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Introduction in Quantitative Methods

Pre-Requisite Modules: Academic Writing and Introduction to Business.

• Module 3 of the Level 4 Diploma in Business (4 modules – 2, 3 and 4 can be done in any order.)
• Course Code: ADL 4IQM.
• Level 4. 
• 12 Learning Credits.
• Hours 120.
• Entry requirement: GCSE maths and English (grade C or better) or equivalent

This course forms part of the Level 4 Diploma in Business, which will allow you to use the qualification you receive, to support an application for a university degree program in business. 

This course is ideal if you:

• wish to attend university and complete a business degree, but haven't achieved the required "A" level grades. 
• have the required "A" levels, but want to save money on tuition fees and accommodation costs, by also completing level 5 and level 6 courses currently under construction.
• are a graduate wanting an introduction to business systems and theories.
• have no desire to attend university and are already working in a business organisation, wanting to progress up the ladder
• wish to pursue a career in business as soon as possible. 

Unit overview: This unit aims to give learners a sound understanding of:

• Numeracy and business calculations.
• Algebraic methods.
• Graphs, charts and diagrams.
• The use of statistical methods to supply business and management information.
• The laws of probability.

 Learning Outcomes:

• The learner will: Understand the rules of numeracy.
• The learner will: Be able to make and apply calculations relevant to business.
• The learner will: Be able to use algebraic methods to solve business problems.
• The learner will: Be able to construct and use graphs, charts and diagrams in a business context.
• The learner will: Be able to apply statistical methods to provide business and management information.
• The learner will: Understand and be able to apply the laws of probability to find solutions to business problems.

Module Structure:

1. Understand the rules of numeracy.

• Apply the four rules of numeracy to whole numbers, fractions and decimals.
• Express numbers in standard form.
• Multiply and divide negative numbers.

2. Be able to make and apply calculations relevant to business.

• Compare numbers using ratios, proportions and percentages in a business context.
• Approximate data using rounding, significant figures.
• Obtain values for simple financial transactions involving purchases, wages, taxation, discounts.
• Determine values for simple and compound interest, and for depreciation of an asset using the straight line method and the reducing balance method.
• Convert foreign currency.
• Make calculations using a scientific calculator including roots and powers; logarithms and exponential values.
• Interpret, transpose and evaluate formulae.
• Evaluate terms involving a sequence of operations and use of brackets.

3. Be able to use algebraic methods to solve business problems.

• Solve linear and simultaneous equations.
• Solve quadratic equations using factorisation and formulae.
• Solve and simplify equations using roots or logarithms.
• Determine the equation of a straight line through two points and also when given one point and its gradient.
• Determine the gradient and intercepts on the x or y axes for a straight line.

4. Be able to construct and use graphs, charts and diagrams in a business context.

• Draw charts and diagrams derived from tabular data: e.g. bar charts, pie charts, scatter diagrams.
• Plot graphs applying the general rules and principles of graphical construction, including choice, range and scale of axes.
• Plot and interpret mathematical graphs for simple linear, quadratic, exponential and logarithmic equations.
• Identify points of importance on graphs e.g. points of maximum and minimum; points of intercept with the x and y axes.

5. Be able to apply statistical methods to provide business and management information.

• Distinguish between quantitative and qualitative data.
• Distinguish between continuous and discrete data.
• Represent and interpret data using histograms, stem and leaf diagrams and cumulative frequency curves.
• Determine and interpret summary statistics, including measures of location (e.g. mean, mode and median), measures of dispersion (e.g. range, interquartile range and standard deviation) and measures of skewness.
• Recognise and use the sigma notation for summation.

6. Understand and be able to apply the laws of probability to find solutions to business problems.

• Recognise outcomes which are equally likely, not equally likely or subjective.
• Use appropriate formulae to determine probabilities for complementary, mutually exclusive, independent and conditional events.
• Determine probabilities, using a sample space, two way table or tree diagram.
• Use probabilities to calculate the expected value of an outcome.
• Determine probabilities using the normal distribution, by making use of standard normal distribution tables.
• Represent normal probabilities as areas under the standard normal distribution curve.

Your learning experience with ADL will not only depend on the quality of the course, but also the expertise of the person teaching it. This course has been written by Michael Booth and your course fee includes unlimited tutorial support from him throughout your studies with us. Here are Michael’s credentials:

Michael Booth – Course Writer and Tutor
 

B.Sc (Hons) Chemical Engineering, (University of Leeds), MSc with Merit Computer Science, (University of Kent), Executive Associate, Institute of Independent Business International

Michael has over 20 years experience in industry with a diverse academic background incorporating executive management, chemical engineering, and computer science. Michael has an international background and has worked as a technical director, production manager, and operations manager throughout companies across the world. He recently completed his MSc in Computer Science from the University of Kent, and is an executive associate of the Institute of the Independent Business International.