Module ASB-1101:
Quantitative Methods

Module Facts

Run by Bangor Business School

20 Credits or 10 ECTS Credits

Semester 1 & 2

Organiser: Dr Gwion Williams

Overall aims and purpose

Note: The 10-credit module ASB-1111 Introduction to Quantitative Methods comprises the Semester 1 content of ASB-1101.

To develop mathematical skills to a level that allows the use of quantitative techniques in a wide variety of business and economics applications.

Course content

Manipulation of algebraic expressions and the solution of equations; Simultaneous linear equations, quadratic equations, and economics applications; Descriptive statistics: measures of location and dispersion; Measuring uncertainty using probability; Gradients, rates of change, rules of differentiation; Marginal functions and elasticities, maximisation of a function of one variable, profit maximisation; Functions of two variables, joint production; Financial mathematics: compound interest and discounting, net present value and investment appraisal.

Assessment Criteria

threshold

Demonstration of the ability to perform algebraic manipulations, solve simple equations, differentiate and optimise a function of a single variable, and be able to relate the procedures to the solution of some standard microeconomic problems.

good

In addition to the above, more competence in solving linear and quadratic equations, partial differentiation and optimisation involving two variables and the ability to solve a variety of applied problems in microeconomics.

excellent

In addition to the above, the ability to succinctly interpret the results and to demonstrate a clear understanding of the underlying assumptions, including marginal conditions and first and second order conditions for optimisation.

Learning outcomes

  1. Derive and manipulate algebraic equations, solve simultaneous linear equations and quadratic equations, differentiate and solve optimisation problems.

  2. Describe data using graphical and numerical methods, and use the tools of probability to represent situations of uncertainty.

  3. Understand the application of financial mathematics techniques to value cash flows that take place over time.

  4. Apply all techniques to business, economics and finance problems involving cash flows such as revenues, costs, profit and interest.

Assessment Methods

Type Name Description Weight
Assignment 10
CLASS TEST Test 1 10
CLASS TEST Test 2 10
EXAM Exam S1 2hrs 30
EXAM Exam S2 2hrs 30
COURSEWORK Online Test 10

Teaching and Learning Strategy

Hours
Lecture

One 2-hour lecture per week

40
Workshop

2 hour non-compulsory drop-in workshop per week

38
Private study

150-hours per year of individual study to practice key lecture concepts, and preparation for tutorials and assessments.

122

Transferable skills

  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy

Subject specific skills

  • Numeracy: the use of quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena.

Pre- and Co-requisite Modules

Courses including this module

Compulsory in courses: