Parent Programme

Bachelor of Business (Level 7 NFQ)

MODULE NFQ

Level 6

MODULE CREDIT UNITS

ECTS: 10

MODULE TITLE

Business Statistics & Mathematics

Reference Code: BB7 604

Reference Code: BB7 604

STAGE

Year 1

Fall Semester 1

12 Weeks Full-Time X 6 Hours per week

12 Weeks Part-Time X 4 Hours per week

12 Weeks Part-Time X 4 Hours per week

**The indicative syllabus of this module is outlined in the units below:**

- Compound Interest.
- Depreciation; Present Value.
- Incremental Payments; Annuities; Sinking Funds; Mortgages.
- Annual Percentage Rate (APR).

- Mathematical Models.
- Population and Sample.
- Probability/Non-Probability Sampling.
- Survey design.
- Questionnaire design.

- Tabulation of Data.
- Presentation of Categorical Data.
- Presentation of Continuous data;
- Graphical representation: Histogram, Cumulative Frequency curve, Ogive Lorenz curve.

- Raw Data: mean, median, mode.
- Tabulated discrete data: mean, median, mode.
- Tabulated continuous data: mean, median, mode.
- Other measure of Location.
- Relationships between averages.

- Range.
- Variance.
- Standard Deviation.
- Semi-interquartile rage.

- Concept; Basic relationships in Probability.
- Probability Trees; Bayes Theorem.
- Discrete Probability Distribution: Poisson distribution; Binomial distribution.
- Normal distribution; Standard Normal Distribution; Normal Approximation.

- Statistical Inference; Sampling Distribution.
- Estimation- Inference about a population.
- Confidence Interval for the population mean/ population percentage.
- The t- distribution.
- Significance testing using Confidence intervals.
- Hypothesis testing.

- Correlation.
- Measuring Linear Association.
- Regression Analysis.
- Prediction from the regression line.
- Non-linear relationships.

- Formulate a problem in Linear Programming terms.
- Solve two-variable problems using inequalities and graphical methods.
- Maximization and Minimization problems (Max Profit; Min Cost).

- Matrix Manipulation; Addition; Multiplication; Inverse of a Matrix.
- Solving simultaneous equations using Matrices (Cramer’s rule).
- Leontief Input-Output analysis.

- Differentiate different functions.
- Apply differentiation to economic models.
- Find maxima and minima of one variable function.
- Differentiate function of more than one variable.
- Find maxima and minima subject to constraints.

Upon successful completion of this module, the learner should be able to:

LO 1

Apply Financial Mathematics concepts with application to present value and depreciation, sinking funds, annuities and mortgages.

LO 2

Calculate different measures of central tendency and dispersion, different measures of central tendency and dispersion.

LO 3

Discuss the reasons why quantitative methods are important in business decision-making.

LO 4

Apply the concept of Probability in assessing the risk factor in the decision making process, and in Statistical Inference.

LO 5

Solve business problems in Linear Programming terms using inequalities and graphical methods

MIMLOs

Assessment

Percentage

1, 2

CA1

30%

5, 5

CA2

30%

3, 4, 5

Final Examination

40%

Where the combined marks of the assessment and examination do not reach the pass mark the learner will be required to repeat the element of assessment that they failed. Reassessment materials will be published on Moodle after the Examination Board and will be aligned to the MIMLOs and learners will be capped at 40% unless there are personal mitigating circumstances.

Gain knowledge and mathematical skills that will help to analyse, evaluate and find solutions to business problems.

- Develop simple mathematical models which attempt to describe a business problem by a number of equations or mathematical procedures.
- Understand the importance of quantitative methods in business decision-making.
- Understand and apply the concept of Probability in assessing the risk factor into decision making process, and in Statistical Inference.
- Gain knowledge in Matrix, Linear Programming, Simple Game theory and Calculus.

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