Newcastle University

Aims

To introduce students to the quantitative techniques necessary for modern business decision making.
To enable students to present data in an appropriate format.
To introduce students to the concept of uncertainty.

Original Summary:
Management and marketing involve making decisions, often in uncertain situations. Successful decision making requires the ability to gather information and use it effectively. In this module we look at probability, which is a way of measuring our certainty about things. We look at statistics, which involves collecting, summarising and analysing data in order to gain information and reduce our uncertainty. Thirdly, we look at decision making in situations where the results which will come from our decisions are uncertain.

Outline Of Syllabus

Sampling methods; Data presentation - graphical methods and summary statistics; Probability ideas; Decision making; Probability distributions; Discrete and continuous distributions, e.g. Binomial, Poisson, Exponential and Normal; Estimation; Confidence intervals; Hypothesis testing; Goodness of fit tests; Regression; Forecasting; Resource Allocation; Market research and Quality control.

Teaching Rationale And Relationship

Lectures will be used to provide the formal theoretical framework of the module, demonstrated by the use of appropriate examples.

Tutorials will be used to increase understanding of the application of the theory through realistic problem solving.

Assessment Rationale And Relationship

The coursework in each semester consists of a written assignment counting for approximately 10% and approximately three computer based assessments of equal weight counting for approximately 10% in total. The written assignments and CBA are designed to ensure that the students are following the module and to give feedback on how well they are coping. The exam tests a student's ability to apply the theory to relevant questions.