20 credits at level HE4
The aims of this module are:
• To introduce the student to mathematical models used to solve relevant Business/Management problems.
• To develop the learners’ ability to recognise the limitations of these models.
• To develop the students’ ability to use appropriate numerical, mathematical and statistical skills to solve these models, as part of Personal Development Planning.
• To develop the learners’ ability to interpret and communicate the results.
Mathematics for Business: Functions, Graphs, Inequalities
Utilisation of Limited Resources: Linear programming
Financial mathematics: Interest/compounding, Discounting/Present value, Loans/Repayments
Introduction to statistics: Data Collection, Data presentation, Frequency distributions, Mean, Median, Mode, Standard deviation
Regression analysis: Least squares regression line, Forecasting
Use of probability: Introduction to probability. Binomial, Poisson and Normal distributions. Confidence Intervals
The learning outcomes will be assessed repeatedly in both assignment work and by examination. In both of these methods of assessment the learner will be given one or more Business/Management problem to solve and use appropriate Quantitative methods to solve them.
when you have successfully completed this module you will:
to demonstrate that you have achieved the learning outcome you will:
|1.||Create a mathematical model to solve suitable Business/ Management problems.
||Demonstrate ability to understand and analyse the Business/Management problem.|
|2.||Use appropriate Quantitative methods to obtain an accurate solution to the problem, as part of Personal Development Planning.
||Acquire the necessary information and apply the appropriate method to find the solution.|
|3.||Understand the limitations of the model formulated and of the solutions obtained.
Evaluate where appropriate how accurately the model and solution will replicate the "real-life" problem.
|4.||Understand the Business problem and break it down into manageable units.||Identify the relevant issues associated with the problem.|
|5.||Apply knowledge of appropriate Quantitative techniques to solve the problem.
||Use appropriate Quantitative methods.|
|6.||Use mathematical and statistical techniques to solve Business/Management problems.||
Identify the appropriate method of solution for a particular problem and perform accurately the necessary calculations & Analyse the results.
|7.||Use a scientific calculator &
Organise your time.
Use a calculator to perform accurate calculations &
Complete work in a given time.
|8.||Communicate findings to an appropriate audience.||Communicate the findings in a suitable manner.|
Your achievement of the learning outcomes for this module will be tested as follows:
|Description||Analysis of a Business problem involving the use of mathematical methods and communicationof the findings of a specified form.||Closed book examination with formula sheet.|
There are no prerequisites for this module.
No restrictions apply.
Bradley, T (2007) Essential Statistics for Economics, Business and Management, London: John Wiley & Sons.
Curnock, A (1996) Quantitative Methods in Business, Cheltenham: Stanley Thornes.
Francis, A. (2004) Business Mathematics and Statistics (6th ed.), London: Thomson Learning.
French, C S (1996) Data Processing and Information Technology, London: DP Publications.
Harper, W M (1991) Statistics (6th ed.), London: Pitman Publishing.
Lucey, T. (2003) Quantitative Techniques, 6th ed., London: Thomson.
Swift, L. (2001) Quantitative methods for business, management and finance, Basingstoke: Palgrave.
Taylor, S (2001) Business Statistics, Basingstoke: Palgrave.
Taylor, S (2007) Business statistics for non-mathematicians (2nd ed.), Basingstoke: Palgrave Macmillan.
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