Abstract

This subject focuses on the application of quantitative management tools to data analysis in order to assist management decision makers within organisations. It introduces relevant statistical, research and operations management techniques which can be used to enhance the ability of managers to make informed decisions. Use is made of computer … For more content click the Read More button below.

Syllabus

Decision theorySimulation modellingProbability conceptsStatistical hypothesis testingRegression coefficientsTime-series forecasting methodsCost- volume-profit analysisLinear programmingProduct mix decisions

Learning outcomes

Upon successful completion of this subject, students should:
1.
be able to demonstrate problem-solving skills in assessing, organising, summarising and interpreting relevant data from a variety of sources and apply critical thinking skills for decision making purposes;
2.
be able to apply sustainability management accounting tools and decision theory to business situations;
3.
be able to explain and use simulation and probability concepts for complex decisions;
4.
be able to demonstrate understanding of the application of statistical hypothesis testing to decisions, with particular emphasis on quality control and interpreting the significance of regression coefficients in cost estimation;
5.
be able to use accepted time-series forecasting methods;
6.
be able to apply cost-volume-profit analysis and linear programming to product mix decisions,
7.
be able to describe how information and communication technology advances that support data analysis, decision making, can enhances the efficiency and effectiveness of communication; and
8.
be able to communicate clearly and concisely in a range of formal and informal situations and settings including delivering engaging presentations that persuade, motivate and inform stakeholders using a range of technologies and presentation strategies.

Assumed knowledge

Postgraduate students only.