Foundation Quantitative Methods for Business

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ISBN: 9780273607656 | 0273607650
Cover: Paperback
Copyright: 10/1/1996

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Students of business and management are expected to have basic numerical skills from GCSE maths. Often, these skills are forgotten in the two years or so between GCSE maths and the commencement of a degree. The aim of this text is to help students bridge the gap between school and university and to ensure that not only are the appropriate quantitative skills developed, but also that the student develops an understanding of the role of QM in a modern business environment. The text uses diagrams, illustrations and graphs from the real world to illustrate the application of techniques. Examples of output from common business software (Lotus, SuperCalc, Minitab etc) are included.

Preface

Introduction

Learning objectives

(9)

Information and decision-making

(1)

Approach of the text

(1)

Organization of the text

(1)

Computers

(1)

Terminology and vocabulary

(5)

Summary

(1)

Self-review questions

(1)

Student exercises

(2)

Tools of the Trade

Introduction

(1)

Chapter structure

(66)

Numbers

(4)

Basic arithmetic

(7)

Rounding

(5)

Estimating

(3)

Negative numbers

(5)

Fractions

(7)

Decimals

(5)

Percentages

(4)

Powers, exponents and scientific notation

(4)

Symbols and equations

(11)

Roots of numbers

(2)

Logarithms

(5)

Other mathematical operators

(3)

Summary

(1)

Solutions to self-assessments

(1)

Data Collection and Data Sources

Introduction

(1)

Learning objectives

(14)

Stages in data collection

(5)

Sampling methods

(5)

Applications in business and management

(1)

Data sources

(2)

Summary

(1)

Example

(3)

Self-review questions

(1)

Student exercises

(2)

Tables in Business

Introduction

100

(1)

Learning objectives

100

(29)

Data and information

101

(1)

The use of tables

102

(2)

Constructing a table

104

(4)

Other types of table

108

(8)

Using complex tables

116

(3)

Frequency tables

119

(10)

Summary

129

(1)

Example

129

(2)

Self-review questions

131

(1)

Student exercises

131

(6)

Computer exercises

137

(1)

Business Diagrams

Introduction

138

(1)

Learning objectives

138

(33)

Tools of the trade

139

(7)

The need for diagrams in business

146

(1)

Line graphs

147

(6)

Bar charts

153

(10)

Pie charts

163

(3)

Scatter diagrams

166

(3)

Using the different diagrams

169

(2)

Summary

171

(1)

Example

171

(2)

Self-review questions

173

(1)

Student exercises

174

(2)

Business Diagrams: Histograms

Introduction

176

(1)

Learning objectives

176

(16)

Histograms

177

(2)

Histograms with unequal intervals

179

(4)

Frequency polygons

183

(4)

Ogives

187

(3)

Percentiles

190

(2)

Summary

192

(1)

Example

192

(3)

Self-review questions

195

(1)

Student exercises

196

(4)

Management statistics

Introduction

200

(1)

Learning objectives

200

(37)

The need for statistics

201

(1)

Averages

202

(2)

Variability

204

(6)

Skewness

210

(1)

Using the statistics

211

(3)

Statistics for aggregated data

214

(9)

Populations and samples

223

(1)

Weighted averages

223

(2)

Index numbers

225

(12)

Summary

237

(1)

Example

237

(4)

Self-review questions

241

(1)

Student exercises

241

(3)

Dealing with uncertainty in business

Introduction

244

(1)

Learning objectives

244

(40)

Probability and its terminology

245

(2)

Measuring probability

247

(2)

Laws of probability

249

(5)

Some business examples

254

(4)

Probability trees

258

(3)

Expected value

261

(3)

Probability distributions

264

(3)

The binomial distribution

267

(7)

The normal distribution

274

(10)

Summary

284

(1)

Example

285

(3)

Self-review questions

288

(1)

Student exercises

288

(4)

The Principles of Market Research and Statistical Inference

Introduction

292

(1)

Learning objectives

293

(30)

Samples and populations

294

(1)

The sampling distribution

295

(9)

Confidence intervals

304

(8)

Confidence intervals with percentages

312

(1)

An introduction to hypothesis testing

313

(6)

Other aspects of tests

319

(2)

Tests on means

321

(2)

Summary

323

(1)

Example

324

(2)

Self-review questions

326

(1)

Student exercises

326

(3)

Business Mathematics: Linear Equations and Graphs

Introduction

329

(1)

Learning objectives

329

(19)

Functions

330

(1)

Linear equations

331

(1)

Graphing a linear equation

331

(4)

Parameters of a linear equation

335

(4)

Equations from graphs

339

(2)

Sets of linear equations

341

(7)

Summary

348

(1)

Example

349

(1)

Self-review questions

350

(1)

Student exercises

351

(2)

Business Mathematics: Non-Linear Functions and Calculus

Introduction

353

(1)

Learning objectives

353

(30)

Quadratic functions

354

(1)

Graphing a quadratic equation

355

(5)

Parameters of a quadratic equation

360

(1)

The turning point of a quadratic function

361

(1)

The roots of a quadratic function

362

(1)

Finding the turning point

363

(3)

Sets of quadratic equations

366

(6)

Other types of non-linear equations

372

(1)

Differential calculus

373

(7)

Finding the turning point using differential calculus

380

(3)

Summary

383

(2)

Example

385

(1)

Self-review questions

386

(1)

Student exercises

387

(2)

Business Forecasting: Simple Linear Regression

Introduction

389

(1)

Learning objectives

389

(17)

Forecasting in business

390

(1)

Simple linear regression

391

(4)

Line of best fit

395

(1)

Calculating the line of best fit

395

(4)

Forecasting with the regression line

399

(2)

The correlation coefficient

401

(4)

Summary of simple linear regression

405

(1)

Summary

406

(1)

Example

407

(7)

Self-review questions

414

(1)

Student exercises

414

(3)

Business Forecasting: Time Series Analysis

Introduction

417

(1)

Learning objectives

417

(18)

Seasonal variation

418

(2)

Time series models

420

(1)

Calculation of the trend

421

(3)

Calculation of the seasonal variations

424

(3)

Summary of method

427

(1)

Seasonally adjusted series

428

(1)

Using monthly data

429

(1)

Additive and multiplicative models

430

(2)

Summary of method

432

(1)

Forecasting a time series

433

(2)

Summary

435

(1)

Example

436

(5)

Self-review questions

441

(1)

Student exercises

442

(6)

Business Mathematics: Financial Decisions

Introduction

448

(1)

Learning objectives

448

(17)

Investments, return and interest

449

(1)

Simple and compound interest

450

(5)

Nominal and effective interest

455

(1)

Discounting

456

(1)

Time and preference

457

(2)

Present value

459

(2)

Investment appraisal

461

(4)

Summary

465

(1)

Example

465

(4)

Self-review questions

469

(1)

Student exercises

469

(2)

Postscript

471

(20)

Appendices

1 Answers to self-review questions

473

(10)

2 Binomial distribution

483

(6)

3 Areas in the tail of the normal distribution

489

(2)

Index

491

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Foundation Quantitative Methods for Business

Summary

Table of Contents

Supplemental Materials