Introduction to Quantitative Methods

Aims

  1. Apply the rules of numeracy.

  2. Carry out basic numerical calculations with or without a calculator.

  3. Use elementary algebra.

  4. Present and use mathematical data in graphical form.

  5. Present and analyse simple business data.

  6. Apply statistical analysis to business data.

  7. Use the laws of probability.

Programme Content and Learning Objectives:

After completing the programme students should be able to:

1. Demonstrate the rule of numeracy by:

  • applying the four rules to whole numbers, fractions and decimals

  • expressing numbers in standard form

  • multiplying and dividing negative numbers

2. Apply calculations to:

  • compare numbers using ratios, proportions and percentages;

  • obtain values for simple financial transactions involving purchases, wages, taxation, discounts;

  • calculate values using simple and compound interest;

  • convert foreign currency;

  • make calculations involving roots and powers;

  • evaluate terms involving a sequence of operations and use of brackets;

  • Interpret, transpose and evaluate formulae;

  • approximate data using rounding, significant figures.

3. Use algebraic methods to:

  • solve linear and simultaneous equations;

  • solve quadratic equations using factorisation and formulae;

  • determine the equations of a straight line through two points;

  • determine the gradient and intercept of a straight line.

4. Construct and use:

  • charts and diagrams derived from tabular data;

  • graphs applying general rules and principles of graphical construction including axes, choice of scale and zero. Identify points of importance e.g. maximum, minimum and break even.

5. Apply statistical methods to:

  • distinguish and use sigma continuous variables;

  • represent and interpret variables using histograms and cumulative frequency curves;

  • recognise and use sigma notation for summation;

  • calculate and interpret summary statistics: these would include measures of location (mean, mode, median), measures of dispersion (range, interquartile range, standard and deviation, coefficient of variations) and measures of skewness;

  • construct statistical graphs for time series, identifying trends, seasonal and random components;

  • determine a trend using moving averages and make a simple forecast.

6. Apply the laws of probability to:

  • mutually exclusive, independent and dependent events;

  • determine probability using sample spaces, contingency tables or tree diagrams;

  • determine probability using the normal distribution including use of tables.

Method of Assessment:

By written examination. The pass mark is 40%. Time allowed 3 hours.

The question paper will contain:

Two sections:

Section A contains four questions on parts 1 to 4 of the programme content, of which three must be answered.

Section B contains three questions on parts 5 and 6 of the programme content, of which two must be answered.

All questions carry 20 marks. 

Students may use electronic calculators for most questions, but are reminded of the importance of showing detailed steps in calculations.