BUS800

Quantitative Analysis

Management Sciences
800 level
2 credit units
188 pages
15 units

This course introduces fundamental aspects of Quantitative Analysis, including set theory, probability, decision theory, and forecasting models. Students will explore operations research, network models, simulation, sequencing, scheduling, game theory, and inventory control. The course aims to equip students with the skills to manage operations in both private and public organizations, enhancing their decision-making capabilities through quantitative techniques and analytical approaches.

Start reading

About this course

Difficulty: Intermediate
Study hours: 150 hours
Maths: Intermediate
Content: Theoretical, practical, case study, problem solving
Practical work: Yes

How it is assessed

Assignments
Tutor marked assessments
Final examination

What you'll read

The real module and unit structure of BUS800, taken from the course material NOUN publishes.

Module 1

Module 2

Module 3

One paragraph, so you can see how it reads

BUS800 · Unit 1: Sets and Subsets

Set notation is further used to represent various sets and operations. Further, it is possible to represent the various relations and functions across sets, only with the help of set notation.

Start reading Get the original PDF, if you want it

What you should be able to do

Apply quantitative techniques to business problems
Analyze decision-making scenarios using game theory
Develop forecasting models for business planning
Optimize resource allocation using linear programming
Evaluate inventory control strategies
Simulate business processes to improve efficiency

What it prepares you for

Careers

Business Analyst
Operations Manager
Logistics Coordinator
Management Consultant
Data Analyst

Where it is applied

Manufacturing
Logistics
Finance
Healthcare
Retail

Where it gets hard

The units students slow down on, and what makes each one heavy.

Module 1:
Unit 4: Probability Theory and Applications Contents
Requires understanding of abstract mathematical concepts and their practical implications.
Module 2:
Unit 5: The Transportation Model
Involves complex calculations and understanding of transportation logistics.

A suggested way through it

Suggested

13 weeks, about 26 hours in total. Yours will differ.

Week 1Module 1:
- Unit 1: Sets and Subsets · 2 hours
  Define sets and subsets. Understand set notation. Evaluate types of sets.
Week 2Module 1:
- Unit 2: Basic Set Operations · 2 hours
  Discuss set operations. Demonstrate union of sets. Evaluate properties of set operations.
Week 3Module 1:
- Unit 3: Set of Numbers · 2 hours
  Discuss set of numbers. Demonstrate natural numbers and whole numbers. Evaluate characteristics of number sets.
Week 4Module 1:
- Unit 4: Probability Theory and Applications Contents · 2 hours
  Define probability theory. Demonstrate additivity rule. Solve problems using multinomial probability.
Week 5Module 1:
- Unit 5: Elements of Decision Analysis · 2 hours
  Define decision. Discuss who is a decision maker. Demonstrate components of decision making.
Week 6Module 2:
- Unit 1: Types of Decision Situations · 2 hours
  Define decision situations. Demonstrate steps in decision theory approach. Discuss types of decision situations.
Week 7Module 2:
- Unit 2: Decision Trees · 2 hours
  Define decision trees. Demonstrate components of the decision tree. Discuss benefits of using decision tree.
Week 8Module 2:
- Unit 3: Operations Research (OR) · 2 hours
  Define Operations Research. Demonstrate Characteristics of OR. Explain Scope of Operations Research.
Week 9Module 2:
- Unit 4: Modelling in Operations Research · 2 hours
  Define Model. Demonstrate Classification of Models. Explain Characteristics of Good models.
Week 10Module 2:
- Unit 5: The Transportation Model · 2 hours
  Demonstrate four assumptions of the transportation model. Explain Vogel's Approximation Method. Describe the nature of a transportation problem.
Week 11Module 3:
- Unit 1: Simulation · 2 hours
  Define Simulation. Discuss advantages of simulation technique. Application of Simulation.
Week 12Module 3:
- Unit 2: Systems Analysis · 2 hours
  Define a system. Identify and describe the types of systems. Highlight the different forms of systems we have.
Week 13Module 3:
- Unit 3: Sequencing and Scheduling · 2 hours
  Demonstrate Sequencing and Scheduling. Explain Assumptions Made in Sequencing Problems. Discuss nature of Scheduling.

Preparing for the exam

What to do

Review all key definitions and formulas from each unit.
Practice solving numerical problems from TMAs and self-assessment exercises.
Create concept maps linking decision theory, game theory, and inventory control.
Focus on understanding the assumptions and limitations of each model.
Allocate equal time to each module during revision, but prioritize areas of weakness.
Practice constructing decision trees for different scenarios.
Review case studies and identify the quantitative techniques applied.
Create flashcards for key terms and concepts.
Simulate exam conditions by attempting past questions within the time limit.

Questions students ask about this course

What is BUS800 about?

How many units does BUS800 have?

BUS800, Quantitative Analysis, has 15 units across 3 modules, over 188 pages of course material. You can read it one unit at a time.

How many credit units is BUS800?

BUS800 carries 2 credit units, at 800 level in Management Sciences.

Is BUS800 hard?

BUS800 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, practical, case study and problem solving work, and it has a practical component.

How long does BUS800 take to study?

About 150 hours of study, spread across its 15 units.

How is BUS800 assessed?

BUS800 is assessed by assignments, tutor marked assessments and final examination.

What can I do with BUS800?

Business Analyst, Operations Manager, Logistics Coordinator, Management Consultant and Data Analyst.