Quantitative Analysis for Business

Welcome to BUS B273 Quantitative Analysis for Business.

You are about to begin a course which will provide you with a strong foundation for understanding and applying a wide range of analytical methods. Quantitative Analysis for Business is a compulsory ten-credit middle-level course within the Bachelor of Business Administration (BBA) ordinary and honours degree programmes.

This course provides students in the field of business administration with a conceptual and methodological introduction to the field of statistics as well as management science. You will learn how to collect data, use a wide range of analytical methods to analyse data, present data, and interpret the reported results of statistical studies. You will also have a chance to explore how to apply different concepts in the field of management science such as linear programming, decision analysis and project management to solve business decision problems. The course is application oriented and written with the needs of non-mathematicians in mind. It is presented in a manner that emphasizes and illustrates the real-world aspects of quantitative analysis as applied to business. Wherever possible, it attempts to bring real-life examples and data to the course materials. To aid in the analysis of complex data, extensive use will be made of the computer software, Microsoft Excel.

There are ten units in this course. They will take about 30 weeks to complete, and you are expected to spend at least ten hours per week on the study materials. Throughout the course, you will also be expected to work independently through the exercises given for each unit, to submit three assignments, and to sit a three-hour examination.

Purpose of this Course Guide

The purpose of this Course Guide is to help you find your way through BUS B273 Quantitative Analysis for Business. You should read it very thoroughly before you begin working on your study units, as it contains important information that is not available elsewhere. It tells you:

• what the course is about;
• the aims and learning outcomes of this course;
• how much time to spend on each unit to complete the course successfully;
• how to work your way through this course; and
• how assignments and the examination are assessed.

Course aims

The course aims to provide you with analytical skills required for applying appropriate quantitative methods in making business decisions. It also aims to provide you with the necessary statistical background needed in other business courses. The application of statistical methods to problems pertaining to business will therefore be emphasized throughout the course. Upon successful completion of the course, you are expected to have gained a thorough understanding of the nature and process of statistical inference. You should know when and how to apply appropriate statistical methods to aid in making business decisions.

Course learning outcomes

After completing this course, you should be able to:

• Apply the techniques of random sampling, statistical graph plotting, and statistical summary measures in business situations.
• Discuss the concepts of probability, probability distributions and sampling distribution.
• Apply statistical methods including confidence interval, hypothesis testing, linear regression and time series analysis in making informed business decisions.
• Solve business decision problems using methods in linear programming, decision analysis and project management.

BUS B273 Quantitative Analysis for Business is divided into ten study units. Units 1 to 10 occasionally refer you to a designated textbook mentioned later in this Course Guide. Unit 1 addresses data, sample selection in survey research, and descriptive statistics. You will learn basic probability theory and various probability distributions in Unit 2. With these building blocks, you will learn about sampling distribution and how to perform interval estimation in Unit 3. Hypothesis testing, a very common tool in statistics, is covered in Units 4 and 5. You will find this useful, for example, in business functions such as marketing research and operations management. Unit 6 first addresses the concept of analysis of variance, followed by linear regression. You will study techniques in business forecasting in Unit 7. Units 1–7 consist of concepts or topics from the fields of business statistics in which the main concern is how to perform data processing and use the summarized results to make useful statistical inferences. These in turn will enable you to better understand information in today's world from a business perspective.

In Unit 8, you will encounter the linear programming model. It is a very useful tool for tackling business problems in order to achieve optimal solutions. Decision analysis, a very common topic in management science, is covered in Unit 9. Last but not least, project management will be covered in Unit 10, which examines how to manage a project effectively. Units 8, 9 and 10 are topics from the field of management science, originally a synonym for operations research, involving mathematical methods whose objective is to increase the efficiency of management systems. The ten study units of this course together should be able to provide you with a strong set of analytical skills to help you make better informed business decisions.

It is important that you complete and hand in your written assignments on time, so you need to plan your study time accordingly. Assignments are compulsory and are marked by your tutor. You will find more information on the assignments in a later section of this Course Guide and in your Assignment File.

The time needed to complete each unit as well as the whole course will depend on your analytical ability and background in mathematics and statistics. You should therefore carefully plan your own study schedule. The study schedule below is provided for you as a guide. The estimated time you will need to spend on this course is about 10 hours per week on average. This estimate includes time for reading the study units and relevant topics from your textbook, completing self-tests and practice exercises, completing assignments, attending live online tutorials, and preparing for your final examination.

* The suggested weeks of study denote the suggested period of time to be allocated for studying the respective unit plus preparation of the assignment solutions.

In addition to this Course Guide, the course materials consist of the following:

• study units
• set textbook
• Assignment File
• Tutorial Workbook
• Stop presses.

Study units

The course is designed to take advantage of both the prescribed textbook and reference materials. The study units will provide instructions on how to proceed through the textual and supplementary material provided. Each study unit will also add points of clarification and give business-related examples/case scenarios, especially Hong Kong- and China-specific examples/case scenarios, in order for you to fully understand the concepts and principles presented in the text, and be able to apply them to the Hong Kong and mainland China environment.

You must read each unit carefully, because it provides relevant discussion of the course content. Each unit also contains important information that you are expected to know, for instance, how to install the required software in Unit 1. If you do not read a study unit carefully, you may miss important information.

You are also required to read relevant sections of the textbook. You are expected to understand the principles involved and apply specific techniques in quantitative analysis. The specific pages of the textbook cited in each of the ten study units are all within the course syllabus and they are subject to be assessed in both the assignments and in the examination.

Each unit contains self-tests, which provide immediate feedback on your understanding of a technique or principle you have just read about. Answers to self-tests are provided at the end of each unit under a separate section called 'Answer key for self-test questions'. You should try all self-test questions on your own before looking at the answers. This will help you prepare for assignments and the examination.

At the end of each unit, you will find a practice exercise that covers all topics in a unit. The solution to this practice exercise is also provided at the end of each unit. As with the self-tests, try the practice exercises on your own and think about them for a few days before looking at the answers.

Each study unit will follow a common format, as outlined below:

• Overview — this section gives you an idea of what the study unit is all about.
• Statistics in business practice — these sections give some business-related scenarios that aim to help you understand how statistics plays a role in the real business environment.
• Self-tests — there is a self-test immediately after the study of a concept. It is designed to test your comprehension and analytical skills. It is normally short and straightforward. If you have trouble completing the self-tests, you should review the preceding topics and the assigned readings. You may also consult your tutor if you have difficulties.
• Business applications of techniques introduced — this section reviews the business applications of the techniques introduced in the unit and illustrates other business applications where necessary.
• Summary — this gives you a summary of what the study unit has covered.
• Practice exercise — this is a comprehensive exercise that links all the concepts of the study unit. Instead of testing individual concepts as the self-tests do, this exercise will test your understanding of the study unit as a whole. Doing this exercise will help prepare you for your assignments and the examination.
• Useful websites — some useful websites may be listed for your reference.

Set textbooks

The compulsory set textbooks to be purchased for this course are:

Keller, G (2018) Statistics for Management and Economics, 11th edn, Cengage Learning.

Hillier, F and Hillier, M (2017) Introduction to Management Science, A Modeling and Case Studies Approach with Spreadsheets, 6th edn, McGraw Hill.

Assignment File

Your Assignment File contains assignments, as well as specific details on due dates, instructions related to each assignment, and how many marks each question is worth. Read these details thoroughly before you attempt the assignment. You are required to complete each of the assignments and submit them via the Online Learning Environment (OLE) by the corresponding due dates.

Tutorial Workbook

The Tutorial Workbook is designed to be used in conjunction with this course during the live online tutorials. It includes problem-solving exercises that also include some computer applications. You are advised to have the Tutorial Workbook with you for each live online tutorial.

Stop Presses

You may receive a stop press from us as you are working through this course. The main idea of a stop press is to provide you with information only recently available, i.e. after the course materials were prepared. Therefore, a stop press may contain errata, changes in course materials, further details on part of the course, general guidelines, general news of interest to BUS B273 students and additional study advice. Since the contents of a stop press can seriously affect your study of BUS B273, it is very important that you read them immediately and take note of their contents. Make sure you check your university email account regularly.

Recommended reference materials

You are not required to buy the following materials; they are for reference only:

Anderson, D R, Sweeney, D J and Williams, T A (2018) Modern Business Statistics with Microsoft Excel ® , 6th edn, South-Western Thomson Learning.

Berenson, M L, Levine, D M, Szabat, K A and Stephan, D F (2019) Basic Business Statistics Concepts and Applications, 14th edn, Prentice Hall.

Aczel, A D (2012) Complete Business Statistics, 8th edn, McGraw-Hill.

Swift, L and Piff, S (2014) Quantitative Methods for Business, Management & Finance, 4th edn, Palgrave Macmillian.

Anderson, D R, Sweeney, D J, Williams, T A, Camm, J D, Cochran, J J, Fry, M J and Ohlmann, J W (2016) Quantitative Methods for Business, 13th edn, South-Western Cengage Learning.

Taylor III, B W (2016) Introduction to Management Science, 12th edn, Prentice Hall.

Useful websites

The following are some websites that you will find helpful throughout the course (we will quote other websites at the end of each study unit if we find that they will be useful to your learning):

• http://www.censtatd.gov.hk/
  This is the website of the Census and Statistics Department of the Hong Kong SAR.

• http://davidmlane.com/hyperstat/index.html
  A useful online statistics text reference.

The Online Learning Environment

This course is supported by the Online Learning Environment (OLE). You can find course materials and the latest course information from the OLE. Through the OLE, you can also communicate with your tutor and the Course Coordinator as well as fellow students. For details about the OLE and how to access it, please refer to the Online Learning Environment User Guide.

You will be assessed on your ability to grasp key concepts of the course. Assessment will involve the application of concepts and theories to practical problems.

The course carries two formal activities in student assessment: a set of three assignments and a final examination. The assignments together serve as the continuous assessment component within the study period and contribute 40% of the total course mark. The other 60% is evaluated through a final examination.

You are required to pass both the continuous assessment component and the final examination with a mark of 40% or better to obtain a pass in this course.

A summary of the assessment for BUS B273 Quantitative Analysis for Business is given in the following table.

Assignments

During the study period, the course carries out a continuous assessment on your performance through the submission of three assignments. The assignments are contained in the Assignment File. Assignments serve four purposes:

• To provide a mechanism for you to keep up your progress.
• To test your understanding of the topics.
• To provide an opportunity for you to apply what you have learned in some applications and case studies.
• After they have been marked by your tutor, you can download the marked assignments from the OLE so that you can be aware of any mistakes committed and clarify any misunderstandings. In addition, you can broaden your perspectives through your tutor's feedback.

All three assignments will count towards the continuous assessment. The weighting for Assignments 1, 2 and 3 are 10%, 15% and 15% respectively.

How to submit your assignments

You must use word processing software (such as Microsoft Word) to prepare the assignments, and submit them via the Online Learning Environment (OLE). All assignments must be submitted by the due date.

Failure to upload an assignment in the required format to the OLE may result in the score of the assignment being adjusted to zero.

Assignment extension policy

The assignment policy of the University as stated in the Student Handbook should be observed. You are required to submit assignments for this course in accordance with the dates communicated by your Course Coordinator. You may apply for a submission extension on the grounds of illness, accident, disability, bereavement or other compassionate circumstances.

Applications for extensions must be submitted online via the OLE. Please note the following:

1. Supporting documents must be submitted to justify applications for extensions of over seven days.
2. Applications for extensions should normally be lodged before or on the due date.
3. Applications are considered by:
   
   • your tutor for extensions of up to seven days;
   • the Course Coordinator for extensions of 8 to 21 days; and
   • the Dean for extensions of over 21 days.

After an assignment is submitted via the OLE, it is your responsibility to check that the assignment has been successfully submitted. Extension applications due to any problem with uploading will not be accepted. The University cannot accept any responsibility for assignments that are not received by your tutor due to any problem with submissi on via the OLE. As a precaution, you are advised to keep a copy of each assignment you submit.

According to the University's policy, no extension of the due date will be allowed for the final assignment. This policy will be strictly enforced. Any late submission of the final assignment will result in the score of the assignment being adjusted to zero.

Examination

At the end of the course, there will be a compulsory three-hour closed- book written final examination, which will account for 60% of the total course assessment. You will be provided with necessary formulas and statistical tables. Dictionaries are not allowed in the examination.

The final examination covers information from all parts of the course and will be in a form that you will have already experienced in practice exercises and assignments.

Use the time between completing the last unit and sitting for your examination to review the entire course. You might find it useful to rework some exercises, and review your assignments and your tutor's comments on them. You will be advised of the examination arrangements through the Exam Office.

Final course grading

Your final course grade will be composed of your overall continuous assessment grade (40%) and final examination (60%). To be assured of achieving a pass result, you must pass both the continuous assessment and the final examination. Normally, the minimum pass mark for the overall continuous assessment and the final exam is 40 marks for each. The following example provides an idea of how your pass grade is determined.

Example

If you score 95 marks (out of 100) in the continuous assessment and 35 marks (out of 100) in your examination, you will obtain a final course score of 59 (95 × 0.4 + 35 × 0.6). However, you will receive a fail for your final course result even though your final course score of 59 is a pass score. The reason for this is that you failed your final examination.

Students who marginally fail the overall continuous assessment (with a mark of 31–39) will be granted a pass grade C if their final course score reaches 40 or above.

Course grades

A detailed explanation of the course grading scheme can be found in the Student Handbook.

The following are essential to the study of this course.

Calculator

It is essential that you have a calculator with statistical functions. You will find a 'List of approved calculators for BUS B273' in this mailing. Please ensure your calculator appears on the list.

Personal computer

You will require access to a personal computer (PC) with an Internet connection. If you wish, you may use the HKMU or ILC computer labs, many of which have access to the Internet. As some questions in the assignments relate to the application of Excel, you are required to have access to the following:

• Software packages
  Microsoft Office 2016 (English) or higher for the Excel computer application; Internet Explorer or other browsers to access the Online Learning Environment.

Tutors

Your assigned tutor is an expert on the content of this course. Your tutor marks and comments on your assignments, keeps a close watch on your progress, and advises you on any difficulties you might encounter. Your tutor is not responsible for providing assistance in solving assignment questions but he or she will be pleased to explain any concepts in the course that are unclear to you. Your tutor will mark your assignments and return them to you via the University as soon as possible.

Live online tutorials

To assist you in this course, regular live online tutorials are organized with your assigned tutor. There are ten live online tutorials spread over a seven-month period.

You are strongly encouraged to attend every live online tutorial. The tutorials will provide considerable assistance in your study of BUS B273 Quantitative Analysis for Business and improve your chances of obtaining a higher grade. Your own tutor will lead your group throughout the tutorial period. In addition to answering your queries, the tutor will spend some time on the Tutorial Workbook. Try to do the relevant tutorial exercises before attending the live online tutorial.

For each live online tutorial, you are advised to have the relevant study units, the Tutorial Workbook and your calculator with you. However, your tutor will tell you more about what to prepare for the tutorial.

Tutors are required to start live online tutorial sessions on time. If a tutor fails to turn up 30 minutes after the scheduled starting time, students may assume that the session is cancelled and they should report the case to the Course Coordinator so that a make-up session can be arranged.

Please also note that the function of live online tutorials is to complement your distance learning materials and not to replace them. In this course, the primary means of learning is through your HKMU course materials and your assigned textbook.

Telephone tutoring

Your tutor will allocate one evening of two hours per week especially for telephone tutoring. Phone your tutor within the telephone tutoring period assigned by the tutor if you need help. Your tutor is not obliged to answer your call outside his/her specified tutoring hours, although most of our tutors are willing to. Do not hesitate to contact your tutor by telephone within the specified time if you need help.

The following might be some typical circumstances where you find it necessary to ask for help. Call your tutor at the scheduled time if:

• you do not understand any part of your study units or assigned readings;
• you have any difficulty with self-tests or practice exercises in the units or tutorial questions in the Tutorial Workbook;
• you have any query about your marked assignment. (Note: your tutor will not provide assistance in assignment problem solving prior to assignment submission.)/li>

If you need an extension for your assignment, you should also call your tutor within the specified telephone tutoring hours only.

The following is a recommended strategy for working through the course. If you run into any trouble, phone or email your tutor. Remember that your tutor's job is to help you.

1. Read this Course Guide thoroughly.
2. Organize your own study schedule. A suggested Course Schedule with dates is available on the OLE.
3. Assemble the study materials, which include the study units, textbook, and Tutorial Workbook.
4. Turn to the first study unit and read the 'Overview'.
5. Work through the unit. The unit will provide a brief discussion on relevant course concepts. You are also required to read relevant sections of the textbook when you study each of the relevant sections of the units. There are self-tests that test your understanding of the techniques or principles you have learned. You should always attempt to answer these questions before turning to the answers, which are placed at the end of the unit.
6. When the unit directs you to, turn to the Assignment File and complete the required assignment.
7. While waiting for your assignment to be marked, begin your work on the next unit.
8. When the assignment is marked, pay particular attention to your tutor's comments. Contact your tutor for any questions you have on the assignment.
9. Browse through the cited websites to review the statistical concepts and work on some activities.
10. While studying the units, participate in the online discussion board on the OLE. Post your questions onto the board for discussion.
11. Work through the Tutorial Workbook exercises before attending live online tutorials.
12. After completing the last study unit, review the course and prepare yourself for the final examination.

BUS B273 Quantitative Analysis for Business is a lively subject that requires both hard thinking and common sense. Moreover, it is an action-oriented course where you must analyse and practise continuously while studying. An understanding of quantitative methods is a basic business requirement. The analytical methods you are about to learn will always be helpful companions throughout your career as a business professional. Good luck!

If you wish to defer your studies of this course until a later date, you should apply for deferment of studies. For the regulations governing deferment of studies, please refer to your Student Handbook. If you have applied for deferment of studies you should continue with your studies of this course and submit the required assignments until formal approval is given by the University.

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