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MT2076 Management Mathematics

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25 views3 pages

MT2076 Management Mathematics

Uploaded by

ejyddei
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Course information 2024-25

MT2076 Management Mathematics


General information
MODULE LEVEL: 5
CREDIT: 30
NOTIONAL STUDY TIME: 300 hours
MODE: Locally Taught and Independent Learner Route (not available for Online Taught students)

Summary
This course looks at the applications of mathematics and statistics in management and business.
Students will use dynamic models and data analysis with an emphasis on model construction and
interpretation, in order to gain an appreciation of their appropriate and wide use in this context.

Conditions
Please refer to the relevant programme structure in the EMFSS Programme Regulations to check:
• where this course can be placed on your degree structure; and
• details of prerequisites and corequisites for this course.

You should also refer to the Exclusions list in the EMFSS Programme Regulations to check if any
exclusions apply for this course.

Aims and objectives


• To extend the mathematical and statistical ability and interests of students beyond the
knowledge acquired in courses ST104a Statistics 1 and MT105a Mathematics 1.
• To introduce new areas of interest and applications of mathematics and statistics in the ever
widening field of management.
• For students to become familiar with, and competent in, dynamic models and data analysis.

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Learning outcomes
At the end of the course and having completed the essential reading and activities students should
be able to:
• demonstrate further mathematical and statistical knowledge.
• apply mathematics at varying levels to aid decision-making.
• understand how to analyse complex multivariate data sets with the aim of extracting the
important message contained within a huge amount of data which is often available.
• construct appropriate models and interpret the results generated (this will often be a case of
understanding the output from a computerised model).
• demonstrate the wide applicability of mathematical models while, at the same time,
identifying their limitations and possible misuse.
• discuss the more technical / mathematical / theoretical side of management (including
finance and economics).
• read management/financial journals in the areas of (for example) management science and
operations research, forecasting, financial engineering and market analysis, economics and
econometrics etc. with a reasonably high level of assessing the basic mathematical
techniques employed therein.

Employability skills
Below are the three most relevant employability skills that students acquire by undertaking this
course which can be conveyed to future prospective employers:
1. Complex problem solving
2. Decision making
3. Adaptability and resilience

Essential reading
Brzezniak, Z. and T. Zastawniak Basic Stochastic Processes: A Course Through Exercises. (Springer
Undergraduate Mathematics, 1999) [ISBN 978-1-4471-0533-6]

Hanke, J.E. and D.W. Wichern Business Forecasting. (Pearson Hall, 2008) ninth edition [ISBN 978-
0132301206]

Johnson, R.A. and D.W. Wichern Applied Multivariate Statistical Analysis. (Pearson Prentice-Hall,
2015) sixth edition [ISBN 978-9332549555]

A useful introductory textbook which is used in this course is:

Dowling, E.T. Schaum’s Outline of Introduction to Mathematical Economics. (Schaum, 2011) third
edition [ISBN 978-0071762519]

Assessment
This course is assessed by a three-hour and fifteen-minute closed-book written examination.

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Syllabus
• Logical use of set theory and Venn diagrams.
• Index numbers.
• Trigonometric functions. Imaginary numbers. (The prime requirement for both these topics
is for modelling of cyclical dynamics via difference and differential equations).
• Difference (first and second order) and differential equations (linear, first and second order).
Simultaneous second order equations.
• Further applications of matrices: input/output, networks, Markov chains, transition/product
switching matrices.
• Simple stochastic processes – including ‘Gambler’s ruin’, ‘Birth and Death’ and queuing
models. Analysis of queues to include expected waiting time and expected queue length.
• Statistical modelling. Analysis of multivariate models. Simple treatment of construction and
interpretation of factor analysis and discriminant analysis models.
• Time series analysis. Forecasting techniques (including exponential smoothing, moving
averages, trend and seasonality, simple Box-Jenkins (ARIMA)).
• Introduction to econometrics. Multiple regression (including using F tests). Simple analysis of
variance.
• Principles of mathematical modelling.
• Clustering techniques and appreciation of other models. Data reduction models. Interpreting
various types of scatter plots.

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