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CMiME:Quantitative Methods

Course code
QUANT503
Course type
MSc Course
Weekly Hours
1
ECTS
5.0
Term
FS 2019
Language
Englisch
Lecturers
Alexander Mayer
Please note that exchange students obtain a higher number of credits in the BSc-program at WHU than listed here. For further information please contact directly the International Relations Office.

Quantitative Methods is an introduction to using statistical methods to solve business problems. The course teaches statistics from the management perspective and places special emphasis on developing the skills and instincts needed to make good decisions and become a more effective manager. The course is set in Hawaii at a fictional resort hotel. Students act as consultants hired to develop statistical models to aid the management team in making decisions for running the hotel.

Basics: Data Description

Introducing Data / Describing and Summarizing Data / Variability / Applying Data Analysis / Relationships Between Variables

Sampling and Estimation

Introduction to Sampling / Generating Random Samples / The Population Mean / The Normal Distribution / Confidence Intervals / Proportions

Hypothesis Testing

Introduction to Hypothesis Testing / Single Population Means / P-Values / Comparing Two Populations

Regression Basics

Introduction to Regression / Calculating the Regression Line / Deeper intoRegression

Multiple Regression

Introduction to Multiple Regression / Adapting Basic Concepts / New Concepts in Multiple Regression

Decision Analysis I

IntroducingDecisionAnalysis / Decision Trees / Comparing the Outcomes / Sensitivity Analysis

Decision Analysis II

Conditional Probabilities / The Value of Information / Risk Analysis

Date Time
Friday, 01.03.2019 00:00 - 23:59
Students use sampling and estimation techniques to determine guest satisfaction levels and they analyze the risks and returns in investing in a new business venture for the hotel. Course topics are presented in a highly interactive format with narrated animations and self-correcting exercises. Microsoft Excel worksheets are included to assist students as they work towards mastering the subject matter.
The examination of the module will be conducted as an ongoing process while the module is running
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