Quantitative Methods in Management

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.

Part : Operations Research

In relation with the Assurance of Learning process of HEC Liège, the learning objectives adressed in this course are:

• Strategy: This course will help students to demonstrate scientific precision and a critical mind.
• Implementation: This course will encourage students to adopt a holistic perspective when analyzing a complex management situation, and to take into account the different functions of the organization as well as the legal constraints and opportunities.
• Implementation: This course will exercise students in the ability to take advantage of data digitalization. (MBA excepted)
• Quality and Performance Control: This course will exercise students' ability to adopt a holistic perspective when analysing a complex management situation.
• Communication : This course will allow students to improve their proficiency in one foreign languages (among the 3 languages required by the program).
• Adaptability: This course will encourage students to be curious and to show a scientific precision of academic level.

• To acquire a basic knowledge about the mathematical models of real world decision problems and the fundamental methods of OR.
• 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.

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

Part : Operations Research

• Lectures
• Software presentations
• One to two exercise sessions
• Numerical exercises and multiple choice tests available online

Part : Statistics

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Part : Operations Research

Face-to-face: The topics are covered in 5 * 3 lecture hours. One to two exercise sessions are organized at the end of the semester.
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)

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@. 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

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).

Part : Operations Research

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

Part : Statistics

Teaching language: English

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

Part : Operations Research

Campus LOl@
LOl@

Part : Statistics

course material
slides, videos, exercises