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.
As per above
The Normal Probability Distribution
Continuous random variables. The standard normal distribution and z-scores. Normal probabilities for any mean and standarddeviation.
Sampling, Estimation and Hypothesis Testing
Random sampling. Non-random sampling: systematic, cluster, stratified ad quota sampling. Bias. The central 95% of a normal distribution. Point estimates. Confidence interval estimates. Two sided hypothesis tests. Sample size. The t-distribution and t-tests. Applications to business decisions.
Simple and compound Interest. Present value. Nominal and effective rates of interest. Annuities. Net present value and investment appraisal: Internal rate of return, profitability index, payback period and discounted payback period. Sensitivity analysis with respect to discount rate changes. Bonds.
Time series. Components of a time series. Additive and multiplicative models. Calculation of least squares and moving average trend, and seasonal variations. Deseasonalised data. Trend and seasonally adjusted forecasting.
Construction and use of index numbers. Index relatives and composite index numbers. Laspeyres', Paasche’s and Fisher’s indices. Chain linking and change of base. Deflation of data
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