Quantitative Analysis in EconomicsQuantitative analysis in decision making: goals, possibilities and their limits; qualitative components of decision making. Use of quantitative techniques in economics. Basics of theory of measures for decision making. Measure scales: nominal, ordinal, interval, relative, differential and absolute. Subjective methods of measurement: ranking, pair comparison, direct evaluation. Formalized description. Concept of variables. Quantification, qualification and measurement. Quantitative variables. Types of equations: definition, composition, allocation, transformation and behaviour. Main methods of quantitative analysis in economics. Their mission, relative advantages and shortcomings. Model quality criteria. Types of models. Decision making strategies. Individual decision making strategies. Choice of decision criteria under uncertainty. “Decision trees”. Inventory control model. Basics of queuing theory. Simple queue model: one queue and one service point. Multi channel systems. Introduction simulation techniques: method Monte Carlo and its applications for business problems.
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