Quantitative methods
Dr Richard Egudo
6 points
* Distance: approximately 12 hours per week
* First
semester
* Gippsland
* Prerequisite: Mathematical background
approximately year 11 level
* Students lacking this requirement should
consult with subject adviser
Objectives To provide students with knowledge and understanding of the fundamental mathematical methods which are most commonly used in business planning, decision making and statistical investigations. To develop students' appreciation for the power and limitations of quantitative methods.
Synopsis Included are basic mathematical concepts, functions and their graphs, exponential and logarithmic functions; solutions of systems of linear equations and in equations; arithmetic and geometric sequences; financial calculations relating to simple and compound interest, discount notes, annuities, amortisation, sinking funds and equations of value; index numbers, especially the Australian CPI and its uses; statistics measures of centrality and dispersion; population distributions, the normal distribution; the sampling distribution of the sample mean; statistical inference - interval estimation for the population mean, sample size choice, basic concepts of hypothesis testing; introduction to linear regression.
Assessment Two assignments (problem solving): 50%
* Examination (3
hours): 50%
Prescribed texts
Shannon J Business mathematics Wiley, 1995
Watson C J and others (eds) Brief business statistics Allyn and Bacon, 1988
Recommended texts
Arya J C and Lardner R W Mathematical analysis 3rd edn, Prentice-Hall, 1989
Chang V L and Sullivan R S Quantitative systems for business plus Version 2.0, Prentice-Hall, 1991
Berensen M L and Levine D M Basic business statistics: Concepts and applications 3rd edn, Prentice-Hall, 1986
Piascik C College mathematics Merrill, 1984
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