QUANTITATIVE BUSINESS MODELLING (INTO)

 SHE Level 2 SCQF Credit Points 20.00 ECTS Credit Points 10.00 Module Code M2G121378 Module Leader Faridon Amdjadi School INTO Subject INTO Trimesters A (September start) B (January start)

Pre-Requisite Knowledge

Standard grade credit level Mathematics or equivalent Information and Data Analysis

Summary of Content

This modules aims to: introduce quantitative modelling with applications to decision making in business; introduce the use of Excel as an analytical tool for modelling quantitative business problems; introduce basic descriptive and inferential statistics, correlation and regression.

Syllabus

Algebra, functions, graphs, mathematical modelling. Polynomial, exponential and logarithmic functions. Indices. Arithmetic and geometric series. Simple and compound interest. Discounting, annuities, sinking funds, depreciation , rates of return, nominal and effective interest rates. Descriptive Statistics: Computer-based numerical and graphical summaries. Probability and Probability Distributions: Definitions of probability. Probability laws. Bayes' formula. Overview of probability distributions. Expectation - Mean and variance. Normal distribution Statistical Inference: Populations and samples. Sampling distribution of the mean. Central Limit Theorem. Point and interval estimation of population mean for large/small samples. Hypothesis testing: null/alternative hypotheses; type I/II errors; p-value of a test; one sample tests on means (large and small samples). Regression Analysis: Simple and multiple linear regression models. Point and interval estimation and tests associated with parameters.

Learning Outcomes

Upon completion of this module the student should be able to:- manipulate mathematical expressions relevant to business problems;- sketch and interpret graphs of functions used in modelling business problems;- carry out financial calculations using APs and GPs;- apply appropriate tabular and graphical methods of data presentation and calculate and interpret appropriate summary statistics;- calculate probabilities using the rules of probability and the Normal distribution ;- conduct a variety of standard statistical hypothesis tests;- conduct and interpret simple and multiple linear regression analyses using Excel.

Teaching / Learning Strategy

A combination of lectures, seminars and computer laboratories. Lectures will be supported by computer laboratories/seminars with assessment in the form of Excel-based coursework and a class test. Applications to business will be emphasised throughout the module.

Anderson D R, Sweeney D T and Williams T A (1995) Quantitative Methods for Business, 6th edition, West Curwin J and Slater R (1991)Quantitative Methods for Business Decisions, Chapman and Hall Keller G (2001) Applied Statistics with Microsoft Excel, Duxbury Press Waters D (1997) Quantitative Methods for Business, 2 ed, Addison-Wesley Webster A (1992) Applied Statistics for Business and Economics, Irwin

Transferrable Skills

D1 Critical thinking and problem solving. D2 Cognitive/intellectual skills. D3 Knowledge and understanding in the context of the subject. D5 Time management: organising and planning work. D6 Independent working. D12 IT skills (including GCU Certificate in Basic ICT Competency). D13 Communication skills, written, oral and listening. D14 Numeracy skills.

Module Structure

Activity Total Hours
Practicals (FT) 12.00
Seminars (FT) 12.00
Lectures (FT) 36.00
Assessment (FT) 20.00
Independent Learning (FT) 120.00

Assessment Methods

Component Duration Weighting Threshold Description
Coursework 1 n/a 10.00 35% Excel-based descriptive statistics
Exam (School) 1.00 30.00 35% Mathematics
Exam (School) 1.00 35.00 35% Inferential Statistics
Coursework 2 n/a 25.00 35% Regression Analysis