This Course Guide has been taken from the most recent presentation of the course. It would be useful for reference purposes but please note that there may be updates for the following presentation.
BUS B272
Quantitative Methods for Decision Making
Welcome to BUS B272 Quantitative Methods for Decision Making.
You are about to begin a course that will provide you with a strong foundation for understanding and applying a wide range of analytical methods. BUS B272 Quantitative Methods for Decision Making is a compulsory five-credit foundation-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 and management science and their many applications in business decision making. You will learn from analysing relationships among variables in a business context as well as the application of business forecasting to finding an optimal solution for some typical business problems. The course is application oriented and written with the needs of non-mathematicians in mind. Wherever possible, it brings 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 five units in this course. They will take about 16 weeks to complete, and you are expected to spend at least eight 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 two assignments, and to sit for a two-hour examination.
Advisory prerequisite
Since the course content of BUS B272 is closely related to BUS B171, you are strongly advised to have already studied BUS B171 before taking BUS B272.
Purpose of this Course Guide
The purpose of this Course Guide is to help you find your way through BUS B272 Quantitative Methods for Decision Making. 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:
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 for performing analysis of variance, regression analysis and business forecasting. On successful completion of the course, you are expected to have achieved a thorough understanding in regression analysis and business forecasting as well as the concept of optimization. You should be able to formulate relevant business problems in a logical manner and you should know when and how to apply appropriate quantitative methods when making business decisions.
Course learning outcomes
After completing this course, you should be able to:
BUS B272 Quantitative Methods for Decision Making is divided into five study units. Units 1 to 5 refer you to two designated textbooks mentioned later in this Course Guide. Unit 1 first addresses the concept of analysis of variance, followed by linear regression. You will study techniques in business forecasting in Unit 2. In Unit 3, you will encounter the linear programming model. It is a very useful tool for tackling business problems in order to achieve an optimal solution. Decision analysis, a very common topic in management science, is covered in Unit 4. Last but not least, project management will be covered in Unit 5. You will find this useful, for example, regarding how to determine the critical path of a project.
It is important that you complete and hand in your written assignments on time, so you need to plan and distribute 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 this course will depend on your analytical ability and background in mathematics and statistics. The study schedule below has been planned for you. You should therefore carefully plan your own study schedule. The estimated time, on average, you will need to spend on this course is about eight hours per week for a period of about 16 weeks. This estimate includes time for reading study units and your textbook, completing self-tests and practice exercises, completing assignments, attending live online tutorials, and preparing for your final examination.
| Unit | Unit title | Suggested weeks of study* | Assignment |
| 1 | Analysis of variance and linear regression | 3 | |
| 2 | Time-series analysis and forecasting | 3 | Assignment 1 |
| 3 | Linear programming | 3 | |
| 4 | Decision analysis | 3 | Assignment 2 |
| 5 | Project management | 3 | |
| Revision | 1 | ||
| Total | 16 |
* 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
The course is designed to take advantage of both the prescribed textbooks and references. 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 some local business-related examples/case scenarios so that you fully understand the concepts and principles presented in the text and that you can apply them to both the Hong Kong and mainland Chinese environment.
You must read each unit carefully, because it provides a commentary on your textbook and introduces you to additional material. Each unit also tells you what you are expected to do and when to complete your assignments. If you do not read a study unit carefully, you may miss important information.
Each unit also directs you to read specific pages in the textbook. You are expected to understand the principles involved and apply specific techniques in quantitative analysis.
Each unit contains self-test questions, 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 the topics in a unit. An answer key to this practice exercise is also provided at the end of each unit. Like the self-tests, try the practice exercises on your own and think about them for a few days before looking at the answers.
Basically, each study unit will follow a common format as below:
Set textbooks
The compulsory set textbooks to be purchased for this course are:
Keller, G (2018) Managerial Statistics, 11th edn, South-Western Cengage Learning.
Hillier, F and Hillier, M (2017) Introduction to Management Science, A Modeling and Case Studies Approach with Spreadsheets, 6th edn, McGraw Hill.
Recommended reference materials
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 them useful to your learning.
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 at the beginning of each assignment thoroughly before you attempt the assignment. You are required to complete each of the assignments and submit them online via the Online Learning Environment (OLE) by the corresponding due dates for the assignments.
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 bring the Tutorial Workbook to each tutorial.
Stop Presses
You may receive a Stop Press from us while you are working through this course. The main idea of a Stop Press is to provide you with information only recently available, i.e. since the course materials were prepared. Therefore, a Stop Press may contain errata, changes in course materials, further details on part of the course, general news of interest to BUS B272 students and additional study advice. Since the contents of a Stop Press can seriously affect your study of BUS B272, it is very important that you read each one immediately and take note of its contents.
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. You will be tested on the application of concepts and theories to practical problems.
The course carries two formal activities in student assessment: assignments and a final examination. Assignments 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 B272 Quantitative Methods for Decision Making follows.
| Assessment type | Marks |
| Assignments (both of the assignments will be counted) | |
| Assignment 1 | 20% |
| Assignment 2 | 20% |
| Examination | |
| Final Examination | 60% |
| TOTAL | 100% |
| You are required to pass both the continuous assessment component and the final examination to obtain a pass in this course. A passing mark is 40%. | |
Assignments
During the 16-week period of distance learning, the course carries out a continuous assessment on your performance through the submission of two assignments. The assignments are contained in the Assignment File. Assignments serve four purposes:
Both of the assignments will be counted for the continuous assessment. Each of them has equal weighting of 20%.
How to submit your assignments
You must use word processing software (such as Microsoft Word) to prepare the assignments, and submit the assignments via the Online Learning Environment (OLE). All assignments must be uploaded to the OLE 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 the 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:
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 submission 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 two-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 to be used in the examination.
The final examination covers information from all parts of the course and will be of the form you will have already experienced in practice exercises and assignments. Do not worry that your examination will contain 'trick' questions or try to confuse you. That would be inconsistent with the clear and open approach HKMU takes in helping its learners succeed in their studies.
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 in both the continuous assessment and the examination. Normally, the minimum pass mark for the overall continuous assessment and the final exam is 40 marks respectively.
Course grades
A detailed explanation of the course grades 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 B272' 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 computer labs, many of which have access to the Internet.
You are required to have access to Microsoft Office 2013 (English) or higher for the Excel computer application; Internet Explorer or similar software for the Internet connection to 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. You must send your assignments to your tutor by the specified dates. 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 five tutorials spread over a four-month period.
You are strongly encouraged to attend every tutorial. The online tutorials will provide considerable assistance in your study of quantitative methods and improve your chances of gaining higher marks. Your own tutor will lead your group throughout the tutorial period. Apart from the 'question and answer' period, the tutor will spend some time on the Tutorial Workbook. Try to do the relevant tutorial exercises before attending the tutorial.
For each live online tutorial, you are advised to bring the relevant study units, the Tutorial Workbook and your calculator with you. However, your tutor will tell you more about what to bring to tutorials.
Tutors are required to start 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 these live online tutorials is to complement your distance learning materials and not to replace them in the form of lectures. In this course, the primary means of learning is through your HKMU course materials and your assigned textbooks.
Telephone tutoring
Your tutor will allot 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 or her specified tutoring hours, although most of our tutors are willing to. Do not hesitate to contact your tutor by telephone if you need help.
The following might be some typical circumstances where you find it necessary to ask for help. Telephone your tutor at the scheduled time if you:
If you need an extension for your assignment, you should also call your tutor within the specified telephone tutoring hours only.
Live online surgeries
In addition to telephone tutoring and live online tutorials, several live online surgery sessions are organized to help with your study. In any mathematical subject it may be difficult for a tutor to help a student over the phone. Surgeries provide you with the opportunity to meet a tutor face-to-face and facilitate explanation before the examination. There are some differences between a tutorial class and a surgery. During a live online surgery, you meet a duty tutor, who is not necessarily your own tutor, to discuss problems you are unable to resolve. Normally a tutor does not lead a surgery in the same way as a tutorial class. You are expected to bring any problems to a duty tutor who will try to solve them.
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.
BUS B272 Quantitative Methods for Decision Making 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 in business or in your profession. 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. Should you have difficulties in submitting an assignment, you are advised to liaise with your Course Coordinator and apply for an assignment extension. Students who have been granted deferment of studies will not be allowed to submit assignments due before the date that their application for deferment of studies is received by Registry.
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