The ability to formulate business problems in a mathematical way and develop solutions to them is an important factor in successful business management. The module builds on Quantitative Methods 1 and aims to strengthen the analytical skills of the student.
It focuses on utilising appropriate quantitative analysis in the context of business and on the practical uses of the techniques.
Probability
The concept of Probability. Mutually exclusive events, independent and dependent events.
Sampling
Understanding methods of sampling and sampling design. The central limit theorem, standard error, sampling distribution, point estimates, confidence intervals and their application to sampling. Determination of sample size.
Probability Distributions - 1
Understanding, calculating and interpreting discrete and continuous distributions. Description of the normal distribution graphically and with parameters. The conditions which give rise to a normal distribution. Calculating standard values and finding areas under the normal curve.
Probability Distributions – 2
Importance of probability distributions. Recognise a binomial situation. Calculate probabilities for binomial and Poisson distributions.
Hypothesis Testing
Understanding hypothesis testing, level of significance, P values, Type I and II error. Testing for a population means and proportions.
Relationship Analysis
Assessment of the relationship between variables, testing for the independence of variables. Interpretation of results. Use of Chi-square to test for independence. Calculate and analyse data for differences between observed and expected measurements of categorical data.
Total Contact Hours 24 hours
Tutorials 10 hours
Total Self-Directed Learning Hours 24 hours
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 60 |
| Other Assessment(s) | 40 |