Module Details

Module Code: MATH6034
Title: Management Decision Making
Long Title: Management Decision Making
NFQ Level: Fundamental
Valid From: Semester 1 - 2016/17 ( September 2016 )
Duration: 1 Semester
Credits: 5
Field of Study: 4610 - Mathematics
Module Delivered in: 3 programme(s)
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:
# Learning Outcome Description
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.
Dependencies
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 MTU 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
 
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.
Module Content & Assessment
Assessment Breakdown%
Coursework30.00%
End of Module Formal Examination70.00%

Assessments

Coursework
Assessment Type Short Answer Questions % of Total Mark 30
Timing Every Second Week Learning Outcomes 1,2,3,4,5
Assessment Description
Homework Based Skill Evaluation
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 70
Timing End-of-Semester Learning Outcomes 1,2,3,4,5
Assessment Description
End-of-Semester Final Examination
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 University reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Theory Every Week 3.00 3
Lecture Contact Theory Every Second Week 0.50 1
Tutorial Contact Revision based on exercise sheets Every Second Week 0.50 1
Independent & Directed Learning (Non-contact) Non Contact Revision of lecture material, completion of exercise sheets Every Week 3.00 3
Total Hours 8.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Theory Every Week 2.00 2
Lecture Contact Theory Every Second Week 0.50 1
Tutorial Contact Revision based on exercise sheets Every Second Week 0.50 1
Independent & Directed Learning (Non-contact) Non Contact Review of lecture material, completion of exercise sheets Every Week 4.00 4
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. 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. Pearson, [ISBN: 9780133373097].
  • S. Taylor, 2007. (2007), Business Statistics for Non-Mathematicians, 2nd. Palgrave Macmillan, [ISBN: 9780230506466].
  • L. Oakshott. (2012), Essential Quantitative Methods for Business, Management and Finance, 5th. 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