Short Title:Business Mathematics 2
Full Title:Business Mathematics 2
Module Code:MATH H1012
 
NFQ Level:6
 
ECTS Credits:5
Reviewed By:MARTIN NOLAN
Description:The aim of this module is to provide the student with the necessary knowledge, information and awareness of the mathematical content within the business environment.
Learning Outcomes:
On successful completion of this module the learner will be able to
  1. Calculate probabilities using the normal probability distribution
  2. Estimate population parameters and test hypotheses
  3. Calculate the value of investments, annuities and repayments
  4. Calculate trends and forecast future values in time series.
  5. Describe price changes using index numbers.
 

Module Content & Assessment

Content (The percentage workload breakdown is inidcative and subject to change)
  • The Normal Probability Distribution (20%)
    Continuous random variables. The standard normal distribution and z-scores. Normal probabilities for any mean and standard deviation.
  • Sampling, Estimation and Hypothesis Testing (20%)
    Random sampling. Non-random sampling: systematic, cluster, stratified ad quota sampling. Bias. The central 95% of a normal distribution. Point estimates. Confidence interval estimates. Two sided hypothesis tests. Sample size. The t-distribution and t-tests.
  • Financial Mathematics (20%)
    Simple and compound Interest. Present value. Nominal and effective rates of interest. Annuities. Net present value and investment appraisal. Bonds.
  • Forecasting Techniques (20%)
    Time series. Components of a time series. Calculation of trend and seasonal variations. Deseasonalised data. Forescasting
  • Index Numbers (20%)
    Construction and use of index numbers. Laspeyres, Paasche’s and Fisher’s indices. Change of base. Deflation of data
Assessment Breakdown%
Course Work30%
End of Semester Formal Examination70%
 Outcome addressed% of totalAssessment Date
Formal End-of-Semester Examination1,2,3,4,570%Semester End
Coursework Breakdown
TypeDescriptionOutcome addressed% of totalAssessment Date
OtherThe continuous assessment will be one individual assessment taken mid-semester. It will be an in-class exam, one hour in duration1,230n/a

IT Tallaght reserves the right to alter the nature and timings of assessment

 

Module Workload & Resources

WorkloadFull-time
TypeDescriptionHoursFrequencyAverage Weekly Learner Workload
LectureClass Based Instruction3Every Week3.00
Total Weekly Learner Workload3.00
Total Weekly Contact Hours3.00
Resources
Required Book Resources
  • James Reilly 2006, Using Statistics, Gill & Macmillan
Recommended Book Resources
  • Andre Francis 2005, Business Mathematics and Statistics, 6th Ed., Thompson
  • Jenkins, G.W. & Slack, J.L 1988, Statistics and Probability,, Heinmann Educational Books
  • Owen, F. & Jones, R. 1990, Statistics, 3rd Ed., Pitman Publisihing
Other Resources