The purpose of this module is to provide the student with knowledge, information and awareness of mathematical and statistical tools which are useful in the business environment.
Foundations
Rounding, sigma notation, and manipulation of equations. BOMDAS/BEMDAS/BODMAS applied to manipulation of equations.
Calculus
Basic differential calculus. Business functions: cost, price, revenue, profit. Marginal functions. Maximum and minimum problems.
Working with Data
Classification, tabulation and graphical representation of data. Continuous and discrete data. Class boundaries. Frequency distributions. Histograms. Cumulative frequency distributions and ogives. Application and interpretation to simple business problems.
Summary Statistics
Sample and population. Statistic and parameter. Measure of location: mean, median and mode. Measures of dispersion: range, standard deviation, quartile deviation and co-efficient of variation. Interpretation of statistics and application to simple business problems.
Correlation and Regression
Scatter Diagrams. Positive and negative, strong and weak correlation. Coefficient of correlation. Linear Regression. Interpolation and extrapolation.
Introduction to Probability
Definitions of probability. Calculating probabilities of simple events. Permutations and combinations. Calculating probabilities of compound events. Mutually exclusive and independent events. Contingency tables and Venn diagrams. Contingency tables for decision making under conditions of uncertainty. Application of probability to reliability/block-systems.
Discrete Probability Distributions
Discrete random variables. Binomial and Poisson distributions
Business Mathematics is taught in a supportive and encouraging environment, cognisant of challenges that many students may have had with mathematics in their past. Student individual practice is strongly encouraged, supported and facilitated via individualised practice problems and tutorial support, along with interactive content. The systematic solution of problems in a step-by-step manner is emphasised throughout, thus developing a set of more general problem-solving skills.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 70 |
| Other Assessment(s) | 30 |