Quantitative Methods in Commerce (11165.1)

This unit is designed to provide basic quantitative skills which are an essential foundation to decision-making and professional advice in a range of business situations. Upon completion of this unit students should be able to apply the quantitative tools presented so that they are able to analyse, understand, explain and evaluate data related to market events, government policies and business decision-making. The unit content includes working with equations and graphs of straight lines, linear programming, quantitative research principles in collecting, summarising and displaying business data, index numbers, relations in quantitative and categorical data, measures of association, regressions, elementary probability concepts, the normal distribution and its business applications. Students will carry out these techniques manually and/or through spreadsheets.

Learning outcomes

After successful completion of this unit, students will be able to:
1. Demonstrate an ability to solve a range of business problems by firstly synthesising, organising data, then analysing plus interpreting data and information in relation to specific topics, such as discounted cash flows and linear programming problems with 2 dimensions;
2. Clearly communicate to stakeholders the implications of the results of various techniques applied, as well as being able to identify and articulate the potential impacts of assumptions made and limitations of the techniques;
3. Demonstrate how the techniques covered in the course can be used to assist in solving problems in business, economics and finance;
4. Explain how data is sampled, collected and presented using a range of summary measures;
5. Demonstrate an ability to select appropriate techniques when dealing with unfamiliar problems in business, finance and economics, as well as structure a given problem scenario in a way that allows solution via the appropriate technique; and
6. Demonstrate the application of forecasting methods in business, economics and finance.

Graduate attributes

1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - communicate effectively
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives

Prerequisites

None.

Corequisites

None.

Incompatible units

None.

Equivalent units

5123 Business Statistics

Assumed knowledge

Basic mathematics approximately to Year 10 standard.