Module BIC-0029:
Quantative Methods for Busines

Module Facts

Run by Marketing: Bangor International College

20 Credits or 10 ECTS Credits

Semester 1 & 2

Organiser:

Overall aims and purpose

The module covers common statistical techniques for managerial decision-making which are used in many businesses. The module offers a grounding in statistics with an emphasis on practical applications and extensive use of the Excel spreadsheet and its associated functions.

The specific aims are: 1. To introduce students to the notion of the importance of mathematical techniques in the decision-making processes for managers 2. To emphasise the importance of effective presentation of statistical data in a business context 3. To give students the background to make decisions about the relative importance of particular methods of collecting, collating and displaying data

Course content

Importance of information and data to business and, in particular to the managerial decision-making process

Organising and Representing Data, including sorting and classifying, creating charts and graphs and using spreadsheets

Probability and Decision-making, including a definition of probability, use of probability trees, conditional probability, expectation and decision trees, discrete and continuous random variables

Sampling and estimation, including sampling theory, Central Limit theorem, confidence intervals, practical applications

Hypothesis Testing, including testing with large and small samples, individual population and two population parameters, practical applications to decision-making

Correlation and Regression, including calculation and significance testing of correlation, linear regression, multiple regression, uses in balancing risk and maximizing returns on investment

Assessment Criteria

good

Student has scored well in many of the techniques studied and their applications and achieved the pass grade and so demonstrated a clear suitability for the next phase of the master’s programme

threshold

Student has performed sufficiently well in demonstrating a basic knowledge and understanding of a number of topics studied to have achieved the lowest level of pass grades.

excellent

Student has engaged consistently with all the techniques taught in the module and related these effectively to business scenarios so demonstrating a high level of suitability for the next phase of the master’s programme

Learning outcomes

  1. 2.Relate techniques learned to relevant financial calculations

  2. 5.Apply statistical methods and techniques to the analysis of business and financial problems

  3. 1.Demonstrate an understanding of mathematical notation, terminology, conventions and units

  4. 3.Demonstrate an understanding of the use of applications of probability and sampling statistics in a business context

  5. 4.Interpret mathematical terms in verbal, graphical and tabular information

  6. 6.Show an appreciation of the importance of the mathematical and/or data gathering approach to managerial decision-making in areas such as forecasting and risk assessment

Assessment Methods

Type Name Description Weight
interim test 30
final exam 70

Teaching and Learning Strategy

Hours
Practical classes and workshops 120
Private study 80

Transferable skills

  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Computer Literacy - Proficiency in using a varied range of computer software
  • Exploring - Able to investigate, research and consider alternatives
  • Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.

Subject specific skills

  • Demonstrate numeracy skills required as a basis for further studies in Economics, Financial Accounting and Management
  • Demonstrate an understanding and ability to analyse economic issues on a local and international scale
  • Accurately apply business models to show an understanding of efficiency and external pressures to an organisation

Resources

Resource implications for students

Students will be required to purchase the core text book

Reading list

Newbold, P., Carlson, W.L. and Thorne, B. (2012). Statistics for business and economics, 8th ed. Pearson.

Courses including this module