Quantitative Decisions decisions numbers and calculation
how much how involving
many with no evidence
Assumptions guesses
and quantitative decisions to make better
omm290 usingmodels is first covered
usmess decisions
Linear Programming
be posted tomorrow next week
I clicker information will Questions
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and is the full in class participation
orple borders OKAY
CLASS DRINKS ARE
NO EATING IN
question on HWI
coursesyllabus
is 9
pageslong
8 30
Midterm Date October 21 7pm pm
Final TBA
VOTEXTBOOK On
unless instructed IPAD
is
V0 computers allowed
ModelExample
2 Profit
Lego I
SUV I Brook 2 wheels 3 Profit
Trailer 3 Bricks 1 Wheel A
Available
18 Bricks utilize all resourcesprovided
11 wheels
Make 3 SUVS 5 Trailers
Assumptions Made
better
More profit is Linear
Relationship is constraints
wheels are
Bricks only
Excel Model
Making
Called COMM 290 Excel Way
in
Highlightanythinggiven yellow
Border outline Red decision
Yarn Ideas For the
Daycan make better decisions in
Quantitative models help us
business
models we can use
2 There are various
when to use each
knowing from models and both
3 We can interpret solutions gain
and mathematic insight
managerial
Way
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Quantitative Decision Making
300 grams of dried peppers → 1 bottle of hot sauce
This harvest we have 600 kg of dried peppers.
Quantitative Decision Making
Do I want to open a hot sauce business?
How do I make hot sauce?
How much hot sauce should I make?
300 grams / bottle = 0.3 kg / bottle
600 kg
= 2000 bottles
0.3 kg / bottle
Assumptions?
• More bottles is better.
• Relationship is linear.
• Besides peppers, there are no other constraints.
Instructors: Greg Werker, Tim Huh
In-class TA: Amy Ye (101, 102, 103), Tony Lin (104)
15 Excel TAs
Additional TAs: Cong Yang, Janice Lan, Stoyan Hristov,
Angela Ou
About Greg Werker
• Born and raised in Vancouver
• Studied Operations Research & Industrial Engineering at Cornell
University (B.S., M.Eng.)
• Worked for 7 years at Supply Chain Consultants (Delaware)
• PhD in Business Administration (Management Science) at Sauder
• Postdoctoral fellowship at the Centre for Health Evaluation and
Outcome Sciences
• Skiing, tuba
About Amy Ye, Tony Lin
• Amy • Tony
• Born in China • Born in Toronto
• Fourth-year Commerce student • Sixth-year Commerce student
• Studying Finance • Studying OPLOG and Business Analytics
• Reading science fiction novels • Avid hiker, also loves video games
• Playing badminton • Big movie fan
What is Comm 290 About?
• Quantitative Decision Making… →
• Using tools from the field of “Management Science”…
• …which is the study of applying advanced analytical
methods to decisions in business.
• (Management Science is o"en ca#ed Operations Research)
Comm 290 is about using quantitative models
to make better business decisions.
Here’s where it gets fun…
• Three different products:
• Two pepper varieties:
• Limited cooking capacity:
• Limited bottling capacity:
?
Model
Comm 290 is about using quantitative models
to make better business decisions.
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Linear Programming…
In
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Instructor: Greg Werker
Ex
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M
Simulation Decision Trees and Probability Theory
Instructor: Tim Huh
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A Few Important Details
• Course Syllabus is Posted on Canvas
• Office hours — posted on Canvas
• Lots of stuff! — posted on Canvas
iClicker Cloud — starts next class:
➡ Information coming soon via Canvas
How Class Works
Sections 101, 102, 103 — In person…
• Try to sit in the same area each day.
• Arrive and leave in an orderly manner?
• If sick, stay home.
• Αttend Zoom 104 or watch recording.
Section 104 — In person AND on Zoom…
• For in person, same as above.
• Zoom: Be on time, have camera on.
• Chat may be challenging, particularly with this hybrid model.
More stuff…
• Masks
• Food & Drink
• Hallways
2 Profit
Sov 1 Brick 2 wheels
Profit/kit:
Trailer 3 Bricks 2 wheels
$2.00
Available:
$3.00
18 bricks
11 wheels
Quantitative Decision Making
?
?
How many SUV kits and how many Trailer kits should we make?
18 bricks / 3 bricks in each trailer…
18 bricks / 1 brick in each SUV…
Also have to consider wheels!
What about profit?
Assumptions
• More profit is better.
• Relationship is linear.
• Besides bricks and wheels, there are no other constraints.
Examples from Industry
Three main ideas from Comm 290
1. Quantitative models can help us make better decisions in
business.
2. There are different types of models we can use.
3. We can interpret solutions from models and gain both
managerial and mathematical insights.
