Module Aims: - To provide an appropriate level of understanding and practical experience in the area of mathematical and statistical techniques relevant to business. - To develop analytical problem solving skills.
Discounted cash flow for present value equivalent of series of paymentsNet present valueInternal rate of returnProfitability indexPaybackAccounting rate of returnSensitivity analysis , and the effects of changes in interest rates
Method of least squaresMoving averages Time seriesTrendSeasonal fluctuationsAdditive and multiplicative time series modelsAdjusted seasonal components, and deseasonalised dataRegression and correlationScatter diagramsCoefficient of correlationStrong, weak, positive, negative and spurious correlationRank correlation
Probability and Sampling
Venn diagrams, basic and conditional probabilityMutually exclusive, complementary, independent and dependent eventsAddition rule, multiplication rulePermutations and combinationsBayes’ TheoremContingency tables and decision treesExpected valueExpected versus most likely values
Introduction to probability distributionsDiscrete and continuous variablesExpected valueBinomial distributionPoisson distributionUniform distributionNormal distribution, and standard normal tablesInverse normal problems, confidence intervals and control chartst-distributionCentral limit theorem.
Learning and teaching will take place through the use of lectures, presentations and problem solving exercises in the module. In addition to using text based material, students will be expected to make extensive use of relevant websites, external online audio and video resources referred throughout the course.
|Module Content & Assessment