Quantitative Techniques notes – KNEC Diploma

Quantitative Techniques

Topics covered in this unit/subject are as follows:

Topic 1: Introduction to quantitative techniques
Topic 2: Correlation and regression
Topic 3: Linear programming
Topic 4: Matrices
Topic 5: Index numbers
Topic 6: Time series
Topic 7: Network analysis
Topic 8: Introduction to calculus
Topic 9: Inventory control models
Topic 10: Financial mathematics
Topic 11: Sampling
Topic 12: Probability and probability distributions
Topic 13: Tests of hypothesis
Topic 14: Emerging trends and issues in quantitative techniques

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:

  1. Use quantitative techniques in business management
  2. Apply quantitative techniques in decision making
  3. Apply network analysis in project management
  4. 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 by emerging trends and issues in quantitative techniques
  • Coping with challenges posed by emerging trends and issues in quantitative techniques



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