Student-centred lectures fostering individual and collaborative engagement with problem-solving exercises and classroom activities, in class 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 economics, social justice, climate change …) 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, including to explore business scenarios using mathematics. Students will be introduced to the areas of investment mathematics, mathematical modelling, probability, normal distribution, and confidence intervals. The module's emphasis on both the conceptual and practical will assist students to confidently and fluently 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 in investment mathematics by identifying variables, selecting the appropriate formula, applying appropriate mathematical techniques, and presenting the answer in a business context
LO2
Use mathematical functions and equations to represent and explore business problems, and use differentiation to find optimum solutions
LO3
In business scenarios, calculate and interpret probabilities (including involving the normal distribution) and confidence intervals
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
Investment Mathematics (40%)
Calculate compound interest; Calculate payments and lump sums for sinking funds, annuities and loans; Evaluate investments using Net Present Value and Internal Rate of Return approaches; Depreciate an asset using the straight line and reducing balance methods; Appreciate the role of information technology in investment mathematics
Mathematical Modelling and Differentiation (20%)
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
Probability, Normal Distribution and Confidence Intervals (40%)
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, apply the normal distribution to business problems; Describe the sampling distribution; Calculate confidence intervals
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
Examination
Mid-term test
1,2
10.00
Week 7
Other
Online quizzes
1,2,3
30.00
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
60.00
End-of-Semester
SETU Carlow Campus reserves the right to alter the nature and timings of assessment