Tools for Quantitative Analysis / Tools for Quantitative Analysis

The Academic Board of Business Administration, Odense
Teaching activity id: 8077001.
Teaching language: English.ECTS / weighting: 10 ECTS / 0.167 full-time equivalent.
Examination language: English.
Exam activity id: 8077102, 8077002.Approved: 15-03-16.
Period: Autumn 2016 to Spring 2017.
Grading: Internal grading.
Assessment: 7-point scale.
Offered in: Sønderborg, Odense.
Subject director:
Nils Karl Sørensen, Institut for grænseregionsforskning.

Prerequisites:
Mathematics level B from secondary school.

Purpose:
The objective of this course is to provide the student with skills in using tools for quantitative analysis for solving problems within the area of business administration. The objective is also to give the student an understanding of the interaction between the tools for quantitative analysis and economic problems.

The course thus provides tools that are used in other subjects, for example Corporate Finance, Microeconomics, and Advanced Quantitative Analysis. This course provides the student with skills within functional analysis in particular, which is used e.g. investment theory, finance and macroeconomics. The course also provides a brief introduction to matrix algebra. Calculus is used to deduce and calculate elasticity of supply and demand, and to calculate profits and losses in trade, while optimization and equation systems are used in the planning of production and the planning of a company's marketing efforts. Matrix algebra is used to solve equation systems with multiple unknowns. Such systems are seen, for example, in statistical analyses and in models for economic planning.

The course also gives the student skills in both fundamental techniques of data processing and presentation, and in concepts and methods to be used in analysis of data with a view to solving economic problems. The acquired skills can be used in several subsequent subjects. For example, they may form the basis for constructing hypotheses putting them to the test to compare the impact of e.g. advertising campaigns, surveys of the distribution of newspaper ads during a specific period, modelling of portfolios, surveys of the demand for tourist travels, etc. Emphasis is on giving the student an understanding of statistical methods in interaction with processing using statistical calculation software.

Content - Key areas:
The following topics are addressed in order to achieve the objectives of the course.

Topics in the autumn semester:

Functions of several variables
* Partial differentiation
* Implicit differentiation

Optimisation of functions that are relevant in economics
* Primary and secondary conditions for maxima and minima
* Use of the Lagrange method for optimization under constraints with economically motivated examples - including economic interpretation of Lagrange multipliers
* Geometric interpretation of functions of several variables - level curves, surfaces, etc.

Integration
* Calculation rules for integrals
* Rules for exponential and power functions
* Interpretation of integrals in relation to areas, including applications

Introduction to matrix algebra

Topics in the spring semester:

Descriptive statistics
* Selection of samples - simple random
* Central tendency, variation, skewness and extremes

Discrete and continuous distributions
* Including Binomial, Poisson and Normal distribution
* Variance-covariance of a set of stochastic variables, including linear combinations by means of matrix algebra.

Confidence intervals and hypothesis testing for
* Mean value and variance

Analysis of cross tables and goodness-of-fit tests

One-tailed variance analysis

Simple and multiple Methods in regression.

Goals description (SOLO taxonomy):
The student should be able:
- To apply calculus to functions of several variables and optimization for solving economic problems;
- To identify the correct method for solving a given problem;
- To assess whether the results obtained are correct;
- To relate statistical methods to frequently occurring problems in economics and business administration;
- To describe, analyse and interpret data using calculation software such as Excel and the Megastat statistics package for Excel;
- To use statistical methods and analyses to investigate problems in economics and business economics, including - based on a concrete problem and a concrete data set
- To describe relevant parts of the data set
- On the basis of the description, to construct hypotheses on relationships
- To select and use relevant methods to examine the validity of the hypotheses
- To give a relevant interpretation of the analyses conducted
- To discuss the assumptions and limitations of the selected statistical analysis methods and also to assess the applicability of the selected models to the issue in question.

Literature:
Reading list for the autumn semester:
Ian Jacques, Mathematics for Economics and Business. Pearson Education, latest edition.
Supplementary notes.

Reading list for the spring semester:
Bowerman, O'Connell, Orries & Porter "Essentials of Business Statistics", McGraw-Hill, latest edition. Supplementary readings: Erik M. Bøye, "Statistics Helper", Guide for use of textbooks in Statistics, Swismark.

Time of classes:
The 10 ECTS is divided between the autumn semester and the spring semester with 5 ECTS for each semester.

Scheduled classes:
In the autumn: 2 lectures and 1 exercise session per week for 15 weeks -

In the spring: 2 lectures and 2 exercise sessions per week for 15 weeks


Form of instruction:
In the autumn: 2 lectures and 1 exercise session per week for 15 weeks -

In the spring: 2 lectures and 2 exercise sessions per week for 15 weeks

IT is used as an integral part of the teaching, based on both the Excel spreadsheet and on the use of the Megastat software, which comes with the statistics textbook.
The students acquire knowledge of the subject area through independent literature studies supported by lecture sessions aiming to provide an overview of the area and links between different parts of the subject. The lectures are also used to enhance the textbook explanations of particularly difficult topics.

The students develop skills in applying the scientific methods used in the field by working with assignments in the subject. This process is facilitated by exercise sessions enabling students to debate issues when solving assigned problems and get feedback on their own work.

Students will be required to do 250 hours of work, which is expected to be spent as follows:
- Lectures: 60 hours
- Exercise sessions: 45 hours
- Preparations for exercise sessions and lectures 90 hours
- Preparations for examination: 30 hours
- Written examination (first part-examination): 3 hours
- Take home assignment (second part-examination): 22 hours.

Time of examination:
The examination consists of two part-examinations. The first part-examination is held in January and the second part-examination is held in June. Re-examination of the first part-examination will be in February and of the second part-examination in August.

Students are automatically registered for the ordinary examination in the course. Cancellation is not possible. If the student does not participate in the examination, the student will use an examination attempt.
The university may grant an exemption from the rules in case of exceptional circumstances.
Examination form at the re-exam can be changed.

Examination conditions:
None

Form of examination for the certificate:
First part-examination: Written examination
Second part-examination: Take home Assignment


Supplemental information for the form of examination:
The examination consists of two parts:
In January, a 3-hour written examination (8077002) is held on the autumn topics (all aids, including own PC and printer permitted).
In June, an examination (8077102) is held on the spring topics as an individual "take-home" assignment of 48 hours duration.

First part-examination:
(changed 12.06.2015)
Duration: 3 hour written examination

Location: The examination is held using the students own PC with wireless network access to the university.

Internet access: The Internet must only be used to access SDUassignments in order to submit and retrieve the Word-template to be used for the exam. Aside from this activity the Internet must be used during the examination.

Hand out: Will be handed out in the examination room

Hand in: Only digital submission, via SDUassignment in the course page in Blackboard.

Preparation: The assignment has to be written in a Word-template that is handed out via SDUassignment at the beginning of the exam. Graphs, formulas and similar may be written by hand and transferred to the template by use of either a digital pen or a hand scanner. See under special circumstances.

Special Circumstances:
If you have bought the book by Ian Jacques for the course as an e-book, then it is permitted to have this e-book open on your own computer during the exam
Own notes has to be printed out on paper. It is not allowed to your own notes open on your computer suring the exam
If the assignment is written by use of a digital pen then it is allowed to use the software accompanying the digital pen or the program SDUscribble
The assignment can be written by hand, and then be digitally transferred by use of a hand scanner. It is allowed to use the software accompanying the hand scanner
The assignment can be written by hand and then being photographed by use of a digital camera (not Ipads/tablets/smartphones). The files of the photo images can then be transferred to the Word-template
The memory of the  digital pen, the hand scanner and the digital camera has to be empty/cleared before the start of the exam
All handmade graphs, formulas and similar has to transferred to the Word-template before the end of the exam

Exam Aids: No digital aids allowed. It is only allowed to work in the retrieved Word-template. It is not allowed to use other templates, mathematical templates or other PC-based programs. See also under special circumstances. It is allowed to bring along books, notes, other papers and pocket calculator. The pcket calculator must not be connected to the computed. It is not allowed to bring IPads/tablets/smartphones. It is not allowed to communicate with others.

Second part-examination:
Duration: Take home Assignment, 48 hour
Location: home assignment
Internet access: Required
Hand-out and submission:: The assignment is to be handed out on the day of examination at 12 noon and is to be submitted 48 hrs later via SDUassignment in the course page in Blackboard.
Exam Aids: All exam Aids allowed.

The examination is intended to demonstrate the student's ability to analyse and interpret a large-scale data set. Use of IT is included as an integral element of the solution.

The overall grade is calculated as an average of both part-examinations with equal weights.
Previously passed part-examinations may be transferred.
The examination is intended to test the goal achievement on all the listed points.

The overall grade for the course is reached by adding together the two part grades. The part grades must not include the grade -3. The overall grade 02 cannot be achieved through rounding up. The part grade 00 cannot be improved if the overall grade 02 or above has been achieved.


Teaching and examination numbers for the course on the individual campuses:

Odense:
Autumn: 83200501 (teaching) and 83200502 (exam)
Spring: 83201501 (teaching) and 83201502 (exam)

Sønderborg:
Autumn: 83200601 (teaching) and 83200602 (exam)
Spring: 83201601 (teaching) and 83201602 (exam)

Programmes:
BSc. Economics and Business Administration - Business Management
1st semester, mandatory. Offered in: Odense
BSc. Economics and Business Administration - Business Management
2nd semester, mandatory. Offered in: Odense
BSc in Economics and Business Administration - International Economics and Business Relationships
1st semester, Not chosen, mandatory. Offered in: Sønderborg
BSc in Economics and Business Administration - International Economics and Business Relationships
2nd semester, Not chosen, mandatory. Offered in: Sønderborg
Negot
2nd semester, mandatory. Offered in: Sønderborg
BSc. Economics and Business Administration - Credit Transfer Programme for AP Graduates
1st semester, mandatory. Offered in: Odense, Sønderborg
BSc. Economics and Business Administration - Credit Transfer Programme for AP Graduates
2nd semester, mandatory. Offered in: Odense, Sønderborg