STX1110Introduction to Quantitative MethodsAutumn Semester 06/07 Module Handbook Module LeaderGary Hearne Office: G302 Extn: 5970 E-mail: g.hearne@mdx.ac.ukMathematics and Statistics GroupContentsPage Section1 Module Information8 STX1110 Lecture Schedule9 STX1110 Calendar12 STX1110 Coursework Information13 STX1110 Sample Coursework151634385770Appendix containing: STX1110 Exam Paper for Semester 2 (02/03) Generic Feedback Semester 2 (02/03)STX1110 Exam Paper for Semester 1 (02/03)STX1110 Sample Exam Paper STX1110 Revision questionsModule Information Page 1STX1110 Module Information Staff Name Office E-mail: Extension STX1110 Role Gary Hearne G302 gary13@mdx.ac.uk 5870 Module leaderJohn Hammond G330 john68@mdx.ac.uk 5392 Lecturer Anne Humbert G301b a.humbert@mdx.ac.uk TBA LecturerThomas Bending G301B t.bending@mdx.ac.uk 5809 Seminar tutorPhilip Maher G329 p.maher@mdx.ac.uk 5677 Seminar tutorJas Verdi G332 Jas2@mdx.ac.uk 4742 Seminar tutorEach week there will be 2 one-hour lectures, one after another. These are designed to introduce the topics covered in the syllabus and extend and amplify the contents of the STX1110 handbook. At the end of each lecture, seminar work will be set to be completed before the next seminar.Late entry to lectures will not be permitted. Please ensure that mobile phones are switched off before entering any teaching session.Each week students are expected to attend 1 two-hour seminar having solved, to the best of their ability, the seminar work set from the previous lecture. Seminar tutors will check that work has been attempted. Seminars give detailed solutions to some of the work set in lectures and provide opportunity for discussion of problems and the lecture material.In addition, students are expected to make use of the resource based learning material and timetabled advice available in the Mathematics and Statistics Resource Based Learning room, S206 in the Sheppard library.STX1110: Introduction to Quantitative Methods MUBSModule TeamLecturesSeminarsModule Information Page 2 Students' attendance is monitored in seminars. If for any reason you are unable to attend a seminar you must inform either your seminar tutor or a STX1110 lecturer. All seminar lists will be routinely checked. Any unexplained absences will be followed up via e-mail. If students fail to respond to these e-mails they may be awarded a non-attendance X grade. If an individual student fails to meet the 80 % attendance requirement then they may be awarded an X grade. Students are expected to complete the following;1. A minimum of 80% attendance and participation in seminars.2. One multiple choice test during the semester which accounts for 30% of the overall course grade. This test tests learning outcomes (1) and (5) to (8) (see page 7)This assessment will take place in your seminar during the week beginning 20th March 2006.DO NOT MISS THE ASSESSMENT. 3. A 3-hour final unseen examination which accounts for 70% of the overall course grade. The examination paper contains two sections. Section A is compulsory and contains short answer questions covering the key concepts from the course. A detailed list will be given to students during the course. Section B comprises six longer questions of which students should complete two. The questions will involve explanation and use of statistical techniques, the interpretation of quantitative information, financial calculations, optimisation of linear programming problems and use of probability and the normal distribution. This examination tests learning outcomes (1) - (9).Students are expected to PASS ALL elements of the assessment to successfully complete the course. 4. Both forms of assessment will be marked and awarded percentage grades. These percentages will then be aggregated according to their STX1110: Introduction to Quantitative Methods MUBSAttendanceAssessmentModule Information Page 3assessment weighting and then converted to a 20-point scale grade. See the Mathematics and Statistics group conversion scale belowMathematics & Statistics 20-point scale conversion table Percentage Mark 20 point Scale Grade90-100 180-89 271-79 370 467-69 564-66 661-63 760 857-59 954-56 1051-53 1150 1247-49 1344-46 1441-43 1540 1635-39 1730-34 1821-29 190-20 20STX1110: Introduction to Quantitative Methods MUBSModule Information Page 4Students may contact STX1110 staff in any of the following ways;1. via e-mail;2. via phoneVia phone;3. through the STX1110 dedicated advice sessions in RBL room S206. See RBL room timetable for session times;4. by making an appointment to see them.Staff will contact students in the following ways;1. via e-mail. Please ensure that you check your e-mail on a regular basis;2. via the STX1110 Oasis page;3. via lectures and seminars.This module aims to enhance understanding of the quantitative elements of other business disciplines and also introduces statistical techniques used in the analysis and presentation of business data. 1. To provide an interesting and enjoyable introduction to some basic ideas and techniques in statistics.2. To develop an appreciation of the application of statistics to business.3. To provide a firm foundation and introduction to statistics which may be built upon in further study.4. To encourage students who lack confidence in their mathematical skills to develop their mathematical ability which may be built on in further study.5. To equip students with the necessary statistical skills to succeed in business related disciplines.STX1110: Introduction to Quantitative Methods MUBSStaff -Student communicationModule AimsModule Information Page 51. Sampling, surveys and data collection.2. Compilation of the summarisation charts and how to read and interpret tabular data and diagrams.3. Calculation and interpretation of summary statistics.4. Regression and correlation.5. Compounding, discounting, present value and investment appraisal.6. Linear functions, graphs and linear programming.7. Time series analysis.8. Index numbers.9. Introduction to probability and the normal distribution.For more information on the module please refer to the learning unit narrative available on Misis. STX1110: Introduction to Quantitative Methods MUBSSyllabusLearning Unit NarrativeModule Information Page 6ESSENTIAL QUANTITATIVE METHODS FOR BUSINESS, MANAGEMENT AND FINANCE, 2006Third edition, Les Oakshot.1. BUSINESS BASICS; QUANTITATIVE METHODS BPP Publishing (2000). Third addition. 2. MATHEMATICS AND STATISTICS Louise Swift3. QUANTITATIVE METHODS FOR BUSINESS D. Waters4. BUSINESS MATHEMATICS A. Francis1. The STX1110 OASIS page. This currently holds revision questions and quizzes, and is where seminar solutions are released.2. STX1110 Statistics supplementary course notes This is self paced learning material which helps students work through statistical calculations using a step by step approach. 3. Statistics self paced learning material contained in the Maths and Stats RBL room at HE.STX1110: Introduction to Quantitative Methods MUBSLearning materialsCore TextbookFurther readingSupplementary learning materialsModule Information Page 7On successful completion of this module, students should be able to: 1. demonstrate knowledge of essential statistical and related quantitative concepts most likely to be met in business;2. describe some of the problems in the collection of data and discuss its limitations; 3. discuss univariate techniques for data exploration and summary;4. identify the relationships that may exist between pairs of numerical or categorical variables and techniques for exploring these. On successful completion of this module, students should be able to: 5. summarise and interpret data in tables and charts;6. calculate relevant statistical summary measures;7. interpret and communicate statistical information, and where appropriate treat the results of statistical analysis with caution;8. calculate discrete probabilities and use normal probability tables;9. formulate and solve optimisation problems.STX1110: Introduction to Quantitative Methods MUBSLearning outcomesKnowledgeSkillsModule Information Page 8STX1110 Lecture ScheduleTuesday 09.30 11.30 Date09.30 10.3026th Sep Introduction S1: Collecting Data 13rd Oct S2: Collecting Data 2 S3: Summarising and Presenting Data 110th Oct M1: Financial Maths 1 S4: Summarizing and Presenting Data 217th Oct M2: Financial Maths 2 S5: Summarizing and Presenting Data 324th Oct M3: Index Numbers S6: Numerical Summaries of Data 131st Oct M4: Intro to Probability S7: Numerical Summaries of Data 27th Nov M5: Standard Normal DistributionSTX1110 Question and Answer Session14th Nov M6: General Normal distributionS8: Correlation and Regression 121st Nov M7: Linear Equations S9: Correlation and Regression 228th Nov M8: Linear programming and OptimisationS10: Estimation5th Dec M9: Time series analysis Revision12th Dec No STX1110 lecture this week.STX1110 Question and Answer Sessions will be advertised for drop in help and advice.PLEASE NOTE : The STX1110 coursework takes the form of a multiple choice test which takes place in seminars the week beginning 13th NovemberSTX1110: Introduction to Quantitative Methods MUBSModule Information Page 9STX1110 CalendarEvery week you will need to complete the following, Read through the notes covered in the lectures making a note of any points you need to discuss with your seminar tutor or an advice centre tutor. Complete the seminar questions at the end of the units covered in lectures before the following weeks seminar making a note of any points you need to discuss with your seminar tutor or an advice centre tutor Check your e-mail and the STX1110 Oasis page for any announcements and information sent by the STX1110 team. Go to the STX1110 Oasis page attempt the quizzes and access the seminar solutions which are released at regular intervals. Make a note of anything you wish to discuss with your STX1110 seminar tutor or an advice centre tutor. Complete further reading from relevant chapters from Essential Quantitative Methods for Business, Management and Finance, third edition, Les Oakshot. Week Lecture Material Seminar Material Activity1 S1: Collecting Data 1 No formal work this week. Just an opportunity to meet your seminar tutor and find out how the module runs.Check your seminar time and place. If you do not know when your seminar is check on Misis. If you have not been allocated to one go to the seminar allocation help desk.If you do not know your computer id and password to log on to Misis go to computer reception in the basement of the library and they will help you.2 S2: Collecting Data 2 & S3: Summarising and Presenting Data 1You need to complete the questions at the end of S1: Collecting Data 1as they will form this weeks work in seminars.First seminar takes place. Make sure you have attempted the work required. You may be asked to show it to your tutor before you are given an attendance mark. Log on to Oasis and try the quizzes. If you do not know your id and password for Oasis ask at computer reception in the basement of the library.STX1110: Introduction to Quantitative Methods MUBSModule Information Page 10Check your e-mail to see if the STX1110 team have sent any information by e-mail.3 M1: Financial Maths 1& S4: Summarizing and Presenting Data 2S2: Collecting Data 2 & S3: Summarising and Presenting Data 1Continue to prepare for lectures and seminars.Consolidate your learning by logging on Oasis and looking at last weeks seminar solutions which will have now been released.4 M2: Financial Maths 2& S5: Summarizing and Presenting Data 3M1: Financial Maths 1& S4: Summarizing and Presenting Data 2By now you should be settled in to seminars and lectures. If you have been experiencing any problems e-mail the module leader, John, (john68@mdx.ac.uk) or see him in his office hours.It is time to start preparing for the multiple choice test which takes place in week 8 if you have not already done so. You have four weeks left to prepare. Read through your notes, go through seminar questions and their solutions accessing them via Oasis and practice questions. Quizzes are available on the STX1110 Oasis page. If you need guidance see your STX1110 seminar tutor or an advice centre tutor. 5 M3: Index Numbers & S6: Numerical Summaries of Data 1M2: Financial Maths 2& S5: Summarizing and Presenting Data 3Three weeks until the test. 6 M4: Intro to Probability & S7: Numerical Summaries of Data 2M3: Index Numbers & S6: Numerical Summaries of Data 1Two weeks until the test. You should be well prepared for the test, and will have practised the sample assessment in the module handbook.7 M5: Standard Normal Distribution & Question and answer sessionM4: Intro to Probability & S7: Numerical Summaries of Data 2Test takes place next week. Make sure you go to an advice centre session, see your seminar tutor or go to the question and answer session to get any last minute revision questions answered.8 TESTM6: General Normal distribution & S8: Correlation and Regression 1TEST and M5: Standard Normal DistributionTest Week. The mid module test will take place in your normal seminar this week. DO NOT MISS IT.9 M7: Linear Equations & S9: M6: General Normal Check your test results outside G303 and check details of the STX1110 STX1110: Introduction to Quantitative Methods MUBSModule Information Page 11Correlation and Regression 2 distribution & S8: Correlation and Regression 1feedback session. 10 M8: Linear programming and Optimisation & S10: EstimationM7: Linear Equations & S9: Correlation and Regression 2Go to advertised feedback sessions. Use the feedback to write a revision schedule for the main exam if you have not already done so.Attempt the practice exam questions contained the module handbook. Read through your notes, go through seminar questions and their solutions accessing them via Oasis and online quizzes. If you need guidance see your STX1110 seminar tutor or an advice centre tutor. 11 M9: Time series analysis M8: Linear programming and Optimisation & S10: EstimationLast week of seminars. Continue to work through seminar and exam questions. Make sure you see an advice centre tutor or seminar tutor about any questions on material you have been revising.12 Question and answer session. No Seminars this week. No seminars this week. Drop in to the advice centre or any of the question and answer sessions to get help with revision. Check the answers to the sample exam on the STX1110 Oasis page.STX1110: Introduction to Quantitative Methods MUBSModule Information Page 12STX1110 Coursework InformationThe STX1110 Coursework component will take the form of one MULTIPLE CHOICE TEST worth 30% of the overall course mark. A few sample questions are provided below.The test will be held in seminars in the week beginning 13th November 2006.If you MISS the assessment without good reason in accordance to university guidelines you will be UNABLE TO PASS this module and will be awarded a Q. Do not forget to bring your :- CALCULATOR PEN & RULER STUDENT ID CARD Formula sheets will be provided for the test.STX1110: Introduction to Quantitative Methods MUBSSTX1110 Multiple Choice AssessmentPage13Surname:Initials:Student number:Example: A B C D0. 2 + 2 = ? A. 2 B. 3 C. 4 D. 51. The table below details petrol costs per litre for January and February 2001. Jan FebPetrol cost 71.6 79.6 Using January as the base time, what is the index number for February's petrol cost, A B C D A. 89.95 B. 111.17 C. 108 D. 11.17 Use the following information to answer questions 2 and 3.A bag contains a variety of socks, which are white, blue or green and are either knee length or ankle socks, in the following numbers:Knee AnkleWhite 2 11Blue 6 2Green 5 101. Find the probability that the sock selected is a white sock .A B C DA. 362B. 3611C. 369D. 36133. Find the probability that the sock selected is a blue ankle sock. A B C DA. 368B. 362C. 366D. 364 4.Suppose that the nominal interest rate is 20% compounded monthly. What is the actual percentage rate (APR)? A B C DA. 21.55% B. 16.7% C. 21.94% D. 20.0%STX1110 Multiple Choice Assessment Page 1 of 2STX1110 Multiple Choice AssessmentPage 145. x 3 4 5 6 7 f 14 16 10 3 17The mode of the above frequency distribution is; A B C DA. 17 B. 4 C. 16 D. 76. Which of the following frequency distributions is positively skewed ?A B C DThe following stem and leaf display shows the ages of employees in a company.2 3 73 1 4 74 3 5 6 6 95 2 2 4 56 3 3Using the above stem and leaf display answer questions 7 and 8.7. How many employees are there?A B C DA. 16 B. 5 C. 70 D. 218. What is the mean age.A B C DA. 4.4 B. 45 C. 34.3 D. 46STX1110 Multiple Choice Assessment Page 2 of 2A BC DPage 15STX1110Introduction to Quantitative MethodsAppendix containing: STX1110 Exam Paper for Semester 2 ( 02/03) Generic Feedback on STX1110 Exam Paper for Semester 2 ( 02/03) STX1110 Exam Paper for Semester 1 ( 02/03) STX1110 Sample Exam Paper STX1110 Revision questionsPage 16STUDENT NUMBER:MIDDLESEX UNIVERSITYEXAMINATION PAPERSemester 2 2002-2003STX1110Introduction to Quantitative Methods Alison MegeneyCathy Minett-SmithNOT TO BE REMOVED FROM EXAM ROOMTime allowed: 3 Hours Total Number of questions: 6 in Section A6 in Section BInstructions to Candidates: SECTION A:Attempt ALL questions. Answers must be written on THIS examination paper in the spaces provided.Section A should take no longer than 1.5 hours.SECTION B: Attempt 2 questions from 6. Answers must be written on coloured answer booklets provided.Section B should take no longer than 1.5 hours.Materials provided: Graph PaperStandard normal tables (attached)Formula sheet (attached).Equipment permitted: Non-programmable calculatorsTotal number of pages: 181 front sheet, 15 pages of exam, Normal Tables and Formula Sheet. NOTE: Calculators with the capability of storing text will be permitted if the candidate can demonstrate to the invigilator that the text memory is clear. No books, paper or electronic devices are permitted to be brought into the examination room other than those specified above.Candidates are warned that illegible scripts will not be marked.Examination paper should be handed in with script.STX1110 Exam: Semester 2 2002/2003 Page 17Section A: Students must attempt all questions in this section. Answers must be provided on the examination paper and the paper handed in along with the answer booklets with answers for section B. Students are advised to spend no longer than 90 minutes (1.5 hours) on section A.1.The following stem and leaf display shows the time in minutes tocomplete a task for a random selection of 17 workers from a workforce.Time in minutes to complete the task1 92 1 5 93 0 2 2 3 7 8 94 1 3 4 65 0 1Leaf unit: 1 leaf = 1 minutei) Given that 610 xwhat is the mean amount of time taken tocomplete the task?Answer2 marksii) What is the median amount of time taken to complete the task?Answer2 marksiii) What is the range of times taken to complete the task?STX1110 Exam: Semester 2 2002/2003 Page 18Answer1 markThis questions continues on the next pagePage 1STX1110 Exam: Semester 2 2002/2003 Page 19The company then puts these workers through a training programme. After completing the programme their times to complete the task are recorded again. The following stem and leaf plot compares the workers' times before and after training. Time after training Time before training9 8 7 1 99 8 7 4 2 1 2 1 5 97 5 3 2 1 3 0 2 2 3 7 8 94 2 1 4 1 3 4 65 0 1Leaf unit: 1 leaf = 1 minuteiv) Briefly compare these two sets of data. Has the training had any effect on the time to completion of the task? Briefly explain your answer.3 marks2. The students in a statistics class can be classified by gender anddegree programme as shown in the following table.GenderDegree programmeBusiness studiesSocial Science Economics MarketingMale 15 22 30 25Female 15 14 12 15If a student is selected at random from the class what is the probabilitythat you will selecti) A male student completing a social science degreeAnswer2 marksSTX1110 Exam: Semester 2 2002/2003 Page 20This question continues on the next pagePage 2STX1110 Exam: Semester 2 2002/2003 Page 21ii) Either a business studies or an economics student.Answer 2 marksiii) A report on the class included the following statement there are equal numbers of male and female business studies studentsin the class.Briefly and critically discuss this statement.3 marks3.i) If the variable Z follows a standard normal distribution what do we know about its mean and variance?2 marksii) Produce a sketch of a standard normal distribution which indicates the shape of the distribution, and its location and spread.3 marksThis question continues on the next pagePage 3STX1110 Exam: Semester 2 2002/2003 Page 22If Z follows a standard normal distribution evaluate the following probabilities.iii) P(Z