The following topics will be taught:
• Summarising data with frequency distributions, measures of central tendency, spread and skewness. Visual representation of data in the form of graphs and charts.
• Probability: The relationship between probability, proportion and percent, addition and multiplication rules in probability theory, Venn diagrams.
• Distributions: Discrete (Binomial, Poisson) and Continuous (Uniform, Exponential, Normal).
• Sampling and hypothesis testing and its use in inference; applications of sampling in Quality Control, business and accounting.
• Regression and correlation: scatter plots; simple regression.
• Decision making: payoff tables and decision strategies; decision trees; the Bayesian approach.
• Functions, equations and inequalities: linear functions, solving linear equations and solving simultaneous linear equations graphically; simple polynomials such as quadratic and cubic functions; manipulation of inequalities.
• Linear Programming – problem formulation and the graphical solution method.
• Calculus: The concepts of differentiation and integration, and their relationship; stationary values.
• Financial mathematics: Logarithms and exponential functions. Simple and Compound interest, annuities and perpetuities, loans and mortgages, sinking funds and savings funds, discounting to find NPV and IRR and interpretation of NPV and IRR.
Total contact hours: 33
Private study hours: 117
Total study hours: 150
Main assessment methods:
VLE MCQ Test - Maths (15%)
VLE MCQ Test - Stats (15%)
Examination, 2 hours (70%)
Reassessment method;
100% exam
Morris, C. (2011) Quantitative Approaches in Business Studies (8th ed.), London: FT Prentice Hall
Swift, L. and Piff, S. (2014) Quantitative Methods for Business, Management and Finance, (4th ed.), Andover: Palgrave Macmillan
Waters, D. (2011) Quantitative Methods for Business (5th ed.), London: FT Prentice Hall
See the library reading list for this module (Canterbury)
The intended subject specific learning outcomes.
On successfully completing the module students will be able to:
Recognise and recall the range of quantitative concepts, tools and techniques that are useful in solving everyday problems in business, management and accounting.
Represent problems in a mathematical/statistical form to aid decision making.
Apply quantitative techniques in the solution of problems.
Assess the strengths and weaknesses of a problem with regards to its business, management and accounting context.
The intended generic learning outcomes.
On successfully completing the module students will be able to:
Analyse quantitative information.
Process quantitative information from various sources to develop independent conclusions
Effectively manage own use of the time, tools and resources required to analyse and solve a problem of a quantitative nature.
Express arguments, explanations, evaluations and conclusions effectively in writing
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