**Introduction**

This module unit is intended to equip the trainee with necessary knowledge, skills and attitudes that will enable him/her apply quantitative techniques in making business decisions

**General Objectives**

At the end of this module unit, the trainee should be able to:

- Use quantitative techniques in business management
- Apply quantitative techniques in decision making
- Apply network analysis in project management
- Cope with the emerging trends and issues in quantitative techniques

### Topic 1: Introduction to Quantitative Techniques

- Meaning of quantitative techniques
- Development of quantitative techniques
- Role of quantitative techniques
- Types of quantitative techniques
- Areas where quantitative techniques are applicable

### Topic 2: Correlation and Regression

- Definition of terms correlation and regression
- Differences and similarities between correlation and regression
- Methods of studying correlation
- Interpretation of correlation coefficient
- Linear regression equation
- Forecasting using regression equation

### Topic 3: Linear Programming

- Definition of linear programming
- Assumption of linear programming
- Requirements of linear programming
- Formulation of linear equation
- Formulation of linear programming problems
- Solving linear programming problems

### Topic 4: Matrices

- Definition of matrices
- Types of matrices
- Determination of order of a matrix
- Matrix operations
- Determination of determinant of a matrix
- Inverse of a matrix
- Solving simultaneous equations using matrices

### Topic 5: Index Numbers

- Definition of index numbers
- Uses of index numbers
- Types of index numbers
- Factors to be considered in construction of index numbers
- Problems encountered when constructing index numbers
- Computation of index numbers
- Limitations of index numbers

### Topic 6: Time Series

- Definition of time series
- Objectives of time series analysis
- Component of a time series
- Computation of time series components
- Decomposition of a time series

### Topic 7: Network Analysis

- Meaning of network analysis
- Terms used in network analysis
- Rules used when drawing networks
- Construction of project network
- Critical path and project duration
- Application of network analysis

### Topic 8: Introduction to Calculus

- Definition of calculus
- Differentiation of simple functions
- Integration of simple functions
- Application of calculus

### Topic 9: Inventory Control Models

- Definition of basic terms used in inventory control
- Inventory control limits
- Minimization of cost of inventories
- Inventory control models

### Topic 10: Financial Mathematics

- Definition of terms used in financial mathematics
- Present and future values
- Annuities and perpetuities

### Topic 11: Probability and Probability

- Distributions
- Definition of basic terms used in probability
- Basic concepts of probability
- Laws of probability
- Probability distributions
- Application of basic probability distribution functions

### Topic 12: Tests of Hypothesis

- Definition of hypothesis
- Types of hypothesis
- Type I and type II errors
- Critical and acceptance regions
- Z-test and T-test

### Topic 13: Emerging Trends and Issues in Quantitative Techniques

- Emerging trends and issues in quantitative techniques
- Challenges posed emerging trends and issues in quantitative techniques
- Coping with challenges posed emerging trends and issues in quantitative techniques

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