The aim of the module is to develop the students' mathematical and statistical skills and reasoning and to enable them to apply them to financial and research activities. The module will introduce the students to relevant software applications which can be used for statisical analysis.

Learning Outcomes

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

LO1

Describe basic concepts in statistics and apply statistical skills to explore data numerically and graphically using manual approaches and IT approachs.

LO2

Solve well formed problems by identifying variables, selecting the appropriate formula, applying appropriate mathematical techniques and presenting an answer in applied questions.

LO3

Calculate probabilities and interpret and apply probability distribution functions using information technology where appropriate.

LO4

Calculate the solutions for a variety of financial maths topics including APR, EAR, IRR, BCR, NPV, Present and Future values associated with loan payments and sinking funds etc using information technology where appropriate.

Pre-requisite learning

Module Recommendations

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

No recommendations listed

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

(1) TRIGONOMETRY, VOLUME AND AREA AND TRANSPOSITION OF FORMULAE: 10%

Revise material covered in year 1, applications of this topic to construction and its relevance to the other subjects studied on the course.

(2) FINANCIAL CALCULATIONS 20%

(a) Revise the calculation of simple and compound interest.
(b) Calculation of loan repayments
(c) Mortgage calculations
(d) Calculation of Monthly payments, and total interest paid
(e) Amortisation and amortisation schedule
(f) Inflation: Indices, Manipulation and adjustment, price
(g) Depreciation: straight line and reducing balance method.

(3) INTRODUCTION TO STATISTICS 20%

(a) Describe statistics and data analysis.
(b) Distinguish between categorical (nominal, ordinal) and numerical (discrete, continuous) data.
(c) Tabulate data and interpret data using Excel and Excel functions (Formulas, Pivot Tables etc).
(d) Draw and Interpret Charts and Graphs manually and using appropriate IT packages.
(e) Explain the terms population and sample.
(f) Distinguish between and describe random and non-random sampling methods.
(g) Design a questionnaire. Distinguish between types of questions and data. Describe how to conduct a sample survey. Describe experiments and observational studies.

(4) TOPICS IN STATISTICS 30%

(a) Calculations of the correlation coefficient and the regression line equation. Plotting scatter points and the regression line, Interpolating and Extrapolating using the equation and or the regression line. Using Excel to generate regression lines and correlation data.
(b) Draw and interpret the shape of histograms, ogives and boxplots. Calculate and interpret the mean, mode and median. Calculate and interpret quartiles, the range, the interquartile range. Calculate and interpret the variance and standard deviation.
(c) Prepare and interpret statistical output from excel/other statistical software.

(5) PROBABILITY: 20%

(a) Use the laws of probability. Interpret contingency tables. Calculate conditional probability. Describe Normal, Binomial and Poisson distributions and determine probabilities for appropriate experiments/events using them as an appropriate model.

Assessment Breakdown

%

Continuous Assessment

40.00%

End of Module Formal Examination

60.00%

Continuous Assessment

Assessment Type

Assessment Description

Outcome addressed

% of total

Assessment Date

Other

Continuous Assessment

1,2,3,4

40.00

n/a

No Project

No Practical

End of Module Formal Examination

Assessment Type

Assessment Description

Outcome addressed

% of total

Assessment Date

Formal Exam

No Description

1,2,3,4

60.00

End-of-Semester

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