databases and software Reading Berenson, M., Levine, D., Szabat, K. A. (2015). Basic business statistics: Concepts and applications. Pearson Higher Education AU. Course Assessment: Individual Written Assignment. The current era is characterized by the abundance of information and numerical data, the analysis of which leads executives to conclusions and in business decisions. The subject of the assignment is to analyze, using appropriate quantitative methods, the data you collect (if you wish from your work environment) related to a particular business problem. The assignment will be approximately 2,000-3,000 words (excluding graphs and tables). A sample structure of the paper is as follows: Table of Contents Executive Summary 1. Introduction (organization, business activities, department you work, introduction to the problem you intend to analyze, etc.) 2. Collected data (source of data, types of data, sampling method, population coverage, units of measurement, other information, etc.) 3. Empirical analysis (quantitative methods you will use to check your assumptions, alternative methods of analysis, empirical results, presentation of results, interpretation of results, comments, etc.) 4. Conclusions (discussion of results in relation to the problems analyzed, conclusions, recommendations to management, proposed further analysis, etc.) The numbering of Chapters & Paragraphs should follow the numeric system, e.g.: 1. 2. 2.1. 2.2. 3. etc. Evaluation criteria are the understanding of the methods, their correct choice in relation to the problems you analyze, and the familiarity in use of computer software. Particular attention will be given to the originality of the problem and the structure and presentation of your work which must have a business report style. The weights of individual criteria are the following: Introduction: 20%, Data: 30%, Analysis: 30%, Conclusions: 20% 2nd part PART B: INDIVIDUAL Assignment “Action Ideas: Collaboration Development Plan” i. Please select two  of your colleagues or business associates [internal or external to your company], with whom your communication or cooperation does not raise to the desirable standards. Person # 1: ____________________________________________ Person # 2: ____________________________________________ ii. For each one of them, try to locate the 1-2 colours which are more evident in their behaviour. If in doubt, feel free to consult the tables of the following pages [optional]. iii. Finally, edit a “Collaboration Development Plan”, by answering the following questions: 1. Which are the key issues you are facing in your communication / collaboration with this person? 2. How have you tried to manage these issues so far? 3. How effective was your way of handling them? 4. Which is this person’s behavioural profile [RYGB]? Which is yours? 5. Which modifications or even drastic changes could you implement in your approach, so that you overcome or at least minimise the pitfalls of your communication and/or collaboration? 6. How can you utilize “The Trust Equation” so as to develop a more trusting relationship? What more needs to be done to fix the relationship? 7. Can you take advantage of some of the elements presented in “The 7-Step Persuasion Plan”? Please be as specific as you can in terms of past and/or future actions. Your report for each person should not exceed 700 words.