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 regression and/or classification analysis. Multivariate aspects and/or time dependencies (time series) will be developed.

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
• An interactive exercise session
• 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 and are treated using numerical examples that are similar to the exercises of the final exam. If time permits, some numerical exercises provided on the virtual campus Lol@ are studied within the lecture hours. At the end of the semester, an interactive exercise session, before which students choose the exercises to be studied, is organized.
Distance-learning: Numerical exercises, their solutions, and multiple choice tests are provided on the virtual campus Lol@.

Part : Statistics

Used methodology
A1. Classes: theoretical introduction and applications (quick overview of introductive videos and elementary notions, presentation of various methods, interpretation of their solutions, examples)
A1. Study and comprehension of the course material
A2. Supervised (possibly distance) software applications: the professor presents the software to the students and gives them exercises. Each student is expected to solve those exercises with the possible help from the professor.



Overview of the course agenda
The course starts on 9 November October and ends on 7 December.
Decomposition of the student workload
A1 Course (10h)
A2 Study (30h)
A2 Software applications (5h)
A2 Software training (12h)
Exam (2h)

Part : Operations Research

Podcasts of the sessions will be provided subject to technical availability of the institutional podcasting system.

Part : Statistics

Yellow, orange or red codes: distance exam on a platform (Lolaexamens), multiple choices questions.
 
Exam modalities
The exam consists of 3 to 5 pages of multiple-choice questions. Each page corresponds to a general statement with a maximum of 15 items (denoted from a. to o.): 1 to 15 boxes must therefore be checked. Among these 15 items, there are for example 5 groups of 3 check boxes (denoted by a., b., c.). This second notation (to the right of the first) makes it possible to distinguish sub-questions which all have the same form: if, for example, a single numerical value corresponding to 3 boxes is requested, we know that at most one of these 3 boxes should be ticked. You are asked to tick only the boxes corresponding to propositions which are always true.
Regarding the points allocation system, if a page for which the maximum number of points is 5, contains 15 items, if exactly 5 boxes are correct and if you tick them without any other, you get all the points for the page, i.e. 5 points. For any wrong box checked, you lose 0.5 point. The total for the page cannot be below 0. Likewise, if exactly 6 boxes are correct, ticking them without any other leads to the maximum number of points, i.e. 5 points. There are in this case, 9 boxes which should not be checked; you lose 100/9 = 11.11% of the points, or 0.556 points out of 5, for any wrong box checked. Again, it is not possible to go under 0.
You can change your answers and navigate anywhere in the exam during the exam time. We remind you that cheating is unnecessary: there are at least 300^3 questionnaires which are too different; comparing your answers is useless. Trying to collaborate would only waste precious time without leading you to good answers (the differences between two questions (from two different questionnaires) are sometimes very small but often completely change the answer).

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 reference books allow for improving comprehension. The statements of exercises will be placed at the disposal of students (see the campus lola). Videos and exercises (on software or not) correspond to the material of the exam.

Advised books:
James G., Witten D., Hastie T. and Tibshirani R. (2013), An Introduction to Statistical Learning with Applications in R, Springer.
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

Any session :

- In-person

written exam ( multiple-choice questionnaire )

- Remote

written exam ( open-ended questions )

- If evaluation in "hybrid"

preferred in-person


Additional information:

1st session: A multiple choice exam (if in-class)

2nd session: A multiple choice exam (if in-class) or a written exam with open-ended questions

Part : Statistics

E1/E2/E3. Final written and individual exam (during the weeks dedicated to the evaluations), covering the complete course material (30% dedicated to theory, 35% to applications and 35% 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@uliege.be)

Part : Statistics

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

Part : Operations Research

Campus LOl@
LOl@

Part : Statistics

course material
slides, videos, exercises