This combinatorial explosion of data and communications can be made worse by inappropriate data collection procedures. Too much data, having too great redundancy, can clog organizations’ information and administration systems. The resulting effects on business performance lead to process and workflow problems, causing the information flow equivalent of coronary heart disease.
As a student on the Graduate Diploma Programme and the First Year of the full-time MBA Programme, you will be expected to become proficient in a range of Business Management, Information Management and Knowledge Management skills. This Module, Quantitative Management Techniques, is intended to provide you with a structural analytical framework to help you to cope with the organization and interpretation of business data.
All businesses need data in order to function effectively. One of the most important aspects of this process is to build the analytical framework into a useful adjunct to other business activities. To do so, it is essential to turn data into information. Subsequent transformation of the information into knowledge allows one to improve the quality and effectiveness of business decision-making.
This course aims to equip students with the basic mathematical and statistical techniques that underpin business analysis and decision-making.
Many business decisions (some authors estimate over 70% of business decisions) turn out, with hindsight, to be wrong. Any means of reducing this percentage is obviously extremely important to improving managerial decision-making performance, and is the major justification for including these techniques in DBA, MBA and other business studies programmes.
Many of the techniques will be used again, developed, or referred to in other course modules in both years of the programme.
Subject areas in which the concepts may be used explicitly or implicitly include:
- Operations Management,
- Project Management,
- International Business,
- Strategic Management
- Dissertation writing.