Programme PGP & PGP-FABM Term I Academic Year 2021-22

Course title Quantitative Methods-I (a) Area Production & Quantitative Methods Credits 0.50

Prof. A K Laha,
Prof. Diptesh Ghosh,
Prof. Sriram Sankaranarayanan

Course Description & Objectives
The purpose of the course is to introduce you to the management of uncertainty in managerial decisions. In the first session, we discuss situations where uncertainty plays a role in the decisions involved and where the assessment of uncertainty becomes imperative. We then move to certain technical aspects like axioms of probability, probability computations, probability distributions, summary measures of probability distributions etc. In our judgement, it is essential to have good understanding of these technical aspects in order to be able to use them in concrete situations.

The technical part of the course is being developed through a series of problems. It may seem to you that many of the problems can be intuitively solved. We would urge you not to do that. We have given hints with many problems. Try to use them and see whether or not you can have a framework for handling such problems. This may appear cumbersome in the beginning. However, if you follow this, you would develop skills to deal with more complex situations. The concepts are intuitive, but to master them you need systematic study. You would get all our help in this process of learning.