This module provides an introduction to quantitative techniques and their applications in economics, finance and management. It covers a range of both mathematical and statistical topics specifically relevant to these subjects and applies them to practical problems and analysis. The teaching of the module is divided into three parts: Information Technology, Mathematical Applications and Quantitative Methods.
Module aims
Information Technology
The key aim of the IT component is to provide students with an understanding of central issues pertaining to computational systems as used in businesses. Emphasis is given to computer networks, computer security and legal issues.
Mathematical Applications
The key aim of this component of the module is to provide an introduction to the mathematical techniques applied in the fields of economics, finance and management. This component covers three topics: time and money, modelling of functions and the application of differentiation. This part of the module refines the mathematical skills introduced in previous modules and applies them to financial and economic areas, aiming to make the student aware of different ways of thinking about and analysing economic and finance decisions.
Quantitative Methods
The aim of this component is to familiarise students with the use of Microsoft Excel for basic statistical analysis, including summarising and graphing data, computing probabilities of Binomial, Poisson and Normal distributions and estimating population mean and variance. The basic theories of hypothesis testing and regression analysis are also introduced.
Learning outcomes
Information Technology
On successful completion of the module, students will be expected to be able to demonstrate:
- familiarity with computer systems technology
- understanding of computer network topologies and their uses
- awareness of computer security
- understanding of legal and ethical issues pertaining to the use of computer systems
- hands-on experience of the design and development of basic databases
Mathematical Applications
On successful completion of the module, students will be expected to be able to demonstrate:
- an understanding of the time value of money
- the ability to know how to select projects on the basis of their NPV or IRR
- the ability to solve the functions applied to the fields of finance and economics
- an understanding of how to use differentiation in economics and finance
- an awareness of the general usage and application of mathematics appropriate to the fields of finance, economics and management
Quantitative Methods
On successful completion of the module, students will be expected to be able to demonstrate:
- the ability to use spreadsheets to summarise and graph data, test hypotheses and perform regression analysis
- an understanding of hypothesis testing and regression analysis
Module aims
Information Technology
The key aim of the IT component is to provide students with an understanding of central issues pertaining to computational systems as used in businesses. Emphasis is given to computer networks, computer security and legal issues.
Mathematical Applications
The key aim of this component of the module is to provide an introduction to the mathematical techniques applied in the fields of economics, finance and management. This component covers three topics: time and money, modelling of functions and the application of differentiation. This part of the module refines the mathematical skills introduced in previous modules and applies them to financial and economic areas, aiming to make the student aware of different ways of thinking about and analysing economic and finance decisions.
Quantitative Methods
The aim of this component is to familiarise students with the use of Microsoft Excel for basic statistical analysis, including summarising and graphing data, computing probabilities of Binomial, Poisson and Normal distributions and estimating population mean and variance. The basic theories of hypothesis testing and regression analysis are also introduced.
Learning outcomes
Information Technology
On successful completion of the module, students will be expected to be able to demonstrate:
- familiarity with computer systems technology
- understanding of computer network topologies and their uses
- awareness of computer security
- understanding of legal and ethical issues pertaining to the use of computer systems
- hands-on experience of the design and development of basic databases
Mathematical Applications
On successful completion of the module, students will be expected to be able to demonstrate:
- an understanding of the time value of money
- the ability to know how to select projects on the basis of their NPV or IRR
- the ability to solve the functions applied to the fields of finance and economics
- an understanding of how to use differentiation in economics and finance
- an awareness of the general usage and application of mathematics appropriate to the fields of finance, economics and management
Quantitative Methods
On successful completion of the module, students will be expected to be able to demonstrate:
- the ability to use spreadsheets to summarise and graph data, test hypotheses and perform regression analysis
- an understanding of hypothesis testing and regression analysis