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.
The Normal Probability Distribution
Continuous random variables. The standard normal distribution and z-scores. Normal probabilities for any mean and standard deviation.
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.
Financial Mathematics
Simple and compound Interest. Present value. Nominal and effective rates of interest. Annuities. Net present value and investment appraisal. Bonds.
Forecasting Techniques
Time series. Components of a time series. Calculation of trend and seasonal variations. Deseasonalised data. Forescasting
Index Numbers
Construction and use of index numbers. Laspeyres, Paasche’s and Fisher’s indices. Change of base. Deflation of data
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |