ITEC3301 Quantitative Decision Tools

Course Description

Introduction to financial and quantitative decision making. Financial and accounting terminology and concepts including the time-value of money. Cost estimation, project selection, budgeting, earned-value management and variance analysis. Basic concepts and applications of probability, descriptive and inferential statistics, and statistical process control including quality management tools and risk analysis. Course may be waived for students who have completed ACCT 2302 and introductory statistics.

Purpose: To provide Industrial Technology students an understanding of the financial, accounting, and statistics terminology and concepts needed to succeed in industrial technology courses and technology careers.

Course Credits: 3

Prerequisites: There are no prerequisites for this course.

Student Learning Outcomes

By the end of this course, you should be able to:

  • Define “financial accounting.”
  • Differentiate between financial accounting and managerial accounting.
  • Describe the purpose of U.S. generally accepted accounting principles (U.S. GAAP)
  • Explain the terms used for costing puurposes.
  • Identify how costs flow through the three inventory accounts and cost of goods sold account.
  • Distinguish between job costing and process costing.
  • Explain how direct materials and direct labor costs are assigned to jobs.
  • Explain how overhead costs are assigned to jobs.
  • Explain the concept of Earned-Value Management and variance analysis
  • Identify and explain the basic definitions used in statistics and some of its key concepts.
  • Interpret stem and leaf diagrams, frequency histograms, and relative frequency histograms.
  • Explain the concept of an event associated with a random experiment.
  • Explain the concept of the probability of an event.
  • Explain the concept of a random variable.
  • Distinguish between discrete and continuous random variables.
  • Identify basic facts about the family of normally distributed random variables.
  • Explain the logical framework of tests of hypotheses.
  • Explain basic terminology connected with hypothesis testing.
  • Explain a relationship that is close to linear but which contains an element of randomness.
  • Identify and explain Pareto Charts
  • Identify and explain cause and effect diagrams
  • Identify and explain scatter diagrams
  • Identify and explain stratification
  • Identify and explain run charts and control charts