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PSM823

Operations Research And Statistics

This course exposes students to the fundamental principles and applications of statistics and operations research. It covers descriptive statistics, sampling techniques, data presentation, measures of central tendency and dispersion, probability, and hypothesis testing. Students will also learn about correlation, regression analysis, linear programming, transportation problems, games theory, network analysis, and simulation. The course aims to equip students with the knowledge and skills necessary for data analysis and optimization in organizations.

About this course

Difficulty
Intermediate
Study hours
150 hours
Maths
Intermediate
Content
Theoretical, problem solving, case study
Practical work
No
How it is assessed
  • Assignments
  • Tutor Marked Assessments
  • Final Examination

One paragraph, so you can see how it reads

PSM823 · UNIT 1 NATURE OF STATISTICS

In this course, you will be exposed to the nature of statistics, the collection of data and how data are organised and presented. The course highlights the different sampling techniques. The course also examines the different methods of computing average and the method of studying their variation. The nature of probability and probability distribution are also highlighted in this course.

What you should be able to do

  1. Describe the nature of statistics and its applications.
  2. Apply different sampling techniques to collect data.
  3. Explain and illustrate various graphs and charts used in data presentation.
  4. Apply methods for measuring central tendencies and dispersion.
  5. Explain the nature of probability and probability distribution.
  6. Apply hypothesis testing procedures.
  7. Describe correlation, regression analysis, and operations research techniques.

What it prepares you for

Careers
  • Data Analyst
  • Business Analyst
  • Operations Manager
  • Statistician
  • Management Consultant
Where it is applied
  • Finance
  • Manufacturing
  • Logistics
  • Healthcare
  • Government

Where it gets hard

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

  • Module 3: Statistical Inference

    Unit 1: Test of Hypothesis

    Advanced calculus integration techniques are required to fully grasp the underlying principles of hypothesis testing.

  • Module 3: Statistical Inference

    Unit 2: Correlation and Regression Analysis

    The concepts of partial and multiple correlation require a strong understanding of linear algebra and statistical modeling.

  • Module 4: Operations Research

    Unit 2: Linear Programming

    Linear programming and transportation problems involve complex optimization techniques and require strong analytical and problem-solving skills.

A suggested way through it

Suggested

13 weeks, about 98 hours in total. Yours will differ.

  1. Week 1Module 1: Introduction
    • Unit 1: Nature of Statistics · 8 hours

      Read Unit 1: Nature of Statistics, focusing on definitions of statistics, data types, and the data collection process.. Complete Self-Assessment Exercise to reinforce understanding of statistical terms.. Attempt Tutor-Marked Assignment (TMA) questions related to data classification and questionnaire design..

  2. Week 2Module 1: Introduction
    • Unit 2: Sampling Techniques · 7 hours

      Study Unit 2: Sampling Techniques, paying attention to probability and non-probability sampling methods.. Work through examples of stratified and systematic sampling.. Reflect on the advantages and disadvantages of different sampling approaches..

  3. Week 3Module 1: Introduction
    • Unit 3: Organisation and Presentation of Data · 8 hours

      Review Unit 3: Organisation and Presentation of Data, focusing on data classification, tabulation, and frequency distributions.. Practice constructing histograms, frequency polygons, and pie charts.. Complete Tutor-Marked Assignment (TMA) questions on data presentation methods..

  4. Week 4Module 2: Measures of Central Tendency and Variability
    • Unit 1: Measures of Central Tendency · 7 hours

      Study Unit 1: Measures of Central Tendency, focusing on arithmetic mean, median, mode, and geometric mean.. Work through examples of calculating central tendencies for ungrouped and grouped data.. Compare the relationship between mean, median, and mode in different distributions..

  5. Week 5Module 2: Measures of Central Tendency and Variability
    • Unit 2: Measures of Distribution · 8 hours

      Study Unit 2: Measures of Distribution, focusing on range, quartiles, mean deviation, standard deviation, and variance.. Practice calculating measures of variability for grouped and ungrouped data.. Understand skewness and kurtosis and their implications for data interpretation..

  6. Week 6Module 2: Measures of Central Tendency and Variability
    • Unit 3: Probability · 7 hours

      Study Unit 3: Probability, focusing on basic probability laws, conditional probability, and Bayes' Theorem.. Solve problems involving probability calculations using different approaches (classical, relative, Bayesian).. Understand permutation and combination concepts..

  7. Week 7Module 2: Measures of Central Tendency and Variability
    • Unit 4: Probability Distribution · 8 hours

      Study Unit 4: Probability Distribution, focusing on discrete and continuous random variables.. Construct probability distributions from raw data.. Compute means and variances of probability distributions..

  8. Week 8Module 3: Statistical Inference
    • Unit 1: Test of Hypothesis · 7 hours

      Study Unit 1: Test of Hypothesis, focusing on null and alternative hypotheses, Type I and Type II errors, and significance levels.. Learn the procedure for hypothesis testing.. Apply hypothesis testing to one and two population means..

  9. Week 9Module 3: Statistical Inference
    • Unit 2: Correlation and Regression Analysis · 8 hours

      Study Unit 2: Correlation and Regression Analysis, focusing on simple and multiple regression models.. Learn how to fit a simple linear regression model using the least squares method.. Understand correlation analysis and the coefficient of determination..

  10. Week 10Module 3: Statistical Inference
    • Unit 3: Analysis of Variance (ANOVA) · 7 hours

      Study Unit 3: Analysis of Variance (ANOVA), focusing on one-way ANOVA and randomized complete block design.. Learn how to test for significant differences among means.. Apply ANOVA to experimental data..

  11. Week 11Module 3: Statistical Inference
    • Unit 4: Analysis of Covariance (ANCOVA) · 8 hours

      Study Unit 4: Analysis of Covariance (ANCOVA), focusing on including covariates in ANOVA models.. Learn how to adjust means for the effect of covariates.. Apply ANCOVA to experimental data..

  12. Week 12Module 4: Operations Research
    • Unit 1: Introduction to Operations Research · 7 hours

      Study Unit 1: Introduction to Operations Research, focusing on the definition, history, and characteristics of operations research.. Learn the phases of operations research.. Understand the interdisciplinary team approach in operations research..

  13. Week 13Module 4: Operations Research
    • Units 2-6: Operations Research Techniques · 8 hours

      Study Units 2-6: Linear Programming, Transportation Problem, Games Theory, Network Analysis, and Simulation.. Focus on problem formulation and solution techniques for each topic.. Work through examples and case studies to apply the concepts..

Preparing for the exam

What to do
  • Review all key definitions and formulas from each unit.
  • Practice solving numerical problems from the TMAs and examples in the course material.
  • Create concept maps linking statistical concepts (e.g., central tendency, dispersion, probability).
  • Focus on understanding the assumptions and limitations of each statistical test.
  • Practice formulating linear programming problems and solving them graphically.
  • Review the steps involved in hypothesis testing and decision-making.
  • Allocate study time proportionally to the weight of each module in the final examination.

Questions students ask about this course

What is PSM823 about?

This course exposes students to the fundamental principles and applications of statistics and operations research. It covers descriptive statistics, sampling techniques, data presentation, measures of central tendency and dispersion, probability, and hypothesis testing. Students will also learn about correlation, regression analysis, linear programming, transportation problems, games theory, network analysis, and simulation. The course aims to equip students with the knowledge and skills necessary for data analysis and optimization in organizations.

How many units does PSM823 have?

PSM823, Operations Research And Statistics, has 17 units across 4 modules, over 254 pages of course material. You can read it one unit at a time.

How many credit units is PSM823?

PSM823 carries 2 credit units, at 800 level in Management Sciences.

Is PSM823 hard?

PSM823 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, problem solving and case study work.

How long does PSM823 take to study?

About 150 hours of study, spread across its 17 units.

How is PSM823 assessed?

PSM823 is assessed by Assignments, Tutor Marked Assessments and Final Examination.

What can I do with PSM823?

Data Analyst, Business Analyst, Operations Manager, Statistician and Management Consultant.

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