At the end of this course, the participants should be able to:
• Understand managerial decision-making processes in organizations and use of various quantitative techniques in making decision;
• Understand and employ with ease the fundamental statistical and probabilistic measures and models;
• Employ quantitative tools in taking decisions under risk;
• Understand concepts and terminology of Linear Programming from formulation of mathematical models to their optimization using Simplex Method;
• Comprehend the application of Linear Programming model in several applications in industry to reach best decisions;
• Independently employ a software package (MS Excel and others) to formulate and solve basic Linear Programming problems
• Comprehend the concept of a Transportation Model and develop the initial solution applying it;

Decision Making: A Brief Review

• Decision Types
• The pressure the rapidly changing environment is placing on decision making to make faster, and smarter decisions
• The cost of wrong decisions
• Methods and tools available to support decision makers

Quantitative Methods for Decision Making: An overview

• Historical development of Quantitative Methods
• Decisions where Quantitative Methods are being utilized

Probability and Statistics:

• Measure of Central tendency,
• Mean Deviation, Standard Deviation,
• Correlation,
• Scatter Diagram, Rank Correlation,
• Regression
• Distributions
• Sampling, Hypothesis Testing;

Decision Making Under Risk:

• Expected Monetary Value (EMV)
• Decision Tree;

Linear Programming (LP)

• Model formulation,
• Graphical analysis and solution,
• Simplex Method,

Special Types of LP Related Decisions:

• The transportation decision,
• Transshipment decision,
• Assignment decision,

Additional Techniques and Tools

• Decision Matrix
• Inventory Analysis
• Break-even Analysis
• Simulation Modeling

• Advance Decision Making
• Quantitative Methods to support decision making
• Statistical Analysis
• Analytical thinker
• Simplex Algorithm
• Linear Programing

This training course will be carried out through the use of best practices and the right combination of engaging and purposeful tools such as:

• Practical, relevant case studies
• Group activities and workshops
• Related role plays
• Experiential learning
• Brainstorming
• Stimulating mental activities
• Engaging team competitions
• Suitable training Videos
• Presentations
• Self–assessments
• Learning with Simulations and Games

Manager, department heads and decision makers who have previously attended a course in the basics of problem solving and decision making. Candidates should have a working knowledge of Microsoft Excel.