This module enables students to use a range of mathematical and statistical methods and appreciate their uses in both academic and applied contexts related to accounting and finance.
The first half of the module is designed to develop numeracy skills, and provide a solid foundation in mathematics. Spreadsheet techniques will be introduced where relevant. It will include:
Ratio and percentage applications in finance and accountancy.
Algebraic equations and functions, together with techniques for solving and manipulating them. These will be used for model building and include linear, quadratic and exponent functions.
The concepts and techniques of compound interest and discounting, fundamental to financial mathematics.
The analysis and interpretation of gradients of curves, and maxima and minima of functions using differential calculus are explored.
The second half of the module introduces statistical methods as a series of techniques for describing and summarising data, representing uncertainty through probability and probability models, and for statistical inference. The methods include:
Frequency tables and descriptive statistics; random variables, mean, variance and covariance; probability concepts and measures; discrete and continuous probability distributions.
Sampling and sampling error; alternative sampling techniques; statistical estimation.
Fundamental principles of hypothesis testing; contingency tables, correlation and simple regression.