Probability and Optimisation
Run by Bangor Business School
10 Credits or 5 ECTS Credits
Organiser: Dr Chrysovalantis Vasilakis
Overall aims and purpose
AIMS: To provide an introduction to probability and Optimization.
1.Revision of differentiation 2. Partial differentiation 3. Integration 4. Matrix algebra 5.Optimization 6.Probability Theory
Demonstration of the ability to perform simple probability manipulations and an understanding of basic statistical ideas to describe data and assess portfolios.
In addition to the above, more competence in the evaluation of probabilities, the ability to evaluate population and sample means and variances and other moments both from first principles and also with the aid of some summary measures.
In addition to the above, the ability to succinctly interpret the results and to demonstrate a clear understanding of all the assumptions underlying the analysis.
Identify the turning points of functions of two variables.
Solve constrained optimisation problems.
Integrate simple mathematical functions.
Evaluate probabilities involving the Binomial, Poisson and Normal distributions.
Matrix algebra, solving high dimension systems and equations
|Exam S2 2hrs||75|
Teaching and Learning Strategy
One 2-hour lecture per week.
One 1-hour tutorial per fortnight.
- Numeracy - Proficiency in using numbers at appropriate levels of accuracy
- Computer Literacy - Proficiency in using a varied range of computer software
- Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
- Exploring - Able to investigate, research and consider alternatives
- Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
- 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.
- Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others
Subject specific skills
- Quantification and design. Data, and their effective organisation, presentation and analysis, are important in economics. The typical student will have some familiarity with the principal sources of economic information and data relevant to industry, commerce, society and government, and have had practice in organising it and presenting it informatively. This skill is important at all stages in the decision-making process.
Talis Reading listhttp://readinglists.bangor.ac.uk/modules/asb-2108.html
Courses including this module
Optional in courses:
- NR43: BA Accounting/Italian year 2 (BA/AIT)
- NR44: BA Accounting/Spanish year 2 (BA/ASP)
- NR33: BA Banking/Italian year 2 (BA/BIT)
- N1R1: BA Bus Stud with French year 2 (BA/BSFR)
- N1R2: BA Business Studies with German year 2 (BA/BSGER)
- N1R3: BA Business Studies with Italian year 2 (BA/BSIT)
- NR34: BA Banking/Spanish year 2 (BA/BSP)
- N1R4: BA Business Studies with Spanish year 2 (BA/BSSP)
- NR41: BA French/Accounting year 2 (BA/FRA)
- NR31: BA French/Banking year 2 (BA/FRB)
- NR42: BA German/Accounting year 2 (BA/GA)
- NR32: BA German/Banking year 2 (BA/GB)
- GN41: BSC Computer Science for Business year 2 (BSC/CSFB)
- GN4B: BSc Computer Science for Business (4 year with Incorp Found) year 2 (BSC/CSFB1)