MODULE OUTLINE

A: MODULE OBJECTIVE
The main objective of the module is to provide students with the concepts, methods and tools for the
application of mathematics and statistics to business decision making and problem solving. It
familiarizes the student with a wide range of skills and techniques related to decision and problem
analysis, including basics of decision making, sets, linear algebra, differential and integral calculus
linear programming, probabilistic distributions, hypothesis testing, and time series forecasting.
At the end of this course, students will be able to:
Understand sets, linear algebra, differential and integral calculus, systems of linear equations and
apply such skills to solve everyday business problems
Use probability theory and knowledge about probability distributions in developing profitable
business strategies
Apply Statistical Representation of Data, Correlation, Regression and Time Series and methods in
business decision making
B: TOPICS TO BE COVERED
LECTURE ONE: SET THEORY AND SYSTEM OF LINEAR EQUATIONS
Key Learning Objectives:
At the end of this lecture you will be able to:
Define sets and explain the basic concepts underlying the set theory
Perform various operations with sets;
Draw Venn diagrams and use it to solve set related practical problems
Distinguish equations with one variable and quadratic equations
Identify and solve inequalities in two variables.
Content:
Set Theory
Types of Sets
Methods of Representing Sets
Venn Diagrams And Their Applications
Solution of Linear Systems
System of Linear Equations and its Applications
Linear Inequalities
Quadratic Inequalities
LECTURE TWO: DIFFERENTIAL AND INTEGRAL CALCULUS
Key Learning Objectives:
At the end of this lecture you will be able to:
Explain the methods used to determine the rate of change in a function.
Identify the basic rules of differentiation and integration
Perform differential and integral calculus
Content:
The Instantaneous Rate of Change
Rules of Differentiation
Relative Maxima and Relative Minima
The Indefinite and Definite Integral
Methods of Integration
Application of Calculus in Business
LECTURE THREE: MATRICES
Key Learning Objectives:

At the end of this lecture you will be able to:

Define and identify different types of matrices
Perform various matrix operations
Determine matrix determinants and inverse
Use matrix and Cramers rule to solve linear equations
Apply matrix techniques to solve practical business problems
Content:
Introduction to Matrix
Operations with Matrices
Determinants
Inverse of a Matrix
Cramers Rule
Solving System of Linear Equations Using Matrix
Applications of Matrices in Business
LECTURE FOUR: LINEAR PROGRAMMING
Key Learning Objectives:
At the end of this lecture you will be able to:
Determine and formulate the objective function of an LP model
Determine the variables and constraints for an LP model
(iii)Use graphical method to solve an LP problem
(iv)Describe and apply the simplex methods to solve LP problem
(v) Apply LP techniques to solve real practical business problems
Content:
Introduction to Linear Programming Models
Graphical Solution to Linear Programming
Simplex method
Application of Linear Programming Models
LECTURE FIVE: DESCRIPTIVE STATISTICS
Key Learning Objectives:
At the end of this lecture you will be able to:
Define statistics and explain different types of data
Construct different frequency distribution curves
Calculate mean, mode, median, range, standard deviation, and variance
Content:
Introduction to Statistics
Frequency Distributions
Measures of Central Tendency
Measures of Dispersion
Percentiles, Deciles and Quartiles
LECTURE SIX: PROBABILITY THEORY
Key Learning Objectives:
At the end of this lecture you will be able to:
Explain the subjective concepts of probability
State and apply the additional and multiplication rules of probability
Apply the concepts of conditional probability and independence
Content:
Introduction to Probability

Rules of Probability: Independent and mutually exclusive events

Conditional Probability and Expectations
Bayes Theorem
LECTURE SEVEN: SAMPLING AND SAMPLING DISTRIBUTIONS
Key Learning Objectives:
At the end of this lecture you will be able to:
Define a random variable and a probability distribution
Calculate and interpret the expected value of a random variable
Calculate the variance and standard deviation f a random variable
Apply the binomial and binomial distributions to solve business problems
Express observations in standard units (as Z values)
Apply the normal distributions to solve a wide range of practical problems
Indicate how confidence interval can be calculated
Determine the size of the sample for a desired level of accuracy
Describe how

Z tests and parametric techniques can be used

Content:
Random variables and Probability Distributions
Probability Distribution of Discrete Variables
Expected value of a Random Variable
Variance and standard Deviation of a random variable
Decision Analysis
Decision under the environment of certainty and uncertainty
oMaximax, maximin and minimax criterion
Decision Making with Decision Trees
Standard probability Distributions
The Binomial Distribution
The Poisson Distribution
The Normal Distribution
Estimation Theory
Point Estimation and Confidence Intervals
The Central Limit Theorem
Sampling Distributions of Means, Proportions and Variances
Confidence Interval for Means, Population Variance and Standard
Deviation
CHI-Square and F-Distribution
Chi-square Tests
Goodness- of- Fit Test
Analysis of variance (ANOVA)
LECTURE EIGHT: TESTING OF HYPOTHESIS
Key Learning Objectives:
At the end of this lecture you will be able to:
Describe how the null and alternative hypotheses
Calculate the probability of Type I and Type II error
Test whether a population mean equals a specified value
Test whether a population proportion equals a specified value

Content:
The rationale of Hypothesis Testing
Type of Errors
Testing Hypothesis about One Mean
Testing Hypothesis about Two Means
Testing Hypothesis about Proportions
LECTURE NINE: REGRESSION AND CORRELATION ANALYSIS
Key Learning Objectives:
At the end of this lecture you will be able to:
Calculate and interpret sample regression line and correlation coefficient
Calculate and interpret the intercept and slope of a multiple regression
Compute the multiple coefficient of determination
Content:
Introduction to Linear Regression and Correlation Analysis
Simple Linear Regression
Simple Correlation Analysis
Scatter Diagram
Spearman Rank Correlation
Multiple Linear Regression and Correlation
LECTURE TEN: TIME SEREIS AND INDEX NUMBERS
Key Learning Objectives:
At the end of this lecture you will be able to:
Analyze and apply time series models to solve business problems
Discuss limitations of forecasting models
Describe Laspeyres and Paasche Price Indexes
Describe Laspeyres and Paasche quantity Indexes
Content:
Introduction to Time Series
Time Series Models:
The multiplicative Model
The Additive Model
Time Series Forecasting Techniques:
Trend projection method
Classical Decomposition Method
Smoothing Technique
Moving Average method
Choice of the Appropriate Forecasting Method
Problems in Forecasting
Introduction to Index Number
Unweighted Aggregate Index
Price, Quantity and Value Indices
Paasche, Laspeyers and Fisher Index number
CPI and its Uses