Module ECON1151: QUANTITATIVE METHODS

Department: Economics

ECON1151: QUANTITATIVE METHODS

Prerequisites

• None.

Corequisites

• None.

Excluded Combination of Modules

• None.

Aims

• To introduce students to the essential analytical and statistical techniques necessary in their degrees, to support other year 1 modules and to provide a foundation for further study.

Content

• The use of mathematics, both algebraic and geometric, in describing business situations, such as demand, supply and market equilibrium.
• The use of differential calculus, particularly in problems concerning optimisation, such as profit maximisation.
• Descriptive statistics
• Probability, random variables and probability distributions
• Inferential statistics (including confidence intervals and hypothesis tests)
• Introduction to regression analysis

Learning Outcomes

• By the end of the module students:
• should have acquired an array of mathematical and statistical skills widely used in finance and business.
• should be prepared for successful study of second year core modules in finance, economics and business.
• should be able to identify which mathematical technique is required for solving particular problems and be well prepared in those mathematical areas necessary for suitable progression to final honours in Finance, Microeconomics, Macroeconomics and Data Analysis for Finance.
• should have acquired a range of analytical mathematical skills

• Students will have enjoyed extensive practice in problem solving.

• Written communication - through formative and summative assessment.
• Planning and organisation and time management - e.g. by preparing for workshops, by revising relevant material and preparing for the summative assessment and examination.
• Problem solving and analysis - e.g. by applying the necessary analytical and quantitative skills.
• Initiative - by searching relevant literature and information in preparation for assessed work.
• Numeracy - e.g. by applying core mathematical and statistical skills to solve a range of problems.
• Computer literacy - e.g. by accessing, and downloading teaching material from DUO and by using statistical software and spreadsheets to prepare for workshops and to complete assignments.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Lectures will deliver essential material in an efficient way to a large audience and will identify key reading and exercises.
• Seminars will enable smaller group work to practice problem-solving and will enable students to match techniques to problems.
• Formative assessment is by means of exercises throughout the year.
• Summative assessment is by means of a written examination.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Exercises will be completed throughout the year- two sets to be handed in and marked. Other exercises will be set and will be self-marked, with solutions made available to students. Online quizzes will also be set.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University