Final Course Outline QM I 2023-25 Format
Final Course Outline QM I 2023-25 Format
Introduction:
This course is the first of the two courses in term 1 which attempt to introduce students to
the basics of quantitative methods, in the context of their relevance and application for
managerial (business) decision making. We begin by looking look at the randomness
intrinsic to most of the decision variables confronted by the business manager. It introduces
the fundamental concepts, techniques and frameworks for analyzing a random variable
with the intent to infer its expected behavior. In the process the course introduces you to
the management of uncertainty in managerial decision making.
In the first couple of sessions, we discuss situations where the variable under consideration
is discrete in nature (for instance, the number of children in a family, the number of visitors
in a fair). We understand how to describe such variables using summary statistics and the
use of summary statistics in decision making. Following this we discuss continuous
variables (examples of these may include height or weight of students in a class) and
introduce you to the concept of probability or chance in explaining their occurrence/non-
occurrence. We then move on to certain technical aspects like axioms of probability,
probability computations, probability distributions, summary measures of probability
distributions etc. Understanding of these topics is essential to applying these concepts in
decision making situations.
All the concepts are consistently discussed in the context of business decision making with
the help of caselets and case problems.
The course will stress on conceptual understanding rather than mere knowledge of
procedures, foster active learning in the classroom using technology for developing
conceptual understanding and analyzing data.
1. General Course Information
Draw conclusion about a L 2: An ability to acquire, analyze and Quiz 2 & 3 and
population using testing of understand data and information for End-term
Learning Resources
References:
5. Statistics for Business and Economics, 10e, Anderson, Sweeney & Williams,
Thompson 2008.9(ASW)
Online resources:
1. Basic Set Operations,
https://www.khanacademy.org/math/statistics-probability/probability-library#basic-
set-ops
2. Conditional Probability, Multiplication Law
3. Multiplication and Addition rule (dependent and independent events),
https://www.khanacademy.org/math/statistics-probability/probability-library#basic-
set-ops
4. Calculating conditional probability
5. https://www.khanacademy.org/math/statistics-probability/probability-library/
conditional-probability-independence/v/calculating-conditional
6. Binomial distribution 11:50
7. https://www.khanacademy.org/math/statistics-probability/random-variables-stats-
library/binomial-random-variables/v/binomial-distribution
8. Deep definition of the normal distribution (23:00)
9. https://www.khanacademy.org/math/statistics-probability/modeling-distributions-of-
data/more-on-normal-distributions/v/introduction-to-the-normal-distribution
Normal Distribution,
https://www.mathsisfun.com/data/standard-normal-
distribution.html
Reading: AJPR Chapter 3, pp 152-156
Topics Covered:
Area as a measure of Probability, Normal Curve
Standard Normal Probability Distribution, Computing
Probabilities for any normally distributed variable
13 Sampling Introduction to sampling distributions (7:17) Problems: ASW p 278- Probs 18- 21,
distributions https://www.khanacademy.org/math/apstatistics/sampling- & 24; p 279 Probs 26, 28, 30.Random
distribution-ap/what-is-samplingdistribution/v/introduction-to- Sampling with Excel, ASW, Appendix
sampling-distributions 7.3, pp297-298
Sampling distribution of the sample mean
(10:51)https://www.khanacademy.org/math/statisticsprobability/
sampling-distributions-library/samplemeans/v/sampling-
distribution-of-the-sample
The Sampling Distribution of the Sample Proportion
(9.48)https://www.youtube.com/watch?v=fuGwbG9_W1c
Reading: AJPR , Ch. 5 pp 206-224
.Topics covered:Sampling distribution of sample mean and
sample proportion.
Central limit theorem (9:49 min)
https://www.khanacademy.org/math/ap-statistics/sampling-
distribution-ap/what-is-sampling-distribution/v/central-limit-
theorem
14-15 Interval Confidence Intervals & Margin of Error (11.45) Caselet – Presidential Polling :AJPR
estimation & https://www.youtube.com/watch?v=hlM7zdf7zwU p 275 . The case illustrates the
Determination Reading: AJPR , Ch. 6, 242-271 .Interval Estimation relevance and meaning of margin of
of sample size Difference Between Two Means (4.15 error and sample size determonation
)https://www.youtube.com/watch?v=ol8tVIld1E8 Case Problem : Gulf Real Estate
Topics covered:Concept of confidence intervals,Interval Properties, ASW, p 330Case Problem
estimation of populationmeans and proportions, 2: Metropolitan Research, Inc., ASW, p
Sample size determination given a pre specified margin of 332 Interval Estimation Using
error ExcelAppendix 8.2, p 334
16-18 Hypotheses test Introduction to Type I and Type II errors (5:09) Caselet : John Morell & Co.: (one of
(t-tests , z- https://www.khanacademy.org/math/ap-statistics/ the oldest meat manufacturers in
tests ) testssignificance-ap/error-probabilities-power/v/introductionto- US)The case discusses the findings of
type-i-and-type-ii-errors an independent taste test study using a
Examples identifying Type I and Type II errors sample of 224 consumers. The study
(5:43)https://www.khanacademy.org/math/ap-statistics/testssigni employing statistical hypothesis testing
ficance-ap/error-probabilities-power/v/examplesidentifying- procedures, provided statistical
type-i-and-type-ii-errorsIntroduction to power in significance evidence that the Morrell product is
tests preferred by more than 50% of the
(9:44)https://www.khanacademy.org/math/ap-statistics/testssigni consumer population. The sample data
ficance-ap/error-probabilities-power/v/introductionto-power-in- provided support for a food magazine
significance-tests advertisement for a particular product
in comparison to two others.Problems:
Reading: ASW, Ch. 9 - pp 340-390.Topics covered:Formulation ASW p 382-383 problems 60-67
of hypotheses,Errors associated with the testing of hypotheses,
Test as a two-decision rule,Level of significance, Power of a
test, Computation of p-values,One tailed and two tailed tests for
population mean and proportion
19 Chi Square test (ASW): Chapter 12(Page 472) Exercise :3 -8(page 472)
Exercise :3 -8
20 ANOVA(One AJPR Ch. 09 pp 369-385 ASW Book Exercises:1 -6 for class
way) Understanding ANOVA Table:page 517 room discussion
21-22 Simple linear A Refresher on Regression Analysis by Amy Gallo, for the Caselet - Return on Capital in
regression mode complete article refer to: https://hbr.org/2015/11/arefresher-on- Health care
l regression-analysis This case discusses Bivariate
Regression Analysis: Step by Step Articles, Videos, Simple Regression Model building
Definitions https://www.statisticshowto.com/probability- case .Problems: AJPR p 486-487-
andstatistics/regression-analysis/ 614, problems 1-8
Regression line example
https://www.khanacademy.org/math/statisticsprobability/describ
ing-relationships-quantitativedata/more-on-regression/v/
regression-line-example
Reading: AJPR Ch. 10, pp 426 -475 .Topics covered:Scatter
plots and correlation coefficient, Simple linear regression model,
Interpretation of the coefficients, Predictive ability and R
23 Multiple linear Multiple Linear Regression, The Very Basics (20.25) Caselet 5: International
regression https://www.youtube.com/watch?v=dQNpSa-bq4M PaperInternational
R-squared or coefficient of determination Paper is the world’s largest paper and
https://www.youtube.com/watch?v=lng4ZgConCM forest products company. The company
Reading:AJPR Ch 11 page 490-523 employs more than 117,000 people in
its operations in nearly 50 countries,
Topics covered:Concept of multiple linear regression, and exports its products to more than
Interpretation of parameters, Inference on regression 130 nations. The case shows how they
coefficients, Coefficient of determination. used multiple regression analysis to
develop a better bleaching process for
producing white paper products.
Case Problem 3: ASW p 685-686-
Consumer Research IncProblems:
ASW p 680- pro
24 Times series Reading :AJPR Chapter 12, page 582 Page 601-602 AJPR : exercise 12.11 -
amalysis(basic) 12.15
Trend Page 606-607 AJPR,excercise 12.16-
estimation 12.22
5.Assessment:
Total 100
End term Examination: This will consist of conceptual and Numerical application based questions with an objective to assess all the COs of
the course.
Quiz: There will be MCQ type quizzes to assess CO1 and CO2.
Problem solving Assignment: Selective exercises from Text book will be given as two Home assignments with Deadlines for submission
5.2 Assessment Feedback
Feedback on student performance from formative and summative assessment tasks will be provided to students in a timely manner. Assessment tasks
completed within the teaching period of a course, other than a final assessment, will be assessed and students provided with feedback, with or without a
provisional result, within 10 working days of submission, under normal circumstances. Feedback on continuous assessment tasks, if any, will be provided
prior to the midpoint of the course.
Note: Appeal of grade – students who wish to appeal their end term marks should initially discuss their concerns with their tutor. If they are still dissatisfied
they should then make contact with the Controller of Examination within working business days from the date of notification of the result. Such a written
request must contain details of the grounds on which the objection is based. Requests must include a summary of the reasons the student believes his or her
assessment work deserves a higher mark. These reasons must be directly related to the academic quality of the work.
5.3 Quality Assurance
IILM is actively monitoring student learning and quality of the student experience in all its programs. A random selection of completed assessment tasks may
be used for quality assurance, such as to determine the extent to which program learning goals are being achieved. The information is required for
accreditation purposes, and aggregated findings will be used to inform changes aimed at improving the quality of Business School programs.
6. Maps:
6.1 Assessment Map
Module Name: A1 A2 A3 A4 A5
Quantitative Methods-I L1 L2 L3 L4 L5 L6 L7
•L1 - An understanding of organizations and management techniques to allow investigation into business and management issues.
•L2 - An ability to acquire, analyze and understand data and information for managerial decisions.
•L3 - Critical thinking and informed judgment leading to problem solving, decision-making and negotiating skills
•L4 - Cognitive flexibility which enables adaptability to uncertainty in a rapidly changing business environment
•L5 - An understanding of disruptive and technological change and the ability to seek innovative and entrepreneurial solutions.
•L6 - Emotional intelligence and people’s skills in communicating, working in teams and with people.
•L7 - Being cognizant of the impact of individual and corporate actions on society, recognizing responsible and inclusive business practices and sensitivity to
the social, economic and environmental responsibilities of business.
7. Student feedback
The Institute places high priority on approaches to learning and teaching that enhances the students’ experience. Feedback is sought from students in a variety
of ways including on-going engagement with faculty, the use of online questionnaires and interaction with the Dean/appropriate authority. This course is
regularly revised and updated to reflect student feedback.
8. Student Responsibilities and Conduct
Students are expected to be familiar with and adhere to Institute's policies in relation to class attendance and general conduct and behaviour, including
maintaining a safe, respectful environment; and to understand their obligations in relation to workload, assessment and keeping informed.
Workload: It is expected that you will spend at least ten to twelve hours per week studying for a course. This time should be made up of reading, research,
working on exercises and problems, online activities and attending classes. In periods where you need to complete assignments or prepare for examinations,
the workload may be greater. We strongly encourage you to connect with your MS Teams Portal in the first week of semester.
Attendance: Your regular and punctual attendance at lectures and seminars or in online learning activities is expected in this course. The Institute reserves the
right to refuse final assessment to those students who fails to attend the required minimum number of classes where attendance and participation is required as
part of the learning process (e.g., tutorials, flipped classroom sessions, seminars, labs, etc.).
General Conduct and Behavior: You are expected to conduct yourself with consideration and respect for the needs of your fellow students and teaching staff.
Conduct which unduly disrupts or interferes with a class, such as ringing or talking on mobile phones, is not acceptable and students may be asked to leave
the class.
Keeping Informed: You should take note of all announcements made in lectures, tutorials or on the course web site. From time to time, the Institute will send
important announcements to your university e-mail address without providing you with a paper copy. You will be deemed to have received this information.
It is also your responsibility to keep the Institute informed of all changes to your contact details.