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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
On completion of this subject, students should be able to:
- 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.
On successful completion of this subject, students should be able to:
- 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: 2 December 2023