EC0MEB-Mathematics for Finance, Economics and Business

Module Provider: School of Politics, Economics and International Relations
Number of credits: 40 [20 ECTS credits]
Level:F
Terms in which taught: Autumn / Spring / Summer module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded: MA0MAA Mathematics
Current from: 2021/2

Module Convenor: Dr Rehana Bari
Email: r.bari@reading.ac.uk

Type of module:

Summary module description:
To provide a solid grounding in the key elements of pure mathematics and statistics to a good A-level standard for students approaching a degree in economics, finance, management or business.

Aims:
To provide a solid grounding in the key elements of pure mathematics and statistics to a good A-level standard for students approaching a degree in economics, finance, management or business

Assessable learning outcomes:
By the end of the module it is expected that the student will be able to:

• handle with confidence and accuracy the techniques of algebra required for the solution of equations, differentiation and integration
• interpret a range of problems, selecting the relevant procedure needed for solution
• find a graphical solution to economic and business questions
• analyse statistical and financial data, recognise Normal and Binomial distributions and be able to ca lculate probabilities associated with them
• use statistical applications in Quality and Productivity Management

Additional outcomes:
Students are expected to learn to work independently under pressure of time and may be required to present their solutions orally in a small group context. They should grow in confidence in assessing the essential elements of a solution and in the written explanation of problems.

Outline content:
The syllabus for Mathematics for Finance, Economics and Business normally covers a total of 15 or 16 topics each of which takes between one and three weeks to complete. The module begins with the basic concepts of algebra and number theory. The study of functions and mappings, including composite and inverse functions follows. Graphical analysis of linear functions is applied to supply and demand problems. This is followed by the calculus needed for maximisation and minimisation applications of the economic and business model. Probability theory completes the first term.
In the second term, graphical analysis of economic and business functions continues. Further differential calculus methods, with application to curve sketching, and integration are introduced. Statistical analysis of data, mean and standard deviation, regression and correlation and time series is followed by a study of the Binomial distribution. Arithmetic and geometric progressions lead to savings and compound i nterest applications.
The module is completed in the Summer Term by a study of the Normal Distribution and the principles of hypothesis testing

Brief description of teaching and learning methods:
Lectures and small group tutorials.
Weekly surgery hours for individual assistance as required.