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MATH6034 - Management Decision Making

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Title:Management Decision Making
Long Title:Management Decision Making
Module Code:MATH6034
 
Duration:1 Semester
Credits: 5
NFQ Level:Fundamental
Field of Study: Mathematics
Valid From: Semester 1 - 2016/17 ( September 2016 )
Module Delivered in 3 programme(s)
Module Coordinator: David Goulding
Module Author: AINE NI SHE
Module Description: This module introduces students to management decision making using techniques from statistical inference, operations research and the mathematics of finance.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Describe, derive and employ the functions of financial mathematics.
LO2 Apply probability distributions to business and financial decision making.
LO3 Apply estimation and statistical hypothesis testing techniques for decision making.
LO4 Compute system performance measurements for steady state queues.
LO5 Formulate and solve linear programming decision models.
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Candidates should have taken Managment Decision Making Techniques 1 or equivalent.
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.

No requirements listed
 

Module Content & Assessment

Indicative Content
Financial Mathematics
Annual Percentage rates, present values, future values, annuities, NPV, IRR. Depreciation methods and sinking funds.
Probability Distributions
Discrete and continuous distributions. Binomial, Poisson and normal distributions.
Sampling Theory
Concept of sampling distribution, standard error. Estimation of means and proportions. Tests of hypotheses based on the normal and related distributions.
Queueing Theory.
Classification of queues. Calculation of steady state performance measures for single and multiserver queues.
Linear Programming
Formulation of linear programming problems in the business context. Graphical and iterative solution to linear programming problems.
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions Homework Based Skill Evaluation 1,2,3,4,5 30.0 Every Second Week
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4,5 70.0 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Theory 3.0 Every Week 3.00
Lecture Theory 1.0 Every Second Week 0.50
Tutorial Revision based on exercise sheets 1.0 Every Second Week 0.50
Independent & Directed Learning (Non-contact) Revision of lecture material, completion of exercise sheets 3.0 Every Week 3.00
Total Hours 8.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Theory 2.0 Every Week 2.00
Lecture Theory 1.0 Every Second Week 0.50
Tutorial Revision based on exercise sheets 1.0 Every Second Week 0.50
Independent & Directed Learning (Non-contact) Review of lecture material, completion of exercise sheets 4.0 Every Week 4.00
Total Hours 8.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.00
 

Module Resources

Recommended Book Resources
  • Jon Curwin 2013, Quantitative Methods for Business Decisions, 7th Ed., Cengage Learning [ISBN: 978-140806498]
  • Glyn Burton, George Carrol and Stuart Wall 2002, Quantitative methods for business and economics, Financial Times Prentice Hall Harlow [ISBN: 978-0273655701]
Supplementary Book Resources
  • D.F. Groebner, P.W.Shannon and P.C. Fry 2013, Business Statistics - A Decision-Making Approach, 9th Ed., Pearson [ISBN: 9780133373097]
  • S. Taylor, 2007 2007, Business Statistics for Non-Mathematicians, 2nd Ed., Palgrave Macmillan [ISBN: 9780230506466]
  • L. Oakshott 2012, Essential Quantitative Methods for Business, Management and Finance, 5th Ed., Palgrave Macmillan [ISBN: 9780230302661]
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 3 Mandatory
CR_BACCT_7 Bachelor of Business in Accounting 3 Mandatory
CR_BACCT_6 Higher Certificate in Business in Accounting 4 Mandatory

Cork Institute of Technology
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Email: help@cit.edu.ie