Probability and Optimisation
Run by Bangor Business School
10 Credits or 5 ECTS Credits
Organiser: Dr Chrysovalantis Vasilakis
Overall aims and purpose
NOTE: This module is NOT available to students on BA degrees.
AIMS: To provide an introduction to probability and statistics.
- Partial differentiation, and optimisation of functions of two variables;
- Probability distributions and random variables;
- Measures of central tendency and dispersion, mean and variance;
- Discrete random variables, the Binomial and Poisson distributions;
- Continuous random variables, the Normal distribution, and statistical tables;
- Populations and samples, estimators and estimates;
- Confidence intervals
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.
Evaluate measures of central tendency and dispersion.
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.
Evaluate classical confidence intervals for a population mean and variance, using statistical tables for the Normal, Chi-square and distributions.
|CLASS TEST||Mid-term Test||25|
|EXAM||Exam S1 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.
Pre- and Co-requisite Modules
Courses including this module
Compulsory in courses:
- L1T1: BA Economics and Chinese year 2 (BA/ECCH)
- LR13: BA Economics/Italian year 2 (BA/ECIT)
- LL13: BA Sociology/Economics year 2 (BA/ECS)
- LR14: BA Economics/Spanish year 2 (BA/ECSP)
- LR11: BA French/Economics year 2 (BA/FREC)
- LR12: BA German/Economics year 2 (BA/GEC)
- LV11: BA History/Economics year 2 (BA/HEC)
- LL14: BA Social Policy/Economics year 2 (BA/SPEC)
- NN44: BSc Accounting and Banking with International Experience year 2 (BSC/ABIE)
- NN43: BSc Accounting and Banking year 2 (BSC/ACCB)
- NL41: BSc Accounting and Economics year 2 (BSC/ACCEC)
- NN4H: BSc Accounting and Finance year 2 (BSC/ACCFIN)
- N402: BSc Accounting & Finance (with International Experience) year 2 (BSC/ACCFINIE)
- NL42: BSc Accounting and Economics with International Experience year 2 (BSC/AEIE)
- L190: BSc Business Economics year 2 (BSC/BEC)
- N391: BSc Banking and Finance year 2 (BSC/BFIN)
- N101: BSc Business Studies year 2 (BSC/BS)
- NN1H: BSc Business Studies and Finance year 2 (BSC/BSFIN)
- NNM1: BSc Business Studies & Marketing with Intl Experience year 2 (BSC/BSMIE)
- NN1M: BSc Business Studies and Marketing year 2 (BSC/BSMKT)
- L111: BSc Financial Economics year 2 (BSC/FINEC)
- N501: BSc Marketing year 2 (BSC/MKT)
- N2NK: BSc Management with Accounting year 2 (BSC/MWACC)
Optional in courses:
- GN41: BSC Computer Science for Business year 2 (BSC/CSFB)