| Title: | Stats &Financial Maths for Bus |
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| Long Title: | Statistics & Financial Mathematics for Business |
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| Field of Study: |
Statistics
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| Valid From: |
Semester 1 - 2014/15 ( September 2014 ) |
| Module Coordinator: |
David Goulding |
| Module Author: |
AINE NI SHE |
| Module Description: |
This module covers elementary probability and then covers the discrete and continuous probability distributions most commonly used in the business disciplines. Other topics covered include regression and correlation, and financial mathematics. An emphasis is placed on practical applications in business, assisted by a relevant software package (Excel and/or an equivalent). |
| Learning Outcomes |
| On successful completion of this module the learner will be able to: |
| LO1 |
Apply the laws of probability to business decision making. |
| LO2 |
Apply knowledge and techniques related to discrete and continuous probability distributions to business problems. |
| LO3 |
Use financial mathematics to calculate APR, Annuities and sinking funds. |
| LO4 |
Determine and use the regression line for a set of bivariate data. |
| LO5 |
Use appropriate software in the solution of problems in statistics and probability in the business context. |
| Pre-requisite learning |
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s). |
| 10554 |
MATH6051 |
Essential Maths& Stats for Bus |
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list. |
| No incompatible modules listed |
Co-requisite Modules
|
| No Co-requisite modules listed |
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.
|
| No requirements listed |
Module Content & Assessment
| Indicative Content |
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Introduction to Probability
Definition of a probability, the probability scale. Relative frequency interpretation of a probability. Examples illustrating the use of elementary probability in decision making. The complementary event. The elementary rules for calculation of probabilities: the addition rule, conditional probabilities and the multiplication rule. Mutually exclusive events. Independent events. Introduction to Bayes' theorem. Expected values.
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Probability Distributions
Discrete and continuous distributions to include the Binomial, Poisson, and Normal distributions.
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Financial Mathematics
APR, Annuities and Sinking Funds.
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Regression and Correlation
Scatter diagrams, Correlation - coefficient of correlation and co-efficient of determination. Regression - Line of best-fit, prediction.
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Laboratory programme
Use of Excel or an equivalent to perform statistical calculations and graphs connected to the headings above.
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| Assessment Breakdown | % |
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| Course Work | 40.00% |
| End of Module Formal Examination | 60.00% |
| Course Work |
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| Assessment Type |
Assessment Description |
Outcome addressed |
% of total |
Assessment Date |
| Short Answer Questions |
Series of in-class assessments based on homework |
1,2,3,4,5 |
20.0 |
Every Second Week |
| Practical/Skills Evaluation |
Laboratory assessment |
1,2,3,4,5 |
20.0 |
Week 12 |
| End of Module Formal Examination |
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| Assessment Type |
Assessment Description |
Outcome addressed |
% of total |
Assessment Date |
| Formal Exam |
End-of-Semester Final Examination |
1,2,3,4 |
60.0 |
End-of-Semester |
| Reassessment Requirement |
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.
|
The institute reserves the right to alter the nature and timings of assessment
Module Workload
| Workload: Full Time |
| Workload Type |
Workload Description |
Hours |
Frequency |
Average Weekly Learner Workload |
| Lecture |
Lecture |
3.0 |
Every Week |
3.00 |
| Tutorial |
Questions and answers on lecture material, homework and tutorial sheets |
1.0 |
Every Second Week |
0.50 |
| Lab |
Statistics/Mathematics Computer laboratory |
1.0 |
Every Second Week |
0.50 |
| Independent & Directed Learning (Non-contact) |
Review of lecture material, completion of exercise sheets |
3.0 |
Every Week |
3.00 |
| Total Hours |
8.00 |
| Total Weekly Learner Workload |
7.00 |
| Total Weekly Contact Hours |
4.00 |
| Workload: Part Time |
| Workload Type |
Workload Description |
Hours |
Frequency |
Average Weekly Learner Workload |
| Lecture |
Lecture |
2.0 |
Every Week |
2.00 |
| Tutorial |
Questions and answers on lecture material, homework and tutorial sheets |
1.0 |
Every Second Week |
0.50 |
| Lab |
Statistics/Mathematics Computer laboratory |
1.0 |
Every Second Week |
0.50 |
| Independent & Directed Learning (Non-contact) |
Review of lecture material, completion of exercise sheets |
4.0 |
Every Week |
4.00 |
| Total Hours |
8.00 |
| Total Weekly Learner Workload |
7.00 |
| Total Weekly Contact Hours |
3.00 |
Module Resources
| Recommended Book Resources |
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- Tadhg O'Shea, Essential Statistics for Researchers [ISBN: 9780957505902]
| | Supplementary Book Resources |
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- Andre Francis, 2004, Business Mathematics and Statistics, Thomson Learning [ISBN: 9781844801282]
- W. M. Harper, 2000, Statistics, 6th Ed. [ISBN: 9780273634263]
- Mark L. Berenson, David M. Levine, Timothy C. Krehbiel 2009, Basic business statistics, Pearson/Prentice Hall Upper Saddle River, N.J. [ISBN: 978-0-13-500936-9]
- Charles Henry Brase, Corrinne Pellillo Brase 2012, Understanding basic statistics, Houghton Mifflin Boston, MA [ISBN: 978-1111827021]
| | This module does not have any article/paper resources |
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| Other Resources |
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- Website: CITMaths Online
- Website: CITBlackboard
- Website: Wolfram Alpha
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Module Delivered in
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