Units

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Sample subject outline - Semester 1 2013

Note: Subject outlines often change before the semester begins. Below is a sample outline.

Rationale

This unit is an extension of the foundations of statistical and mathematical concepts introduced in BSB123. The unit serves two distinct purposes; it acts as a terminal exit point as well as preparation for future units in Econometrics. The mathematical and statistical tools taught in this unit are essential components of your degree. Many of the methods will be revisited in multiple units within the Economics and Finance majors.

Aims

To provide an understanding of concepts and principles of mathematical and statistical techniques and the application of these techniques to the analysis of business data. This is an essential skill set in modern economic and financial practice. To prepare students for both higher level units in Econometrics as well as more advanced units in the Economics and Finance major sequence. A major aim of this unit is for you not only to master effective use of mathematical and statistical data modelling techniques but also an ability to interpret statistical output. This unit aims to develop generic skills in 1) written communication, 2) problem solving, 3) quantitative analysis, and 4) mathematical methodologies.

Objectives

Course Learning Goals (Undergraduate)
The QUT Business School has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:

Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Integrate and apply disciplinary theory and skills to practical situations
1.2 Incorporate the use of technology appropriate to the discipline and context

Be critical thinkers and effective problem solvers (CTA)
2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue

Be professional communicators in an intercultural context (PC)
3.1 Communicate effectively through written tasks appropriate to varied contexts and audiences
3.2 Communicate effectively through professional oral presentations appropriate to varied contexts and audiences

Be able to work effectively in a Team Environment (TW)
4.1 Demonstrate effective team skills in order to contribute appropriately to the production of a group output

Have a Social and Ethical Understanding (SEU)
5.1 Apply ethical reasoning, standards or codes of practice relevant to the discipline and make decisions that are informed by social and cultural understanding

Unit Objectives
Upon completion of this unit, you will be able to:

1. use Excel software in order to summarise data, run regressions and carry out statistical analysis including regression;
2. interpret statistics, analyse regression output, and carry out appropriate hypothesis tests using statistical tables;
3. develop an econometric specification and frame appropriate hypotheses;
4. understand at a practical level as well as an intuitive level precisely what the computer is calculating during regression analysis;
5. develop quantitative analytical skills including an ability to manipulate algebraic expressions and solve equations.

The specific course learning goals and unit objectives that apply to this unit are shown in the assessment section of this unit outline.

Content

Major content areas may be described as follows:

Mathematical preliminaries

The straight line and applications

Non-linear functions and applications

Differentiation and applications

Functions of several variables

Sampling and sampling distribution

Hypothesis testing

Simple linear regression

Properties of the regression coefficients and hypothesis testing

Multiple regression analysis and hypothesis testing

Non-linear regression functions and transformations

Approaches to Teaching and Learning

This unit has a formal class contact time in lectures and tutorials of approximately three hours (lecture two hours, tutorial or computer workshop one hour). In addition there will be a workshop offered approximately 6 times per semester. This aims to help students who attend lectures and tutorials but still require additional help. Furthermore, you should expect to devote, on average, eight further hours per week on self-study and assignments. The eight non-formal hours should be seen as a guide only, and not to be regarded as a restriction on the hours devoted to the unit.

WARNING: Please note, this unit is likely to be very different to any prior unit you have studied to date. Almost everything depends on everything else- so missing even a single lecture leads to significant risk. It is essential to keep up with the material. You are likely to come from diverse backgrounds, some who love and some who fear maths and stats. The skills developed in the unit are an essential component of the toolkit for any Economics and Finance graduate. The returns to studying hard in this unit will payoff in this as well as many other units in Finance and Economics.

The best strategy is to come to the lectures ready to focus and take notes. Follow the steps as we proceed- this will save you an enormous amount of time. My only other request is that you come prepared to the tutorial. You MUST attempt the tutorial questions prior to your tutorial. Tutors will be asked to provide additional problems for those with no difficulties and to help those who have made a solid attempt but not quite grasped the approach etc.
An end of semester exam is used to assess the understanding of mathematical and econometric concepts studied in this unit.

Assessment

The assessment in this unit aims to support achievement of the learning objectives for both Discipline Knowledge and Other Graduate Capabilities. Assessment has been designed in order to allow students to:

receive feedback on learning during progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and

demonstrate learning in order to achieve a final grade (summative assessment).

Students will receive feedback in various forms throughout the semester which may include:

Informal: worked examples, such as verbal feedback in class, personal consultation

Formal: in writing, such as checklists (e.g. criteria sheets), written commentary

Direct: to individual students, either in written form or in consultation

Indirect: to the whole class

Assessment name: Quiz/Test
Description: Quiz/tests are multiple choice, compulsory and closed book. The format of the test will be closely based on lecture material and tutorial exercises. The final mark will be calculated from the best four.
Length/Duration: 30 minutes
Formative or Summative: formative and summative
Relates to objectives: Unit objectives: 1-5 and AOL goals: KS (1.1) and (1.2)
Weight: 40%
Internal or external: Internal
Group or individual: Individual
Due date: Weeks 3,5,7,9, 10,12

Assessment name: End of Semester Examination
Description: This assessment is the final assessment in the unit and is designed so that you can show what you have learned about the various applied sections of this unit. This assessment meets all objectives. The format of the final examination will be closely based on lecture material and tutorial exercises. This examination will test knowledge of a range of mathematical and statistical procedures. A detailed marking scheme will be developed for each question. The marking criteria will be based not only on the correct solution to the problem set but also on the use of appropriate techniques to obtain this solution (justification). Where applicable, marks are also allocated to the interpretation of the solution in terms of the original problem definition. This assessment is summative in nature and designed to ensure that students can be graded on their overall grasp of the unit material.
Length/Duration: 2 hours + 15 minutes perusal
Formative or Summative: Summative
Relates to objectives: Unit objectives: 1-5 and AOL goals: KS 1.1 and 1.2 ,CTA (2.1)
Weight: 60%
Internal or external: Internal
Group or individual: Individual
Due date: Central Exam Period

Academic Honesty

QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.

A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.

Resource materials

Prescribed Text
Gujarati, D. & Porter, D. (2009) Essentials of Econometrics (4th edn.) McGraw Hill

Recommended text
Dougherty, C. (2011). Introduction to Econometrics (4th edition), Oxford University Press.

Other Resources
Additional references and resources, including weekly reading and tutorial guides, can also be found at the unit's Blackboard site.

There are several other suitable texts that you may wish to use.

Stock, J. & Watson, M. (2007). Introduction to Econometrics (2nd ed.). Addison Wesley.
Wooldridge, J.M. (2009). Introductory Econometrics (4th ed.). South-Western Cengage Learning (the library has the 3rd ed.)
Haeussler, E. & Richard S. P. (2008). Introductory Mathematical Analysis (11th ed.). Prentice Hall.
Studenmund, A.H. (2010). Using Econometrics (6th ed.). Pearson (the library has the 5th ed.)

Risk assessment statement

There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.

Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.

Last modified: 23-Jan-2013