Quantitative Methods (12205.1)

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

Upon successful completion of this unit, students will be able to:
1. Solve a range of business problems using the relevant and appropriate quantitative tools;
2. Clearly communicate the implications of the techniques applied in a range of business situations;
3. Apply a range of quantitative techniques to solve problems in business, economics and finance;
4. Explain how data is sampled, collected and presented using a range of summary measures;
5. Select appropriate techniques in addressing unfamiliar problems in business, finance and economics; and
6. Apply forecasting methods in business, economics and finance.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
1. UC graduates are professional - work collaboratively as part of a team, negotiate, and resolve conflict
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development
3. UC graduates are lifelong learners - be self-aware
4. UC graduates are able to demonstrate Aboriginal and Torres Strait Islander ways of knowing, being and doing - use Indigenous histories and traditional ecological knowledge to develop and augment understanding of their discipline

Prerequisites

None.

Corequisites

None.

Incompatible units

None.

Equivalent units

5123 Business Statistics AND 11165 Quantitative Methods in Commerce

Assumed knowledge

Basic mathematics approximately to Year 10 standard.