Course Brief

This unit aims to provide students with a thorough foundation in basic Mathematics and Statistical Techniques necessary in Business and Management Studies.


  • This course is offered in 50 contact hours.

Upon successful completion of this unit, learners will be able to:

  1. Make and apply calculations relevant to business;
  2. Demonstrate how mathematics can be applied to the solution of business problems;
  3. Apply statistical methods to provide business information;
  4. Identify and apply the laws of probability to find solutions to business problems.

Be able to make and apply calculations relevant to business:

  • Compare numbers using ratios
  • Obtain values for transactions involving purchases, discounts, taxation and wages
  • Determine values for simple interest, compound interest and depreciation
  • Convert foreign currency
  • Compute unweighted and weighted index numbers and understand their applications

 

Demonstrate how mathematics can be applied to the solution of business problems:

  • Construct decision trees and show how they can be used as an aid to decision making
  • Explain and calculate expected monetary values
  • Apply breakeven analysis to determine the output decisions of firms and analyse the effects of changes in cost and revenue functions
  • Use algebraic and graphical representations of demand and supply functions to determine the equilibrium price and quantity in a competitive market
  • Analyse the effects of changes in the market

 

Be able to apply statistical methods to provide business information:

  • Distinguish between qualitative and quantitative data
  • Distinguish between continuous and discrete data
  • Represent and interpret data using histograms, stem and leaf diagram and cumulative frequency curves
  • Determine summary statistics, measures of location and dispersion (mean, median, mode, range, interquartile range and standard deviation)

 

Identify and apply the laws of probability to find solutions to business problems:

  • Recognise outcomes which are equally likely, not equally likely or subjective
  • Use formulae to determine probabilities for complementary, mutually exclusive, independent and conditional events
  • Determine probabilities using a two-way table and a tree diagram