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ENT321Management Sciences2 Unitsintermediate

Quantitative Method For Business Decisions

This course, Quantitative Methods for Business Decisions, is designed to equip students with the essential tools and techniques for effective decision-making in today's complex business environment. It covers a range of topics including mathematical tools, statistical analysis, forecasting, inventory control, and investment appraisal. Students will learn how to apply these methods to planning, controlling, and evaluating business operations, enabling them to make informed and data-driven decisions.

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156h
Study Time
13
Weeks
12h
Per Week
intermediate
Math Level
Course Keywords
Quantitative MethodsBusiness DecisionsForecastingInventory ControlInvestment Analysis

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📊
Math Level
Moderate Math
🔬
Learning Type
Hands-on Practice

Course Topics

Key areas covered in this course

1

Quantitative Techniques

2

Mathematical Tools

3

Statistical Tools

4

Probability Theory

5

Forecasting

6

Decision Analysis

7

Inventory Control

8

Network Planning

9

Investment Appraisal

Total Topics9 topics

Requirements

Knowledge and skills recommended for success

Basic Mathematics

Basic Statistics

💡 Don't have all requirements? Don't worry! Many students successfully complete this course with basic preparation and dedication.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assignments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Business Analyst

Apply your skills in this growing field

Operations Manager

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Project Manager

Apply your skills in this growing field

Management Consultant

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

FinanceManufacturingSupply Chain ManagementProject ManagementConsulting

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1:

4h

Unit 1: Uses, Importance, and Tools of Quantitative Techniques in Decision Making

4 study hours
  • •Read Unit 1: Uses, Importance, and Tools of Quantitative Techniques in Decision Making.
  • •Define quantitative techniques and their importance.
  • •Identify the tools of quantitative analysis: mathematical and statistical tools.
Week
2

Module 1:

4h

Unit 2: Mathematical Tools I: Equation and Inequalities

4 study hours
  • •Study Unit 2: Mathematical Tools I: Equations and Inequalities.
  • •Solve linear equations using algebraic operations.
  • •Apply linear equations to solve business problems.
Week
3

Module 1:

4h

Unit 3: Mathematical Tools I (Continued): Simultaneous Equations, Linear Functions, and Linear Inequalities

4 study hours
  • •Study Unit 3: Mathematical Tools I: Simultaneous Equations, Linear Functions, and Linear Inequalities.
  • •Solve simultaneous equations using the addition-subtraction method.
  • •Apply linear functions and inequalities to analyze business conditions.
Week
4

Module 1:

4h

Unit 4: Mathematical Tools II: Introduction to Matrix Algebra

4 study hours
  • •Study Unit 4: Mathematical Tools II: Introduction to Matrix Algebra.
  • •Perform matrix addition and scalar multiplication.
  • •Apply matrix multiplication to solve business problems.
Week
5

Module 1:

4h

Unit 5: Mathematical Tools III: Applied Differential Calculus

4 study hours
  • •Study Unit 5: Mathematical Tools III: Applied Differential Calculus.
  • •Apply rules of differentiation to find derivatives of functions.
  • •Apply calculus to solve maximization and minimization problems.
Week
6

Module 2:

4h

Unit 1: Statistical Tools I: Measures of Averages

4 study hours
  • •Study Unit 1: Statistical Tools I: Measures of Averages.
  • •Compute arithmetic mean, median, and mode for a given data set.
  • •Apply measures of averages to make business decisions.
Week
7

Module 2:

4h

Unit 2: Statistical Tools II: Measures of Variability or Dispersion

4 study hours
  • •Study Unit 2: Statistical Tools II: Measures of Variability or Dispersion.
  • •Calculate range, mean deviation, variance, and standard deviation.
  • •Apply measures of dispersion to analyze data variability.
Week
8

Module 2:

4h

Unit 3: Statistical Tools III: Sets and Set Operations

4 study hours
  • •Study Unit 3: Statistical Tools III: Sets and Set Operations.
  • •Perform set operations such as union and intersection.
  • •Apply set theory to solve enumeration problems.
Week
9

Module 2:

4h

Unit 4: Statistical Tools IV: Probability Theory and Applications

4 study hours
  • •Study Unit 4: Statistical Tools IV: Probability Theory and Applications.
  • •Calculate theoretical and empirical probabilities.
  • •Apply laws of probability to solve business problems.
Week
10

Module 2:

4h

Unit 5: Correlation Theory

4 study hours
  • •Study Unit 5: Correlation Theory.
  • •Compute linear, rank, and partial correlation coefficients.
  • •Interpret correlation coefficients to determine relationships between variables.
Week
11

Module 3:

8h

Unit 1: Forecasting and Time-Series Analysis

4 study hours
  • •Study Unit 1: Forecasting and Time-Series Analysis.
  • •Apply moving averages and least squares methods for forecasting.
  • •Analyze time-series data to make future predictions.

Unit 2: Index Numbers

4 study hours
  • •Study Unit 2: Index Numbers.
  • •Calculate simple and weighted aggregate price indices.
  • •Apply index numbers to analyze economic changes.
Week
12

Module 3:

8h

Unit 3: Inventory Control

4 study hours
  • •Study Unit 3: Inventory Control.
  • •Apply inventory control models to minimize costs.
  • •Calculate economic order quantity (EOQ) and economic batch quantity (EBQ).

Unit 4: Decision Analysis

4 study hours
  • •Study Unit 4: Decision Analysis.
  • •Construct payoff tables and calculate expected monetary values.
  • •Make decisions under conditions of certainty and uncertainty.
Week
13

Module 3:

4h

Unit 5: Network Planning and Analysis

4 study hours
  • •Study Unit 5: Network Planning and Analysis.
  • •Construct activity networks and precedence tables.
  • •Apply critical path analysis to project management.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all units, focusing on key formulas and concepts.

2

Practice solving problems from each unit, especially those related to forecasting, inventory control, and investment appraisal.

3

Create a formula sheet for quick reference during the exam.

4

Allocate time to each question based on its weight and difficulty.

5

Focus on understanding the underlying principles rather than memorizing formulas.

6

Practice with past exam papers to get familiar with the exam format and question types.

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