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Quantitative Techniques for Management MBA First Year Paper No. 6 School of Distance Education Bharathiar University, Coimbatore - 641 046

Author: P N Mishra & S Jaisankar Copyright © 2007, Bharathiar University All Rights Reserved Edited by: Dr. Subodh Kesharwani Produced and Printed by EXCEL BOOKS PRIVATE LIMITED A-45, Naraina, Phase-I, New Delhi-110028 for SCHOOL OF DISTANCE EDUCATION Bharathiar University Coimbatore-641046

CONTENTS Page No. Unit -I Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Quantitative Techniques – Introduction Measures of Central Tendency Mathematical Model Linear Programming: Graphical Method Linear Programming: Simplex Method 7 24 110 119 143 Unit -II Lesson 6 Lesson 7 Transportation Model Assignment Model 167 209 Unit -III Lesson 8 Lesson 9 Network Model Waiting Model (Queuing Theory) 241 272 Unit -IV Lesson 10 Lesson 11 Lesson 12 Probability Theoretical Probability Distributions Probability Distribution of a Random Variable 299 359 409 Unit-V Lesson 13 Lesson 14 Lesson 15 Inventory Model Game Theory Simulation 449 472 495

QUANTITATIVE TECHNIQUES FOR MANAGEMENT Number of Credit Hours : 3 (Three) Subject Description: This course presents the various mathematical models, networking, probability, inventory models and simulations for managerial decisions. Goals: To enable the students to learn techniques of operations research and resources management and their application in decision making in the management. Objectives: On successful completion of the course the students should have: 1. Understood the basic of the quantitative techniques. 2. Learnt the feasible solution and optimum solution for the resource management. 3. Learnt the time estimation and critical path for project. 4. Learnt about the application of probability techniques in the decision making. 5. Learnt the various inventory models and simulations in the resource planning and management. UNIT I QT – Introduction – Measures of Central Tendency – Mean, Median, Mode. Mathematical Models – deterministic and probabilistic – simple business examples – OR and optimization models – Linear Programming – formulation – graphical solution –simplex – solution. UNIT II Transportation model – Initial Basic Feasible solutions – optimum solution for non – degeneracy and degeneracy model – Trans-shipment Model – Assignment Model – Travelling Salesmen problem. UNIT III Network Model – networking – CPM – critical path – Time estimates – critical path – crashing, Resource levelling, Resources planning. Waiting Line Model – Structure of model – M/M/1 for infinite population. UNIT IV Probability – definitions – addition and multiplication Rules (only statements) – simple business application problems – probability distribution – expected value concept – theoretical probability distributions – Binomial, Poison and Normal – Simple problems applied to business. UNIT V Inventory Models – Deterministic – EOQ – EOQ with Price Breaks – Probabilistic Inventory Models - Probabilistic EOQ model – Game theory-zero sum games: Arithmetic and Graphical Method. Simulation – types of simulation – Monte Carlo simulation – simulation problems. Decision Theory – Pay off tables – decision criteria – decision trees.

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