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Management

1 Introduction

**Quantitative Techniques for Management assumes knowledge of very basic mathematics, in-
**

cluding standard functions and notation, probability and graphical presentations of data. You

are also assumed to be familiar with basic MicroSoft Excel skills including the ability to calcu-

late basic statistics in MicroSoft Excel. The goal of this document is to test and improve your

familiarity and fluency with these techniques because we do not have time to cover them in class.

See Section 1.1 to test or improve your Excel skills, and Section 1.2 for basic maths & stats

skills.

1.1 MicroSoft Excel

If you have the required Excel skills, then it will only take you 5 minutes to verify this by

scanning the tutorial at

http://www.usd.edu/~bwjames/tut/excel/

If not, you will need to work through the tutorial prior to the course.

• Opening, saving and printing Excel files

• Moving around a spreadsheet and selecting ranges

• Inserting and deleting worksheets, rows and columns

• Entering, editing and deleting text, numerical data and formulas

• Formatting text, numbers and formulas

• Performing basic arithmetic calculations (+, −, ∗, /)

• Applying simple functions such as MAX, AVERAGE, COUNT, IF

• Using relative and absolute references to cells in formulas

• Creating simple tables

• Plotting pie, bar, column and line charts

1

mean. Note that book [2] will be one of the main textbooks for the course.1. expectation. and variance) • Representation of Data (frequency tables. please attempt the self-test questions in Section 2. 2 . frequency diagrams. pages 56-77 of Chapter 5 (data presentation). For each topic covered in S-Cool. There is no need to read binomial distributions and geometric distributions. Identify the relevant exercises in Section ??– ?? of this document and try to work through them. Note: Some of you may think that the topics covered in Section ??–?? or the website or textbooks suggested below are very easy.co. tree diagrams.s-cool.2 Maths. If using edition 5 of book [2]. cumulative fre- quency.uk/a-level/maths This covers: • The Basics (sampling. S-cool website http://www. median. probability and statistics To begin. mutually exclusive events. and scatter diagrams) • Probability (permutations. the reader is guided through three steps: (1) Revise It. or others. in order to find what suits you. standard deviation. line graphs. pie charts. There is no single best way of approaching this. while others may find them quite challenging. and (3) Remember It. indepen- dent events. then you should invest in the following to improve your skills. probability. then review Chapter 1 (basic numeracy). cumulative distribution func- tions. for example. and conditional probability) • Probability Distributions (probability density functions. bar charts. see detailed references at the end of this document. (2) Test It. and standard deviation). variance. cumulative frequency diagrams. If you are unconfident about your approach or find the exercises difficult. Reference books If you want to review maths & stats using a book. the ‘and’ rule. be prepared to try out the resources we suggest. mode. 2]. we suggest books of Morris [1. If these questions are easy for you and you are confident with your maths training and abilities. you need not read further. combinations. we recommend some revision materials below. If some of the self-test questions are challenging and you take quite a while to finish. quartiles. pages 133-141 of Chapter 8 (elementary probability).

(c) i=1 i!.3. (d) i=1 (xi − x̄)2 . (b) i=1 (xi /5). a head and a tail. What is your average score? 9. where f (x) = g(x). In a certain firm 40% of the workforce are women. x2 = 1. two heads score 9. (d) i=1 ix. For x1 = 3. How many ways are there of choosing four students from a group of six students? 6. An effective call is one that results in a certain level of sales. (b) P4 2 P4 P4 (e) x2 (x3 x4 )2 . Only 25% of the female workforce is management grade.2 The Self-test Questions and Answers This section provides some example questions you can try to test yourself on the preparatory topics. (e) 4 . of sales representatives At least 10. whereas for male workers the figure is 30%.1. x4 = 0. or vice versa. less than 30 7 At least 30. For the functions f (x) = 35x − 10 and g(x) = 5x + 20. 3. less than 50 8 At least 50.7. score 3. 4. that the numbers add up to 7? How much more likely is rolling 7 than rolling 4? 7. What is the probability. of miles per effective call No. Average no. find: (a) f (10). find: (a) x̄ = i=1 5 .2. value. what is the probability that a couple who have three children have two children of the same sex and one of the opposite sex? 5. What is the probability that a worker selected at random is both female and management grade? 8. where x is some unknown P i=1 i . Find: (a) 4i=1 i. less than 20 4 At least 20. rP 5 P5 P5 (x −x̄)2 i=1 i (c) i=1 (xi − x̄). (c) The value of x. less than 60 3 Table 1: The frequency table for the number of sales representatives. (a) Give a table and graph showing the (cumulative) number of sales representatives with less than a given number of miles per effective call. x3 = 3. (b) What is the percentage of sales reps who require less than 40 miles per effective call? (c) What is the likelihood of a randomly chosen sales rep averaging at least 20 miles but less than 40 miles per effective call? 3 . If there is an equal probability of a child being born a boy or a girl. (b) g(20). 1. less than 40 18 At least 40. P5 xi P5 2. after rolling a pair of dice. Table 1 shows the average number of miles travelled by each sales representative per “effective call”. You toss a coin twice and observe your “score” as follows: two tails score 1. x5 = 5.6.

(a) What is the average age of up-to-21-year-old students. (a)r2. of representatives less than 10 0 less than 20 4 less than 30 11 less than 40 29 less than 50 37 less than 60 40 Table 3: The cumulative frequency table for the number of representatives. No. (c) 33. 6. 1/10. (e) x16 . 9. 3. Rolling 7 is twice as likely as rolling 4. (c) zero. to two decimal places? (b) What is the standard deviation of age? (c) What is the median age group (i. 7. (a) 340.91. 5. (d) 14.5. A college admissions section has collected the following distribution of ages.10.e. and so on.5 years old. for last year’s applicants who are up to 21 years old: Assume that the average 17 Age No. (b) 2. (b) 30. (a) See Table 3 and Figure 1. (d) 10x. (c) x = 1. 4. the median “bin”)? Answers 1. 4 . 3/4. shown in Ta- ble 2. 15 ways. 8. of applicants 17 3 18 74 19 47 20 18 21 11 Table 2: The frequency table for the number of applicants. year old is 17. The mean is 4. Note that a different answer is obtained for P5 (xi −x̄)2 i=1 5 .78.78. (e) 1. 2. of miles per effective call Cumul. (a) 10. 1/6. Average no. (b) 120.

If you use the standard deviation formula for samples.948. (c) 0.then the result is 0. i.5% or 73%. (b) Standard deviation for the population is 0.63.5 or 77).625 or 0. 10.here n = 153 .e. multiply the population standard p deviation by (n/(n − 1)) where n is the sample size .951. Figure 1: The cumulative distribution graph for the number of representatives. 76. (b) 72. 5 .24 years. to three decimal places. (c) The median age group is 18 (median student is no. (a) Mean age is 19.

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