UGBS 301 Course Outline - 2023
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listoa18UGBS 301 Course Outline - 2023
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listoa18UNIVERSITY OF GHANA BUSINESS SCHOOL
UGBS 301 – Quantitative Methods
Semester 1, 2023
Lecture times and venues
Group 2 Group 1 Group 4 Group 3
Mon: 7:30am-9:20am Mon: 9:30pm-11:20pm Thur: 7:30pm-11:20pm Wed: 9:30am-11:20am
Venue: A1 Venue: A1 Venue: A1 Venue: A1
Instructors
Dr. Abeeku Sam Edu Mr. Divine Agozie Dr. John K. Buor Dr. Bismark Maka
asedu@ug.edu.gh dagozie@ug.edu.gh jkbuor@ug.edu.gh bdmakaus@yahoo.com
Office: 3W8 UGBS Office: 3W5 UGBS Office: 3W8 UGBS Only by Email or
Graduate Block Graduate Block Graduate Block Contact Dr. Abeeku
Office Hrs: Office Hrs: Office Hrs: Sam Edu
Wed -11am-4pm Wed -10am-3pm Mon- 10am -3pm
Teaching Assistants: Bright Owusu Ansah and Evelyn Atampugre
Course Overview
Quantitative Methods in business is a collection of quantitative techniques applied in various
business decision making processes. This includes techniques for the allocation of scarce
resources, risk quantification, statistical estimation and inference, forecasting, and many more.
The course is divided into two sections. Section 1 will focus on Linear Programming and begins
with the introduction of linear algebra (in matrix and vector form). Knowledge about matrices
and vectors will then be employed to develop a systematic procedure (the Gauss-Jordan
method) for solving systems of linear equations after which linear programming will be
introduced.
Section 2 focuses on business statistics and cover topics such as hypothesis testing and analysis
of variance and forecasting. Statistical decision-making models such as simple and multiple
regression are also covered in this section. Additional topics in decision making under
uncertainty may be covered if time permit.
Course Objectives
This course is aimed at helping students acquire the skill of formulating a business problem for
a better understanding of the problem to facilitate a better solution. In addition, the course is
aimed at introducing students to inferential statistics to enable them make inference and draw
conclusions from real world business data for greater insight that will lead to better business
decisions.
Learning Outcomes: At the end of the course, students should be able to:
1. Formulate, solve, analyze and interpret real world business problems using Linear
Programming.
2. Understand the concepts of random variables and probability distributions, as well as
draw random samples from a given probability distribution.
3. Estimate a population parameter from a sample statistic and perform hypothesis test
on the parameter estimate.
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4. Perform correlation and regression analysis to determine the relationship between two
or more variables of interest
Office Hours: Both the instructors and the GTAs will hold office hours during which
students can ask questions pertaining to previous lectures or assignments. Students are
encouraged to make use of the office hours.
Required Textbooks:
Winston, W.L. and Goldberg, J.B. (2004). Operations Research: Applications and Algorithms.
4th Edition, Cengage Learning, Belmont.
Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., & Cochran, J. J. (2019).
Quantitative Methods for Business. 14th Edition. Cengage Learning.
Groebner, D. F., Shannon, P. W., Fry, P. C., and Smith, K. D. (2011). Business Statistics: A
Decision-Making Approach. 8th Edition, Prentice Hall/Pearson.
Recommended Text:
Anderson, D., Sweeney, D., Williams, T., Camm, J., and Cochran, J. (2019). Statistics for
Business & Economics. 14th Edition, Cengage Learning.
Class Format:
There will be two meetings each week. These are a two-hour lecture, and an hour-long
lecture/recitation primarily led by GTAs. Students are expected to be in class to take notes and
to participate fully in discussions. Each topic in the course outline has several related problems
in the course textbooks and students are encouraged to solve them for greater understanding.
No excuse will be accepted for missing any exam. In an exceptional case where a student
provides proof of hospital treatment, the claim would have to be reconfirmed by the
undersigned medical doctor. Students are advised to refrain from texting, surfing, reading, etc.
whiles in class.
Communications
All announcements and selected lecture notes will be sent through the UG Sakai course
management system. Individual communication needs should be sent to the GTAs or the
instructor. We will strive to answer emails as quickly as possible. However, please allow 24
hours for a response.
Practice Problems
There will be assigned practice problems for topics covered. These problems will not be
collected. However, answers may be provided when necessary. Anyone having difficulty with
any of the problems may contact the GTAs during office hours.
Quizzes
There would be at least two quizzes to be answered in class or on Sakai during the semester.
Students are therefore advised to make sure their Sakai account has UGBS 301.
Midterm and Final Exam
Both the midterm and final exams will be closed-book exams. The dates of the exams will be
communicated to the class far advance of the exam date. Electronic devices that have internet
access, communication capability, or the ability to store or display audio, video, and/or images
are not permitted during these exams. These include but is not limited to computers, phones,
personal digital assistants, and personal music or video players. Calculators possessing features
that do not in general exceed the capability of the TI-89, HP-50, or similar models are allowed.
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Marks Allocation (Subject to Changes)
Quizzes 15%
Midterm 25%
Final 60%
Grading Scale:
Refer to the Undergraduate Handbook.
Plagiarism Policy: Plagiarism in any form is unacceptable in the University of Ghana and
shall be treated as a serious offence. Appropriate sanctions, as stipulated in the Plagiarism
Policy, will be applied when students are found to have violated the Plagiarism policy.
Course Schedule
Section 1
Part 1: Background
Introduction to Quantitative Methods
Basic Linear Algebra (in matrix form)
Matrices and Vectors
Matrices and Systems of Linear Equations
Methods for Solving Systems of Linear Equations
Basic Variables and Solutions to Systems of Linear Equations
Using Matrix Inverses to solve Systems of Linear Equations
Linear Inequalities
Modeling business problems with systems of linear inequalities
Graphing systems of linear inequalities (of two variables)
Part 2: Introduction to Linear Programming in business
Introduction
Formulation of an LP problem
A Simple Maximization Problem
Graphical Solution
Feasible region
Extreme Points and the Optimal Solution
Simplex Method
Basic and Non-Basic variables
Solving LPs using the Simplex Method
Computer Solution and Interpretation of LP Output
A Simple Minimization Problem
Linear Programming Applications in Finance and Marketing
Other Application Problems
Section 2
Part 3: Statistics for Business
Random Variables and Probability Distributions
Discrete Random Variables
Binomial Distribution
Poisson
Hypergeometric
Continuous Random Variables
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Normal and Standard Normal Distribution
Sampling and Sampling Distributions
Inferential Statistics
Population parameter and Sample statistic
Confidence Intervals
Hypothesis Testing
Correlation Analysis
Simple Linear Regression