Probability and Optimisation
Run by Bangor Business School - (Changsha)
10.000 Credits or 5.000 ECTS Credits
Organiser: Ms Wendy Ashurst
Overall aims and purpose
NOTE: This module is NOT available to students on BA degrees.
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
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.
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.
Evaluate classical confidence intervals for a population mean and variance, using statistical tables for the Normal, Chi-square and distributions
Solve constrained optimisation problems.
Integrate simple mathematical functions.
Evaluate probabilities involving the Binomial, Poisson and Normal distributions.
Evaluate measures of central tendency and dispersion.
Identify the turning points of functions of two variables.
|3 Class Tests 20 minutes each||25.00|
|End of Semester Examination 1 hour||75.00|
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