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This subject covers the core concepts which underpin quantitative decision analysis in the various specialisations within the faculty. It provides a foundation for all second-year quantitative subjects in the commerce degree. The topics covered are drawn from financial mathematics; measures of location and dispersion; probability, random variables and expected values; sampling design; estimation and testing using the normal and t-distribution; and simple regression and correlation. Excel is used to illustrate applications in accounting, economics, finance, management and marketing.
Intended learning outcomes
- Graph economic data using methods that facilitate analysis.
- Explain concepts relevant for summarising and interpreting data.
- Explain how the concepts of random variables and probability distributions are useful for drawing inferences.
- Explain the concepts of population, samples and sampling distributions.
- Estimate unknown population quantities and test hypotheses about them.
- Conduct simple regression analysis to model the relationship between variables and draw inferences about relationships.
- Apply common analytical techniques relevant for financial decision making.
High level of development: problem solving; statistical reasoning; application of theory to practice; interpretation and analysis; synthesis of data and other information; evaluation of data and other information; use of computer software; accessing data and other information from a range of sources.
Moderate level of development: oral communication; written communication; critical thinking; receptiveness to alternative ideas.
Some level of development: collaborative learning; team work.
Last updated: 17 June 2021