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Introduction in Quantitative Methods

Introduction in Quantitative Methods

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Quantitative Methods Online Course

This Quantitative Methods Online 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.

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 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.
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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.
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