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:
- Make and apply calculations relevant to business;
- Demonstrate how mathematics can be applied to the solution of business problems;
- Apply statistical methods to provide business information;
- 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
- Matriculation to Higher National Diploma: Business
Secure your foundation for a degree and career in Business or Human Resource Management.
The Matriculation to the Higher National Diploma (HND) in Business is a Pearson (UK) and ACTT approved Foundation programme, geared toward CSEC / CXC graduates as an alternative to CAPE or 6th Form. It provides such learners with the opportunity to pursue a higher level qualification in a Business discipline, by enabling a seamless transfer from Secondary to Post-secondary education.
Graduates of the Matriculation programme will progress directly to Pearson's Higher National Diploma (HND) in Business and then onto the final year of an undergraduate degree; either the BA (Hons) Human Resource Management or BA (Hons) Business Management (Marketing) from the University of Greenwich, or BA (Hons) Business Management from the University of Sunderland.