MQGE0005-5 : Quantitative Methods in Management

Study Programmes 2015-2016

MQGE0005-5

Quantitative Methods in Management

Part : Operations Research
Part : Statistics

Duration :

Part : Operations Research : 15h Th
Part : Statistics : 15h Th

Number of credits :

Master in management, professional focus in law and management		5
Master in management, professional focus in law		5
Master in management (120 ECTS)		5
Master in management (60 ECTS)		5

Lecturer :

Part : Operations Research : Yasemin Arda
Part : Statistics : Cédric Heuchenne

Coordinator :

Cédric Heuchenne

Language(s) of instruction :

English language

Organisation and examination :

Teaching in the first semester, review in January

Units courses prerequisite and corequisite :

Prerequisite or corequisite units are presented within each program

Course contents :

Part : Operations Research

Operations research (OR) is a discipline that aims to solve complex real world decision problems using scientific approaches. Application areas of this discipline are various: transportation, production systems, telecommunication, administration, etc. The course gives an introduction to the most popular mathematical models and methods of operations research: linear programming, network models (minimal spanning tree problems and shortest path problems), project scheduling with PERT/CPM, decision making under risk and under uncertainty.

Part : Statistics

In this course, the methods studied in basic statistical courses are adapted to analyzing useful applied issues in Economics and Management (comprehension of a situation and its evolution, support for decision-making...).
Covered contents will be first variance analysis (comparison of several averages) and inter-variable relation modelling (linear regression models and correlation anaysis). Next, we will develop some nonparametric tests (goodness-of-fit and independence) and simple simulation techniques (and bootstrap). Finally, students will be introduced to the maximum likelihood estimation method and some basic concepts in time series and multivariate analysis.

Learning outcomes of the course :

Part : Operations Research

Intended key learning outcomes:

To understand, in management situations, the transversal tools of quantitative reasoning, information systems and project management.
Developing a critical sense (arguing).
Creative conception of solutions.

Specific learning outcomes of the course:

To acquire a basic knowledge about the mathematical models of real world decision problems and the fundamental methods of operations research.
To be able to solve and interpret correctly the solutions of simple OR problems.
To be able to recognize the situations where OR techniques can be used as decision making tools and to interpret correctly the conclusions which can be derived using these techniques.

Part : Statistics

C1. To acquire an overview of statistical problems met in the fields of Economics and Management.
P2. To be able to solve and interpret solutions of practical simple problems related to the theoretical part of the course.
P3. To be able to recognize situations where studied methods can be applied and what are their limitations in such particular situations.
More generally, on the program (master in management) point of view, the course addresses the following Key Intended Learning Outcomes:

To understand, in management situations, the transversal tools of quantitative reasoning, information systems and project management.
Developing a critical sense (arguing).
Developing a transversal global vision.

Prerequisite knowledge and skills :

Part : Operations Research

Basic notions of mathematics and statistics

Part : Statistics

Basic course in probability (cumulative distribution function, density, distribution, mean, variance, descriptive statistics, usual discrete and continuous univariate laws, multivariate normal) and statistical inference (sampling and estimation, confidence intervals, hypothesis testing). Equivalent to the content of the course: Probability and statistical inference STAT0067

Planned learning activities and teaching methods :

Part : Operations Research

Lectures
Software presentations
Numerical exercises and multiple choice tests available online

Part : Statistics

Mode of delivery (face-to-face ; distance-learning) :

Part : Operations Research

Face-to-face: The topics are covered in 5 * 3 lecture hours. Face-to-face exercise sessions are not organized for this course.
Distance-learning: Numerical exercises, their solutions, and multiple choice tests are provided on the virtual campus Lol@.

Part : Statistics

Used methodology
A1. Ex-cathedra classes: theoretical introduction and applications (quick overview of lessons of previous years, presentation of various methods, interpretation of their solutions, examples)
A1. Study and comprehension of the course material
A2. Supervised software applications: the professor presents the software to the students (with videos), and gives them exercises. Each student is expected to solve those exercises, aside from the teaching sessions (with the possible help from the professor).

Overview of the course agenda
The course starts on 26 October and ends on 14 December. The statistical part of the course consists of 7 two hours lessons (one lesson is devoted to a software tutorial session).
Decomposition of the student workload
A1 Ex-cathedra course (12h)
A2 Study (30h)
A2 Software applications (3h)
A2 Software training (12h)
Exam (2h)

Recommended or required readings :

Part : Operations Research

Documents that can be found on the virtual campus Lol@:
1. Syllabus: The course notes and the PowerPoint presentations used during the lectures can be found on the virtual campus Lol@. The students are wanted to be in possession of these notes during the lectures.
2. Exercises: Students will be provided with some numerical exercises, their solutions, and multiple choice tests that they can use to practice their knowledge and to prepare themselves for the written exam as the chapters are treated during the semester.
Recommended Reference:
Taha, H.A., 2007. Operations Research, An Introduction, eight edition, Pearson Prentice Hall.

Part : Statistics

The slides of the course, the reference books improving comprehension and the statements of exercises will be placed at the disposal of students (see the campus lola). Slides and exercises correspond to the material of the exam.

Advised books: Wonnacott R.J. and Wonnacott T.H. (1990), Introductory Statistics for Business and Economics, New York, John Wiley & Sons (ISBN : 047161517X)
Simar, L. (2003), Statistique en Economie et Gestion, manuscript 248 pages, Institut de Statistique, Université Catholique de Louvain, Louvain-la-Neuve

Assessment methods and criteria :

Part : Operations Research

1st session: A multiple choice exam
2nd session: A written exam or an oral exam depending on the number of students

Part : Statistics

E1/E2/E3. Final written and individual exam (during the weeks dedicated to the evaluations), covering the complete course material (40% dedicated to theory, 35% to applications and 25% to questions concerning softwares).

Work placement(s) :

Organizational remarks :

Part : Operations Research

The course is given during the first semester.
The course is given in English.

Part : Statistics

Teaching language: English

Contacts :

Part : Operations Research

Lecturer:
Yasemin ARDA
(yasemin.arda@ulg.ac.be)
Assistant:
Véronique François
(veronique.francois@ulg.ac.be)

Part : Statistics

Cédric HEUCHENNE, HEC-ULg Management School of the University of Liège, N1, local 309, email: C.Heuchenne@ulg.ac.be
Alessandro BERETTA, HEC-ULg Management School of the University of Liège, N1, local 310, email: A.Beretta@ulg.ac.be

Items online :

Part : Operations Research

Campus LOl@
LOl@

Part : Statistics

course material
slides, videos, exercises