Module Details
Module Code: |
MATH6034 |
Title: |
Management Decision Making
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Long Title:
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Management Decision Making
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NFQ Level: |
Fundamental |
Valid From: |
Semester 1 - 2016/17 ( September 2016 ) |
Field of Study: |
4610 - Mathematics
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Module Description: |
This module introduces students to management decision making using techniques from statistical inference, operations research and the mathematics of finance.
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Learning Outcomes |
On successful completion of this module the learner will be able to: |
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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).
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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.
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No incompatible modules listed |
Co-requisite Modules
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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.
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No requirements listed |
Indicative Content |
Financial Mathematics
Annual Percentage rates, present values, future values, annuities, NPV, IRR. Depreciation methods and sinking funds.
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Probability Distributions
Discrete and continuous distributions. Binomial, Poisson and normal distributions.
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Sampling Theory
Concept of sampling distribution, standard error. Estimation of means and proportions. Tests of hypotheses based on the normal and related distributions.
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Queueing Theory.
Classification of queues. Calculation of steady state performance measures for single and multiserver queues.
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Linear Programming
Formulation of linear programming problems in the business context. Graphical and iterative solution to linear programming problems.
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Module Content & Assessment
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Assessment Breakdown | % |
Coursework | 30.00% |
End of Module Formal Examination | 70.00% |
Assessments
End of Module Formal Examination |
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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.
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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
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Recommended Book Resources |
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Jon Curwin. (2013), Quantitative Methods for Business Decisions, 7th. Cengage Learning, [ISBN: 978-140806498].
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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 |
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D.F. Groebner, P.W.Shannon and P.C. Fry. (2013), Business Statistics - A Decision-Making Approach, 9th. Pearson, [ISBN: 9780133373097].
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S. Taylor, 2007. (2007), Business Statistics for Non-Mathematicians, 2nd. Palgrave Macmillan, [ISBN: 9780230506466].
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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 |
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Other Resources |
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Website, CIT Department of Mathematics. CIT MathsOnline,
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Website, MathCentre. MathCentre,
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