“Through and through the world is infested with quantity:to talk sense is to talk
.It is no use saying the nation is large - How large?It is no use saying radium is scarce - How scarce? You cannot evade quantity. You may ﬂy to poetry and music,and quantity and number will face you in your rhythm and your octaves.”
Alfred North Whitehead
Situations often demand managers to take important decisions. A “professional” managerconstructs an objective analysis after factoring in all the quantitative and qualitative aspectsfrom a business angle. She then places her ﬁndings and proposals before her team. Theteam’s decision is translated into concrete steps with potentially organisation-wide impact.Quite straightforward, right? However, such a logical process is rarely witnessed in reality.Managements cite a variety of reasons: the situation is a dire emergency, the execution istoo personality-driven, the team lacks technical sophistication, etc. All of this may be true,but there is simply no excuse for managers to take impulsive decisions, especially whenthey have adequate time and resources at their disposal.
The world around us is governed by predictable patterns: consider the movement of stocksor the demand-supply balance for commodities sold in a market. The theories and tools of mathematics are sufﬁciently powerful to help you detect, model and examine the patterns.By developing a positive attitude towards the subject at the very start of your MBA journey, you will better appreciate deeper issues in ﬁnance, operations, marketing and strategy.This pre-term course on quantitative methods (
) aims to strengthen your foundations,so you can better analyse business situations. We achieve this with a two-stage approach: we shall ﬁrst cover the basics in each area and then discuss some relevant applications.PQM reinforces concepts that you may have already encountered in your prior education.The course serves to allay any irrational fears that you may have about the subject with acareful use of interactivity during our sessions.
Understanding quantitative material demands its pound of ﬂesh. The objectives of PQMcan be achieved only if you set aside adequate time - about two hours for every session.Put another way, walk into class unprepared and there is precious little you will take away.
There are many books that cover this material, in addition to the supplied slides.There are lots of references available at the IIMB Library on the topics covered by PQM.This is the age of the Internet. Suit your style, pick a site, and then go through it. Here isone that I recommend:http://cte.jhu.edu/techacademy/web/2000/heal/mathsites.htm
Preterm Quantitative Methods