Mathematics for Business

This subject will assist students understand the importance of mathematic skills required for so many areas of sound management decision-making. It also seeks to provide a flexible, student-centred and academically rigorous program designed to develop students’ intellectual skills and competencies and give a critical insight into mathematical techniques as they apply to business. The subject seeks to prepare students who aspire to further academic study in other units including accounting, economics, finance, and statistics. Furthermore the subject will provide an introduction to basic mathematical techniques and their application to specific needs in business, with special reference to the assimilation, analysis and presentation of statistical and financial information for the services industry.

At the end of this unit students will be given the tools to reason logically, analyse data and think critically. They will have learnt and enhanced the mathematical skills which are essential for further study in Business and Management.

This unit is taught through face-to-face lectures, tutorials and supervised self-directed study. The material can be difficult and concepts introduced in lecture format will be examined, amplified and explained in tutorials with the generous use of practical examples. This structure allows the development of discussion and writing skills during tutorials and the use of tutorial exercises to extend the lecture content. In addition consultation outside class times will be available allowing a student to seek and receive help for individual problems. This unit also involves visual case study presentations.

On-line supplementation will be available for this unit.

1. Understanding the basic numerical, algebra and statistic tools

2. Understanding foundations of financial mathematics with a focus on time preference of money

3. Apply basic skills of numeracy to business decision making

4. Analysing accounting and financial data using ratios and time-series for financial decisions

5. Understand the limitations of numerical and statistical analysis in interpreting data

6. Understanding accounting and financial key concepts used in the business environment

Exams will take place in week 13. Please refer to the official Exam Timetable for further information.

Assessment

Individual third week quiz (10%)

Individual seventh week test (20%)

Final assignment (20%)

End of semester exam (50%)

* All details and guideline instructions pertaining to the assessments will be available on Moodle.

*All exams take place under normal ICMS exam conditions as noted in ‘Academic Handbook’

section 13

*All exams must be set by the subject lecturer and approved by the relevant Head of School and Director of Academic Learning before printing. Exam results will be submitted to the Registrars Office within three days of students sitting the exam.