For background reading:-
Les Oakshott, Essential Quantitative Methods for Business Management and Finance, 4th edition, Palgrave Mcmillan (2009), ISBN: 978-0230218185
Bancroft & O'Sullivan, Quantitative Methods for Accounting and Business Studies, McGraw-Hill (1993), ISBN: 978-0077077310
Gaynor & Kirkpatrick, Introduction to Time-series Modeling and Forecasting in Business & Economics, McGraw-Hill, (1994), ISBN: 0071133348

Knowledge of simple mathematical/statistical methods and basic computer literacy.

Spreadsheet and statistical software such as Excel and SPSS

Class contact of 36 hours consisting of 12 hours of lectures and 24 hours of practical (max size of 20).
Lecture material will demonstrate and explain the mathematical concepts and techniques relevant to the module content. Lab based tutorials will reinforce the lecture material and provide an opportunity to analyse data, practice techniques and learn to use appropriate computer software and interpret its output.

Rationale for and limitations of forecasting.
Decomposition methods for time-related data. Identification of trend, seasonal components for additive and multiplicative models; seasonal indices; forecasts. Use of simple exponential smoothing.
Understanding relationships between paired data. Scatter diagrams. Coefficients of correlation and determination. Simple linear regression techniques. Estimates for intercept, slope and predictions. Variability and consideration of accuracy of estimates.
Introduction to hypothesis testing. t-test for regression parameter estimates.
Nature and cost aspects of stock control. Economic order quantity, lead times, re-order levels, discounts and stockouts. Understanding the role of uncertainty and safety stock.

1. Practical computer-based class test, 1 hour and 15 minutes, 50% (Learning outcomes 1, 3 and 4)
2. Examination, 2 hours, 50% (All learning outcomes)