## MATH 320 : Decision Mathematics

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### Last edit: Wed, 20 Jan 2016 14:17:46 GMT

MATH 320-WW
Campus
Worldwide
College of Arts & Sciences (WARSC)
MATH
320
Decision Mathematics
3
This course is a study of mathematical concepts and applications in mathematical model building and problem solving. Included are mathematical areas which are basic to decision theory.

Enable students to select and apply appropriate mathematical and statistical decision models to various types of management and business problems, to defend their rationale for model selection, and to effectively communicate the results of their analyses.

1. Use the Chi-Square statistic to test hypotheses about categorical variables.

2. Compute the linear regression line using the Method of Least Squares and use the regression line for predictions.

3. Compute the coefficient of Determination for given data sets and explain its meaning in the context of specific problems.

4. Compute and explain the meaning of confidence intervals for slope and intercept in the simple regression model.

5. Test hypotheses concerning slope and intercept in the simple regression model.

6. Use analysis of variance (ANOVA) to test claims about population means.

7. Compute Pearson’s correlation coefficient and explain its meaning in the context of specific problems.

8. Test hypotheses for multiple regression models using the t-statistic and F-statistic.

9. Identify and separate four components of time series in a multiplicative model.

10. Forecast future value of the time series using moving average, exponential smoothing, and Holt Winters’ techniques for forecasting future values of the time series.

11. Identify three components of a decision-making situation and solve decision problems using maxi-max, maxi-min, the expected pay off and expected opportunity loss criteria.

12. Compute the expected value of perfect information and apply it to specific decision problems.

13. Formulate and Solve Linear Programming problems.

14. Conduct a Sensitivity Analysis.9. Calculate a Moving Average and forecast Future Value of the Time Series using the Logarithmic Trend equation and the Least Squares method.

10. Identify three components of a Decision-Making situation and solve decision problems using Maximax, Maximin, Expected Payoff, and Opportunity Loss criteria.

11. Compute the Expected Value of Perfect Information and apply it to specific decision problems.

12. Conduct Sensitivity analysis in specific problem situations.

13. Apply the concepts addressed in the course to problem solving including problems related to aviation/aerospace.

14. Use computer software to perform mathematical and statistical analyses.

15. Communicate the results of mathematical and statistical analyses.

Located on the Daytona Beach Campus, the Jack R. Hunt Library is the primary library for all students of the Worldwide Campus. The Chief Academic Officer strongly recommends that every faculty member, where appropriate, require all students in his or her classes to access the Hunt Library or a comparable college-level local library for research. The results of this research can be used for class projects such as research papers, group discussion, or individual presentations. Students should feel comfortable with using the resources of the library.

Web & Chat: http://huntlibrary.erau.edu
Email:  library@erau.edu
Text: (386) 968-8843
Library Phone:  (386) 226-7656 or (800) 678-9428

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Written assignments must be formatted in accordance with the current edition of the Publication Manual of the American Psychological Association (APA) unless otherwise instructed in individual assignments.

90 - 100% A
80 - 89% B
70 - 79% C
60 - 69% D
0 - 60% F

90 - 100% A
80 - 89% B
70 - 79% C
0 - 69% F
Mr. Jerry R. Krantz - 3/31/2015
krante26@erau.edu
Johnelle Korioth, Ph.D. - 3/31/2015
korio43b@erau.edu
Johnelle Korioth, Ph.D. - 3/31/2015
korio43b@erau.edu
Dr. James Schultz – 3/31/2015
schul9fd@erau.edu
PO#NameDescription
General Education of Arts and Sciences PO1 - Apply knowledge of college level mathematics to defining and solving problems;
PO2 - Apply statistical methods in the analysis and interpretation of data for the purpose of drawing valid conclusions relating to the solutions of problems;
PO7 - Use digitally-enabled technology to organize and manipulate data, perform calculations, aid in solving problems, and communicate solutions, ideas, and concepts;
Key: 199