Quantitative Management
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Quantitative Management

Increase profits and decrease costs using Microsoft Excel!
5.0 (2 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
104 students enrolled
Created by Jon Weimer
Last updated 10/2014
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  • 2 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Using Excel, you will be able to maximize profits with a system of constraints
  • Using Exel, you will learn to minimize costs within a set of constraints.
  • You will learn minimize your shipping costs by optimizing your delivery routes
  • Using Excel and the PERT process, you will be able to optimize the scheduling of complex projects to avoid costly delays
  • Inventory headaches? You will learn the optimum balance of on-hand inventory that minimizes your holding and ordering costs.
  • If you're new to operations, or just want to know what's involved with operations, I got you covered there too. Each video is based around a real-world (albeit fictional) business problem.
View Curriculum
  • While some basic knowledge of Excel is helpful, I walk you through step-by-step with screen prints and screen capture videos
  • Most of the math is simple multiplication, addition, subtraction, and division, and is only needed for entering formulas into Excel.
  • Solver is the core of this course, but don't worry if you've never heard of it. It comes standard with Office for Windows, and I have a video that shows you step-by-step how to install it on your system.

We're in the 21st Century, but many business still run their operations like it's the start of the 20th Century. This course shows you how to leverage a tool you already own, Microsoft Excel, to improve the operation of your business. If you want get an edge over your competition and increase revenue, while decreasing cost, this is the course for you. Don't let the word quantitative scare you off. While these solutions are math based, they're more about measuring and tracking. This course includes:

  1. 18 video-based, case-oriented lectures, that are between 5 and 10 minutes
  2. In most cases, an Excel template is provided for you to download so you don't have to start from scratch!
  3. Though straightforward, the information is fairly dense so, while the length of time to complete will largely depend on the individual. Since the course is designed to be "hands-on" it will require more time than just watching the videos
  4. You should take this course, because -- if properly applied -- these techniques can save you substantial time and money.
Who is the target audience?
  • This operations course is designed for any manager who wants to increase profits and decrease cost.
  • Don't let the word quantitative scare you. The actual math is very basic and not much different than what you do on a daily basis -- plus we do it all in Excel.
  • Whether building a $50,000,000 new building or minimizing inventory costs for a mom and pop business, you will benefit from this course
  • If you are an insurance agent or simply process reports, then this course is probably not for you. But . . . if you oversee the production and distribution of . . . well . . . nearly anything, then you will benefit from this course.
  • Solver, a data analyis module in Excel, is the core of this course, but it has to be specially download for Apple users. If you own a Mac, this course is probably not for you.
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Curriculum For This Course
Expand All 21 Lectures Collapse All 21 Lectures 02:09:27
First Things First
2 Lectures 02:59

In this lecture, we get a bird's eye view of why we need quantitative operations management to remain competitive in the 21st Century.

Preview 01:57

This video tutorial will show you how to install the Solver plug-in to Microsoft Excel.

Preview 01:02
6 Lectures 40:37

In this lecture, we introduce the basic concepts related to time series forecasting. If you feel you have a good conceptual grasp of the components that make up a time series, you can feel free to move on to the next lecture.

Time Series Forecasting

In this lesson, we learn to use the moving averages method to forecast a time series (gas prices) and how to use means squared to assess the accuracy of the forecast predictions.

Moving Averages Forecasting

When there is a large amount of instability in your data (e.g. gas prices), moving averages forecasting may not be the best solution. Weighted moving averages allows you to give more weight to more recent values, which are thought to be better predictors, and less weight to earlier data points.

Weighted Moving Averages Forcasting

Moving averages and weighted moving averages use a preset number of observations rather than the full range of observations. Single exponential smoothing takes into account all previous observations.

Exponential Forecasting

Trend projection is used when we want to forecast outside the range of values we currently have.

Trend Projection

Deseasonalized forecasting is used to clarify an underlying trend when there are strong seasonal components to your data, such as in agriculture, sports, or the film industry.

Deseasonalized Forecasting
Linear Programming
6 Lectures 42:02

In this optional video, I show you how to create a spreadsheet containing subscripts.

Setting Up Your Worksheet (Optional)

In this lecture, we setup and perform our first linear program in Excel. You will learn how to properly set up a linear program in Excel, how to enter the data, and how to interpret the output of a linear program that seeks to maximize profit.

Linear Programming With 2 Constraints

In this lecture, we setup an Excel spreadsheet for maximizing profit, when that profit is limited by 3 constraint equations.

Preview 05:58

In this video, we will learn how to use linear programming to minimize cost in situations where constraints are involved.

Cost Minimization Programming

The problem with linear programming is that it results in fractional solutions. This can be a significant issue when the product you're producing is extremely expensive (e.g., a 787-9 Dreamliner is $250,000,000). Integer programming is used in these situations and forces the programming to output an integer (non-fractional) solution.

Integer Programming
Transportation/Distribution Problems
1 Lecture 11:19

In this lecture, we learn to use the transportation/distribution model to minimize shipping costs in order to maximize profits. Since the transportation/distribution model is a special case of linear programming, we learn to use solver to do all the heavy lifting!

Minimizing Shipping Costs
Inventory Control
3 Lectures 15:20
Inventory Costs

In this lesson we learn the foundations of the Economic Order Quantity model of inventory control, which we will apply in the next lesson when we learn how to formulate an EOQ model using Excel.

Economic Order Quantity Model I

In this lecture, we applied what we learned in the previous lecture to a real world problem.

Economic Order Quantity Model II
P.E.R.T. / Critical Path Analysis
3 Lectures 17:10

This lesson gives you the necessary background formulae to enter PERT into Excel

Pert II

Pert III Excel
About the Instructor
Jon Weimer
5.0 Average rating
2 Reviews
104 Students
1 Course
Professor of Business Avila University

I have a Ph.D. in Industrial Psychology with a minor in Industrial Engineering from Texas Tech University. I have worked in product design and development for AT&T, PRODIGY, General Motors, and DST systems. During that time, I performed project design and development, user interface evaluation, technology assessment and corporate training. Currently, I am employed as an adjunct full time professor at Avila University, Webster University, Upper Iowa University, and Columbia College. I have over 20 years experience in adult education.

My specialties include business statistics, operations research/management science, quantitative analysis, Microsoft EXCEL, VBA (Visual BASIC for Applications), C programming, C++ programming, Python programming, and 3D Modeling in Blender, 3Ds Max, and Maya.