Management 333

MGNT 333: Statistical Decision Support

Prerequisites: Junior standing and completion of MATH 126 or MATH 151, and STAT 200

Credit Hours: (3)

Application of descriptive statistics, mathematical modeling, microcomputer technology, and problem solving processes to the solution of business problems. A business core requirement.


Detailed Description of Content of Course

Outline of Major Topics:

  • Introduction to Statistical and Mathematical Decision Support Techniques
  • Probability Rules and Models
  • Descriptive Statistics
  • Statistical Inferences
  • Classical Versus Bayesian Decision Analysis
  • Decision Theory Models
  • Forecasting Models
  • Inventory Management
  • Linear Programming Models
  • Project Management


Detailed Description of Conduct of Course

Lectures are designed to demonstrate to an audience with diverse business interests that important business problems and decisions can best be solved by methods covered in this course. The emphasis is placed on developing logical and systematic approaches in problem formulation and solution. Participation includes homework assignments, case studies, computer assignments, and periodic exams.


Goals and Objectives of the Course

At the conclusion of this course, student will be able to:

  • Demonstrate the use of statistical and mathematical tools in decisions making.
  • Recognize the types of problems and decisions that can be resolved by the methods learned in this course.
  • Use computer software in the development of managerial decision support tools
  • Exhibit writing skills needed to structure, format, and write effective business reports.


Assessment Measures

Graded assignments may include solution and reporting of case analyses by students, in-class tests, a final examination, pop quizzes, homework and computer assignments as well as class participation.


Other Course Information

The instructor may use computer software, videotapes, and the Internet to illustrate specific concepts and to promote class discussion.


Review and Approval

10-06-04, reviewed and approved by the Dept. of Management and Marketing faculty

Revised 4/13/09    Dept. of Management faculty