Course: Quantitative Methods in Management

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Course title Quantitative Methods in Management
Course code KPE/KMMIM
Organizational form of instruction Lecture + Lesson
Level of course Master
Year of study not specified
Semester Summer
Number of ECTS credits 5
Language of instruction English
Status of course Compulsory-optional
Form of instruction Face-to-face
Work placements Course does not contain work placement
Recommended optional programme components None
  • Žižka Miroslav, prof. Ing. Ph.D.
  • Štichhauerová Eva, Ing. Ph.D.
Course content
Lectures: 1. Introduction into quantitative methods. Characterization of quantitative methods and operations research for decision-making. Fundamental classification of quantitative methods in management. 2. Linear programming. Formulation of linear programming tasks. Classification of linear programming models. Primary and dual problems. 3. Production, transportation and allocation tasks of linear programming. Fundamental numerical procedures for the models. Geometrical and graphical solution of linear programming tasks. 4. Simplex method. Solution of linear programming tasks in the MS Excel environment. Post-optimization analysis, duality of linear programming tasks. 5. Inventory theory. Deterministic and stochastic models of inventory management. 6. Economic order quantity model. Production quantity model. Quantity discount model. Model of partnership cooperation. 7. Inventory management in uncertainty conditions. Safety stock optimization methods. 8. Queuing theory. Characteristics and structure of bulk service systems. Simple system of bulk service. 9. Multiple channels and multiple phases queuing models. Costs optimization in queuing theory. 10. Renewal theory. Optimal renewal cycle of equipment from the point of view: costs. 11. Group and extended renewal models. 12. Graph theory. Basic terminology. Typical tasks solved through graphs. 13. Multi-criteria decision making. Criteria weights assessment methods. Methods of multi-criteria evaluation. 14. Simulation models. Steps for solving of problems through simulation. Classification of simulation methods. Seminars: At the seminars, students will be acquainted with the practical usage of selected quantitative methods in managerial decision-making process. After the topics are lectured the knowledge is deepened through calculating some examples.

Learning activities and teaching methods
Monological explanation (lecture, presentation,briefing), Self-study (text study, reading, problematic tasks, practical tasks, experiments, research, written assignments), Seminár, E-learning
  • Preparation for exam - 30 hours per semester
  • Semestral paper - 20 hours per semester
  • Home preparation for classes - 15 hours per semester
  • Contacts hours - 56 hours per semester
Learning outcomes
The aim of the subject is to get knowledge of theoretical background and practical applications of selected quantitative methods. The methods are used to support the decision making of managers at different levels of management
Students obtain knowledge of mathematical methods which can be used for solution of decision-making tasks in the business administration and management.

Assessment methods and criteria
Written exam

Credit: There are two conditions for getting the credit. First, students have to be present at the seminars and calculate examples. The second condition is writing a case study using a selected quantitative method. Exam: There is a written exam composed from 10 theoretical questions and 4 examples to solve.
Recommended literature
  • Aplikace v MS Excel.
  • EISELT, H. A. a C. L. SANDBLOM. Operations Research: A Model-Based Approach 2nd ed. Berlin Heidelberg: Springer Verlag, 2012. ISBN 978-3-642-31053-9.
  • FIALA, P., et al. Operační výzkum - nové trendy. Praha: Professional Publishing, 2010. ISBN 978-80-7431-036-2.
  • GROS, I. Matematické modely pro manažerské rozhodování. Praha: Vydavatelství VŠCHT Praha, 2009. ISBN 978-80-7080-709-5.
  • IYER, P. S. Operations research. 6th ed. New Delhi: McGraw Hill Education, 2015. ISBN 978-0-07-066902-4.
  • PLEVNÝ, M. a M. ŽIŽKA. Modelování a optimalizace v manažerském rozhodování. 2. vyd. Plzeň: Vydavatelství Západočeské univerzity v Plzni, 2010. ISBN 978-80-7043-933-3.
  • SIXTA, J. a M. ŽIŽKA. Logistika: Metody používané pro řešení logistických projektů. Brno: Computer Press, 2009. ISBN 978-80-251-2563-2.

Study plans that include the course
Faculty Study plan (Version) Category of Branch/Specialization Recommended year of study Recommended semester