### 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 60 contact hours.

#### Learning Outcomes

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.

#### Indicative Content

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