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STAT6011 - Stats &Financial Maths for Bus

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Title:Stats &Financial Maths for Bus
Long Title:Statistics & Financial Mathematics for Business
Module Code:STAT6011
 
Credits: 5
NFQ Level:Fundamental
Field of Study: Statistics
Valid From: Semester 1 - 2014/15 ( September 2014 )
Module Delivered in 3 programme(s)
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
Co-requisites
No Co Requisites listed
 

Module Content & Assessment

Indicative Content
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.
Probability Distributions
Discrete and continuous distributions to include the Binomial, Poisson, and Normal distributions.
Financial Mathematics
APR, Annuities and Sinking Funds.
Regression and Correlation
Scatter diagrams, Correlation - coefficient of correlation and co-efficient of determination. Regression - Line of best-fit, prediction.
Laboratory programme
Use of Excel or an equivalent to perform statistical calculations and graphs connected to the headings above.
Assessment Breakdown%
Course Work40.00%
End of Module Formal Examination60.00%
Course Work
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
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
  • Tadhg O'Shea, Essential Statistics for Researchers [ISBN: 9780957505902]
Supplementary Book Resources
  • 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
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BBUSS_7 Bachelor of Business 2 Mandatory
CR_BBADM_7 Bachelor of Business in Business Administration 2 Mandatory
CR_BBUSS_6 Higher Certificate in Business 2 Mandatory

Cork Institute of Technology
Rossa Avenue, Bishopstown, Cork

Tel: 021-4326100     Fax: 021-4545343
Email: help@cit.edu.ie