Module Title:Quantitative Techniques
Credits: 10
NFQ Level:6
Module Delivered In 8 programme(s)
Teaching & Learning Strategies: Student-centred lectures fostering individual and collaborative engagement with problem-solving exercises and classroom activities, inclass demonstrations, blended learning (integrated mathcasts, software screencasts, applets, spreadsheets, ebooks and other learning resources), independent learning Examples of real data and statistics used to develop students' critical thinking, ability to deal with uncertainty and international perspectives (e.g. by exploring issues related to economic, social justice, …) Initial development of enquiry skills with integrated emphasis on IT skills.
Module Aim: The aim of this module is to develop students’ mathematical and statistical reasoning and skills. Students will be introduced to the areas of investment mathematics, mathematical modelling, probability, descriptive statistics, regression and forecasting, confidence intervals and other statistical topics. The module's emphasis on both conceptual and practical will assist students to use mathematical and statistical thinking and techniques to enquire using data, solve problems and make better business decisions.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Solve well-formed problems by identifying variables, selecting the appropriate formula, applying appropriate mathematical techniques and presenting the answer in a business context
LO2 Describe basic concepts in probability, statistics, sampling and inference
LO3 Apply statistical skills and thinking to explore data numerically and graphically
LO4 In business scenarios, compute and interpret statistics and probabilities
Pre-requisite learning
Module Recommendations

This is prior learning (or a practical skill) that is recommended before enrolment in this module.

6600 BUSS H1305 Quantitative Techniques
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed.
No requirements listed
 

Module Content & Assessment

Indicative Content
Introduction to Quantitative Techniques (5%)
Use an electronic calculator; Undertake basic arithmetic operations; Rearrange equations; Work with decimals and percentages; Calculate and interpret absolute and relative change
Investment Mathematics (20%)
Calculate compound interest; Evaluate investments using Net Present Value and Internal Rate of Return approaches; Calculate payments and lump sums for sinking funds, annuities and loans; Depreciate an asset using the straight line and reducing balance methods; Appreciate the role of information technology in investment mathematics
Introduction to Statistics, Surveys and Samples (15%)
Describe statistics and data analysis; Appreciate the importance of statistical reasoning in business and everyday life; Interpret critically numbers and statistics: draw warranted conclusions and spot flaws in arguments based on numbers and statistics; Appreciate the statistical investigative cycle and describe the PCAI framework; Distinguish between categorical (nominal, ordinal) and numerical (discrete, continuous) data, and between primary and secondary data; Tabulate data and interpret tables; Draw conclusions from tables, including Simpson's Paradox; Interpret different types of charts and graphs; Explain the terms population, sample and inference; Distinguish between and describe random and non-random sampling methods; Design a questionnaire; Distinguish between different types of questions and data; Outline the procedure to follow in conducting a sample survey; Describe experiments and observational studies; Appreciate ethical issues; Appreciate the role of information technology in collecting data
Averages and Dispersion (10%)
Recognise and explain variability; Calculate and interpret the mean, mode and median; Calculate and interpret quartiles; Calculate and interpret the range and interquartile range; Calculate and interpret the variance and standard deviation; Interpret the shape of histograms, ogives and boxplots; Interpret output from spreadsheet and statistical software
Topics in Statistics (20%)
Linear correlation and regression: draw and interpret scatter diagrams, calculate and interpret the coefficient of linear correlation, the coefficient of determination and the line of linear regression, make and interpret predications using the line of linear regression, calculate and interpret correlation coefficient for ranked data; Time series: identify the factors which affect a time series, calculate a moving average trend and seasonal variation, and forecast future values; Index numbers: calculate price and quantity indices, change the base period of an index, adjust prices using an index, describe important business indices; Interpret output from spreadsheet and statistical software
Probability, Normal Distribution and Confidence Intervals (20%)
Recognise and explain randomness; Use the addition and multiplication laws of probability; Interpret contingency tables; Calculate conditional probability; Calculate expected values; Describe a Normal distribution, calculate Z scores and find areas above, below or between given values, and determine Z scores from given probabilities; Describe the sampling distribution; Calculate confidence intervals; Determine a sample size for a given margin of error
Mathematical Modelling and Differentiation (10%)
Describe mathematical models and functions; Differentiate simple functions; Find maximum and minimum points for functions using differentiation; Create simple business models using functions; Differentiate simple business models to find maximum revenue and profit and minimum cost; Appreciate the role of information technology in graphing and manipulating functions and models
Assessment Breakdown%
Continuous Assessment40.00%
End of Module Formal Examination60.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Examination In-class test 1 7.50 Week 8
Examination In-class test 1,2 7.50 Week 14
Written Report Assignment: Survey Project 3,4 15.00 Week 25
Other Online quizzes (5 throughout academic year) 1,2,3,4 10.00 n/a
No Project
No Practical
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam Final Examination 1,2,3,4 60.00 End-of-Semester

ITCarlow reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 3.00
Independent Learning Every Week 4.00
Total Hours 7.00
Workload: Part Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 1.50
Independent Learning Time Every Week 5.50
Total Hours 7.00
 

Module Delivered In

Programme Code Programme Semester Delivery
CW_BBADM_D Bachelor of Business in Business Administration 1 Mandatory
CW_BBACT_B Bachelor of Arts (Honours) in Accounting 1 Mandatory
CW_BBLAW_B Bachelor of Business (Honours) in Business with Law 1 Mandatory
CW_BBBBM_B Bachelor of Business(Honours) in Management 1 Mandatory
CW_BRLMB_B Bachelor of Business(Honours) in Management 1 Mandatory
CW_BBCAA_C Higher Certificate in Accounting 1 Mandatory
CW_BBBUS_C Higher Certificate in Business 1 Mandatory
CW_BBLAW_C Higher Certificate in Business with Law 1 Mandatory