IA124-3-FY-CO:
Mathematics and Statistics for Economics and Business

The details
2019/20
Essex Pathways
Colchester Campus
Full Year
Foundation/Year Zero: Level 3
Current
Thursday 03 October 2019
Friday 26 June 2020
30
10 May 2019

 

Requisites for this module
(none)
(none)
(none)
(none)

 

(none)

Key module for

BSC N401 Accounting (Including Foundation Year),
BSC NN43 Accounting and Finance (Including Foundation Year),
BSC NN42 Accounting and Management (Including Foundation Year),
BSC N4L1 Accounting with Economics (Including Foundation Year),
BBA N104 Business Administration (Including Foundation Year),
BBA N104CO Business Administration (Including Foundation Year),
BSC N201 Business Management (Including Foundation Year),
BA L102 Economics (Including Foundation Year),
BSC L103 Economics (Including Foundation Year),
BSC N301 Finance (Including Foundation Year),
BA L118 Financial Economics (Including Foundation Year),
BSC L117 Financial Economics (Including Foundation Year),
BSC N124 International Business and Entrepreneurship (Including Foundation Year),
BSC N124CO International Business and Entrepreneurship (Including Foundation Year),
BA L160 International Economics (Including Foundation Year),
BSC L161 International Economics (Including Foundation Year),
BA L190 Management Economics (Including Foundation Year),
BSC L191 Management Economics (Including Foundation Year),
BSC N505 Marketing (Including Foundation Year),
BSC N505CO Marketing (Including Foundation Year),
BSC N835 Tourism Management (Including Foundation Year),
BSC N835CO Tourism Management (Including Foundation Year),
BSC N347 Finance and Management (Including Foundation Year)

Module description

The module covers the mathematical skills needed to proceed to any degree course within the Department of Economics and Essex Business School. The syllabus covers the mathematics of systems of equations and differentiation as well as statistical distributions and hypothesis testing. The associated work in classes and lab sessions develops the skills used to solve relevant problems, with classwork and online assignments being set and full solutions provided as part of the feedback process.

Module aims

- To ensure that students from a wide range of educational backgrounds have an understanding of core mathematical skills needed within the study of Economics and Business.

- To develop the ability to acquire knowledge and skills from lectures, classwork exercises, and mathematical software and application of theory to a range of weekly tasks.

- To develop students' ability to use these skills in their subsequent degree course.

- To equip students with the mathematical techniques needed to solve problems involving systems of equations and differentiation and to clearly structure their solutions and conclusions.

- To give students the ability to present and interpret data clearly and unambiguously, both by hand and with the use of Excel software.

- To give students an understanding and ability to calculate statistical measures and set up hypothesis tests.

Module learning outcomes

On successful completion of this module a student is expected to be able to:



- Understand and use basic arithmetic and algebra;

- Solve linear systems of equations;

- Ability to plot basic graphs and understand shifts in graphs;

- Understand and use differentiation and partial differentiation to find the gradient of functions of one or two variables;

- Understand basic Statistics and calculate measures of centrality and spread;

- Understand and interpret basic statistical graphs, including using Excel to analyse data and produce various graphs;

- Understand the normal distribution and be familiar with reading statistical tables;

- Understanding of basic statistical inference and able to construct simple hypothesis tests.

Module information

Syllabus

- Basic arithmetic and algebra.
- Systems of linear equations.
- Graphical representation of functions, shifts in graphs and graphical solution of equations.
- Calculus: differentiation of linear and polynomial functions, partial differentiation of functions of two variables, turning points, applications of differentiation
- Compound interest rates, rates of change
- Descriptive statistics: interpreting data, measures of location and dispersion.
- Inference Statistics: basic hypothesis testing, normal distribution and statistics tables.
- Hypothesis testing and regression
- Using Excel to carry out statistical computations and create graphs.
- Practical application of algebra and statistics to economics and business related problems

Assessment
Formative coursework

Students engage in weekly worksheets, lab sessions and online assignments and receive in class feedback.

Summative assessment
- In-class test 1 (37.5%)
The first in-class test examines students' understanding of mathematical concepts taught in the first six lectures of the course. These concepts include: prime factorisation, solving basic exercises involving arithmetic operations, solving basic exercises involving algebraic operations, solving systems of simultaneous linear equations, solving linear and quadratic equations, basic linear graphs concepts and solving worded questions.

- In-class test 2 (50%)
The second in-class test examines students' understanding of further mathematical and statistical concepts. These concepts include: solving exercises and worded questions using calculus (differentiation, partial differentiation and applications of differentiation), rates of change, understanding of introductory statistical definitions, descriptive statistics, measures of centrality and dispersion, solving basic hypothesis testing exercises. Mathematics and statistics questions relating to economic and business concepts are emphasised.

- Participation mark (12.5%)
Participation marks are awarded for completing mini online assignments during the lab sessions of the module. The assignments are based around the topics taught during the weekly mathematics and statistics lectures.

- 2.5 hour exam during Summer Examination period
The final exam consists of a 150 minutes written exam which includes questions covering all the topics taught during the mathematics and statistics sections of the course. Therefore, the exam will cover topics covered in the first two in-class tests as well as further hypothesis testing questions and regression concepts. Emphasis is put on mathematics and statistics questions relating to economic and business concepts.

Reassessment strategy
Failed unit of assessment - Reassessment requirement
Failed Exam - Resit the exam which is re-aggregated with existing coursework mark to create a new module aggregate.
Failed Coursework - Resit the exam which counts as coursework and is then re-aggregated with the existing exam mark to create a new module aggregate.
Failed Exam and Coursework - Resit the exam which will count as 100% exam mark. The exam will cover all the learning outcomes.


Learning and teaching methods

The module runs for 22 weeks and is delivered via a weekly one-hour lecture, a weekly two-hour class and a one-hour maths lab for all students. There are a total of 20 weeks of teaching, with two weeks of revision lectures and classes in the Summer Term.

All lecture notes and exercises are placed on Moodle for easy student access. Listen Again is also used as part of learning support in which students can reviews the recordings at a later date.

Bibliography

This module does not appear to have any essential texts. To see non-essential items, please refer to the module's reading list.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Weighting
Coursework   IA124 Test 1    37.5% 
Coursework   IA124 Test 2     50% 
Coursework   Participation    12.5% 
Exam  150 minutes during Summer (Main Period) (Main) 

Overall assessment

Coursework Exam
40% 60%

Reassessment

Coursework Exam
40% 60%
Module supervisor and teaching staff
Dr Radu-Dragomir Manac, email: rmanac@essex.ac.uk.
Mr Radu-Dragomir Manac
Ms Helen Hearn (hhearn@essex.ac.uk or 01206 872842)

 

Availability
No
No
No

External examiner

No external examiner information available for this module.
Resources
Available via Moodle
Of 633 hours, 398 (62.9%) hours available to students:
235 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s).

 

Further information
Essex Pathways

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