QNM444 - Quantitative Approaches to Decision Making

Outline info
Last revision date 2016-02-01 00:28:45.849
Last review date 2016-03-21 00:15:04.191

Subject Title
Quantitative Approaches to Decision Making

Subject Description
This subject applies the basic knowledge of statistics developed in QNM222 to several important decision-making applications including hypothesis testing, regression and correlation analysis, linear programming, and time series.

Credit Status
This subject is offered to students in the fourth semester of the Accounting & Finance Program and Business Administration Program, Accounting specialty.Students achieving at least a grade of "B" on QNM444 are currently granted an exemption from Quantitative Methods by the Certified General Accountants Association of Ontario.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Formulate hypothesis tests, estimate or make decisions about population means or proportions based on one and two sample(s) selected from a population.

2. Apply simple and multiple linear regression analysis, i.e., relate the mean value of a single dependent variable to one or more independent variables.

3. Describe the behaviour of a variable by analyzing a time series of that variable.

4. Calculate the expected value of perfect and sample information.

5. Calculate the optimal solution to a business decision given an objective and a set of resource constraints.

6. Prepare written interpretations of the results of various statistical analysis.

7. Apply spreadsheet software (EXCEL) to solve statistical problems.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.


Topic Outline

  •         Estimation and Hypothesis testing about one or two population parameters
  •         Linear regression
  •         Multiple linear regression
  •         Time series analysis and index numbers
  •         Linear programming
  •         Decision making under "uncertainty"

Mode of Instruction
A combination of teaching methods will be utilized which may include lectures, case studies, discussions, group and individual work. 

Prescribed Texts
Title:           Statistics for Management and Economics (with Online Content Printed Access Card)
Edition:       10th
Author:       Gerald Keller, Wilfrid Laurier University
Publisher:    Nelson Education
ISBN-13:    9781285425450
(new edition for Summer 2014)

Reference Material
Contemporary Business Statistics. Hummelbrunner. Pearson Education Canada.
Basic Statistics for Business and Economics. Lind, Marchal, Wathan, Waite. McGraw Hill.
ISBN: 0-07-091865-1    

Required Supplies
All students require a non-programmable calculator.

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.

Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks from the due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.

Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines:   http:/senecacollege.ca/library

Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the event of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency
The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this course in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme:

Test/Assignments 20%
MidTerm 35%
Final Exam 45%

Please retain this course outline document for future educational and/or employment use.

Program Manager:
Danielle Mercier

Approved by: Jeff McCarthy