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Management mathematics MT2076

This course looks at the applications of mathematics and statistics in management and business.

Students will use dynamic models and data analysis with an emphasis on model construction and interpretation, in order to gain an appreciation of their appropriate and wide use in this context.

Prerequisites/ exclusions

If taken as part of a BSc degree, courses which must be passed before this course may be attempted:

  • ST104a Statistics 1
  • MT105a Mathematics 1 or MT1174 Calculus

Topics covered

  • Logical use of set theory and Venn diagrams
  • Index numbers
  • Trigonometric functions
  • Difference
  • Further applications of matrices
  • Simple stochastic processes
  • Statistical modelling
  • Time series analysis
  • Introduction to econometrics
  • Principles of mathematical modelling
  • Clustering techniques and appreciation of other models

Learning outcomes

If you complete the course successfully, you should be able to:

  • demonstrate further mathematical and statistical knowledge
  • apply mathematics at varying levels to aid decision-making
  • understand how to analyse complex multivariate data sets with the aim of extracting the important message contained within a huge amount of data which is often available
  • construct appropriate models and interpret the results generated (this will often be a case of understanding the output from a computerised model)
  • demonstrate the wide applicability of mathematical models while, at the same time, identifying their limitations and possible misuse
  • discuss the more technical / mathematical / theoretical side of management (including finance and economics)
  • read management/financial journals in the areas of (for example) management science and operations research, forecasting, financial engineering and market analysis, economics and econometrics etc with a reasonably high level of assessing the basic mathematical techniques employed therein

Assessment

Unseen written exam (3 hrs).

Essential reading

  • Brzezniak, Z. and T. Zastawniak. Basic Stochastic Processes: A Course Through Exercises. Springer Undergraduate Mathematics.
  • Hanke, J.E. and D.W. Wichern. Business Forecasting. Pearson Hall.
  • Johnson, R.A. and D.W. Wichern. Applied Multivariate Statistical Analysis. Pearson Prentice-Hall.
  • A useful introductory textbook which is used in this course is: Dowling, E.T. Schaum’s Outline of Introduction to Mathematical Economics. (Schaum).

Course information sheets

Download the course information sheets from the LSE website.