Overview

In this module you will learn the importance of information and data to business and, in particular to the managerial decision-making processes. You will develop skills in organising and representing data, including sorting and classifying, creating charts and graphs and using spreadsheets. You will also explore probability and decision-making. This module will also help develop your understanding of sampling and estimation. The module is designed to provide you with the skills and knowledge you need to use data to make informed business decisions. You will further learn how to collect, organize, and analyze data, and how to use this information to make better decisions about products, pricing, marketing, and other areas of business.

Topics studies in this module will include:

• The importance of information and data to business decision-making
• Organizing and representing data, including sorting and classifying, creating charts and graphs, and using spreadsheets
• Probability and decision-making, including a definition of probability, use of probability trees, conditional probability, expectation, and decision trees, discrete and continuous random variables
• Sampling and estimation, including sampling theory, Central Limit theorem, confidence intervals, practical applications
• Hypothesis testing, including testing with large and small samples, individual population and two population parameters, practical applications to decision-making
• Correlation and regression, including calculation and significance testing of correlation, linear regression, multiple regression, uses in balancing risk and maximizing returns on investment
• sampling theory, Central Limit theorem, confidence intervals, practical applications
• Hypothesis Testing
• Significance testing of correlation, linear regression, multiple regression, uses in balancing risk
• maximising returns on investment

Assessment Strategy

Threshold (50%–59% / C- to C+) Has shown knowledge of the key areas and principles and the main elements of the subject area are understood. Fair integration of theory/ practice/ information in the assessed work.

Good (60%-69% / B- to B+) Has shown a strong knowledge and understands most of the subject area. Good integration of theory/practice/information in the assessed work.

Excellent (70%-100% / A- to A*) Has shown a comprehensive knowledge and detailed understanding of the subject area. Excellent integration of theory/practice/information in the assessed work.

Learning Outcomes

• Apply mathematical and data-gathering approaches to managerial decision-making in fields such as forecasting and risk assessment.

• Apply statistical methods and techniques to analyse business and financial problems, incorporating probability and sampling statistics within a business context

• Connect learned techniques to relevant financial calculations and utilize computer software to implement these methodologies effectively.

• Utilize mathematical notations, terminologies, conventions, units, and interpret mathematical terms across verbal, graphical, and tabular information