Entry requirements and weighting
|Credit Points:||15 credit points|
|Level:||Year 1, Core|
Managers often have to solve problems and make decisions for which they need useful information. Sometimes such information is contained within numerical data sets which may be formed from a range of sources such as sales records, procurement records, industry data and other internal and external sources to the firm. Although the data has been acquired it often has to be converted into information through the use of statistical techniques for it to be useful for planning and decision making.
This subject aims to provide students with the knowledge of statistical techniques used by managers in planning and decision making. The subject is practical and provides students with the opportunity to apply the knowledge acquired to the solving of problems and case studies that are presented throughout the course.
This unit will cover the following topics:
- An introduction to statistics and quantitative methods for planning and decision making
- Data for quantitative analysis
- Presenting statistical data
- Dealing with uncertainty
- Hypothesis testing
- Non-parametric testing
- Analysis of variance (ANOVA)
- Prediction and forecasting
Students will gain the following capabilities, competencies, and professional skills upon completion of this unit
- Students will demonstrate an awareness of and an ability to use statistical packages available for management planning and decision making.
- Students will be able to prepare and present data
- Students will demonstrate an ability to interpret and report statistical data
- Students will demonstrate an ability to prepare a written report using statistical data
- Able to inform individuals and groups within an organizational setting
- Able to transfer skills and knowledge between areas of business and across areas of business