Year
2021Credit points
10Campus offering
No unit offerings are currently available for this unit.Prerequisites
MATH219 Statistics and Probability OR STAT206 Introductory Statistics for Science
Teaching organisation
4 contact hours per week for twelve weeks or equivalent.Unit rationale, description and aim
This unit uses the knowledge and skills developed in earlier units to introduce major basic tools of business and financial mathematics including review of interest rates and comparison of investment options. Financial time series and forecasting, which is a major tool for risk aversion in finance will be introduced. Other topics will be selected from risk theory, replacement theory, inventory control and analysis of options. Case studies will be drawn from international and indigenous situations and perspectives.
Learning outcomes
To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.
Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.
Explore the graduate capabilities.
On successful completion of this unit, students should be able to:
LO1 - Solve problems involving interest and depreciation (GA4, GA5, GA8)
LO2 - Develop and solve problems in annuities (GA4, GA5, GA8)
LO3 - Use suitable means to evaluate investment choices (GA4, GA5, GA8, GA9)
LO4 - Identify characteristics of financial time series (GA4, GA5, GA8, GA10)
LO5 - Apply appropriate and effective forecasting methods to time series (GA4, GA5, GA8, GA10)
LO6 - Understand the notion of business and bank risk and ways to quantify this (GA6)
Graduate attributes
GA4 - think critically and reflectively
GA5 - demonstrate values, knowledge, skills and attitudes appropriate to the discipline and/or profession
GA6 - solve problems in a variety of settings taking local and international perspectives into account
GA8 - locate, organise, analyse, synthesise and evaluate information
GA9 - demonstrate effective communication in oral and written English language and visual media
GA10 - utilise information and communication and other relevant technologies effectively.
Content
Topics will include:
- Review of Simple and Compound Interest.
- Depreciation
- Annuities
- Investment options: net present value and internal rate of return in theory and using technology
- Financial time series and forecasting
- Business risk; risk in banking.
- Factors for control in business: inventory, replacement and quality
- Finance issues: shares and options.
Learning and teaching strategy and rationale
As is common in Mathematics a variety of Active Learning strategies promote the best acquisition of skills and understanding. This allows students to learn the skills via Interactive Lectures, or suitable online strategies, and then build understanding, competence and confidence via (attendance) tutorials involving cooperative groups, peer review and other relevant strategies. In all cases this should be supported using available online technology.
This unit will include 24 hours of lectures together with 24 hours of attendance mode tutorials.
150 hours in total with a normal expectation of 48 hours of directed study and the total contact hours should not exceed 48 hours. The balance of the hours becomes private study.
Assessment strategy and rationale
To successfully complete an undergraduate Mathematics sequence, students need an understanding of a variety of basic Mathematical topics and an ability to apply that understanding to a variety of problems. To succeed at problem solving in Mathematics, students must have a variety of skills at their fingertips from which to choose and an ability to recall those skills under some pressure. The assessment strategy chosen, while traditional, tests and supports student learning. The continuous assessment component helps reinforce learning and builds collaborative skills. The examination components ensures that students have fully integrated the learning and can bring a variety of strategies to bear under pressure.
Typing of Mathematical notation either requires a significant investment of time, or knowledge of advanced Mathematical typesetting software. Neither of those skills are suitable for an undergraduate course in Mathematics. Consequently, assignments, tests and examinations are expected to be handwritten and so submitted as hardcopy, rather than through Turnitin. The expected tasks for this unit will all fit into this category.
Overview of assessments
| Brief Description of Kind and Purpose of Assessment Tasks | Weighting | Learning Outcomes | Graduate Attributes |
|---|---|---|---|
Continuous assessment – 2 or 3 small tasks, which may include student presentations, that are constituents of one assessment task, spaced across the semester | 30% | LO1, LO2, LO3, LO4, LO5, LO6 | GA4, GA5, GA6, GA8, GA9, GA10 |
Mid-semester test | 20% | LO1, LO2, LO3, LO4, LO5, LO6 | GA4, GA5, GA6, GA8, GA9, GA10 |
Examination | 50% | LO1, LO2, LO3, LO4, LO5, LO6 | GA4, GA5, GA6, GA8, GA9, GA10 |
Mathematics units at ACU are included in the 3A Mathematics, Statistics discipline cluster. This is a cluster for which universities are assumed to provide additional support, either via dedicated computer lab time and resources and/or additional teaching time. In the absence of the additional computer support, an addition hour of face to face contact is provided — in keeping with past practice at ACU.
Representative texts and references
Francis, A., Mousley, B., (2014) Business Mathematics and Statistics Melbourne: Cengage Learning Business Press
Jacques, I. (2015) Mathematics for Economics and Business New York: Prentice Hall
Ragsdale, C. (2018) Spreadsheet Modelling and Decision Analysis Melbourne: Cengage Learning Business Press