Mathematics for Business
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Mathematics for Business
Assessment Briefs
The first assessment is worth 15% of the overall mark.
The second assessment is worth 85% of the overall mark.
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SA1 Assessment Brief |
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Assessment Element |
Data Interpretation: Causation and Correlation |
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Weighting |
15% |
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Learning outcomes to be assessed: |
• Critically analyse the validity and usability of common statistical tools used within the business context. |
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Timing |
Session 10 |
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Length/duration |
N/A |
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Mode of submission |
Online Submission via Turnitin |
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Assessment Instructions |
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According to the officially available, correct data, the number of worldwide non-commercial space launches closely correlates with the number of doctorates awarded in sociology in the US. Why do you think that is? You can find similar examples of such correlations here: https://www.tylervigen.com/spurious-correlations In no more than 500 words, explain the difference between causation and correlation. Provide clear examples of both. |
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SA2 Assessment Brief |
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Assessment Element |
Portfolio |
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Weighting |
85% |
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Learning outcomes to be assessed: |
• Describe a range of mathematical methods used to solve business-related problems. • Explain how mathematical tools are used to aid business decision making. • Apply a range of mathematical tools to analyse and interpret a variety of business scenarios. • Critically evaluate the interpretation of mathematical analysis of common business data, including graphical representation. • Apply appropriate mathematical techniques to interpret data and develop solutions to a variety of real-world problems. |
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Timing |
Session 12 |
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Length/duration |
N/A |
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Mode of submission |
Online Submission via Turnitin |
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Assessment Instructions |
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This assessment is scenario-based calculations (worth 85% of the overall mark). Students will submit a portfolio to evidence the application of a range of mathematical tools and techniques to analyse and interpret a variety of business scenarios with recommendations. Each section is equally weighted. Section 1: |
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Find three separate examples of the use of mathematics. They can come from media, professional publications, or your other studies in this programme. Take a screenshot of your chosen examples. Then, for every example, answer the following questions:1. What topic is discussed? What numerical data is used? What thesis does the author make?2. What mathematics is used to support it? Suggest other tools that could be used instead.3. Can you identify any weak points of the used tools and the alternatives? |
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Section 2
The second part of your portfolio requires you to solve several numerical problems. You can choose whatever tools you like to perform your calculations. Remember, we are not testing your ability to calculate anything "by hand" — we are assessing your ability to choose appropriate tools for the task, and interpret the numerical information that you obtain.
The owner of Harbour Lights Restaurant notices that daily sales revenue is dependent on two variables:
i) the number of hour, t, after the restaurant opens
ii) the total sales, x, in pounds (£) since the restaurant opened
The restaurant owner models the rate of sales as directly proportional to x/8-t
After 2 hours, sales revenue is £720 per hour and total sales are £3360.
1. Show that x dt/dx =403200(8 -t)
2. Next, show that x2 =403200(16-t)
3. The restaurant opens at 5.30pm. The restaurant owner closes the restaurant when sales revenue falls below £240 per hour. Using your results from question 1 and 2, calculate the earliest time that the restaurant owner can close the restaurant.
4. Explain why the model used by the restaurant owner is not valid at 5.30pm.
Section 3
The owner of The Harbour Restaurant is considering selling her restaurant and retiring. An investor has offered to buy The Harbour Restaurant for £350,000 whenever the owner is ready for retirement.
The owner is considering the following three alternatives:
i) Sell the restaurant now and retire.
ii) Hire someone to manage the restaurant for the next year and retire. This will require the owner to spend £50,000 now but will generate £100,000 in profit next year. In one year, the owner will sell the restaurant for £350,000.
iii) Scale back the restaurant's hours and ease into retirement over the next year. This will require the owner to spend £40,000 on expenses now but will generate £75,000 in profit at the end of the year. In one year, the owner will sell the restaurant for £350,000.
Given that the interest rate is 7%:
The Net Present Value of option i) is £350,000
The Net Present Value of option ii) is £370, 561
(We calculated this as NPV = - 50, 000 + 1.07/100, 000 + 350,000 = £370, 561)
The Net Present Value of option iii) is £357,196
(Again calculated as NPV=-40,000+ 1.07/75.000+350.00 = £357,196)
Option ii) has the highest NPV if the interest rate is 7% and Option i) has the lowest NPV
Which option would you recommend?
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Academic Integrity Academic integrity, honesty and trust are core values of Study Group. Any improper activity or behaviour on the part of a student which may give that student, or another student, an unpermitted academic advantage in a summative assessment is considered an act of academic misconduct and is unacceptable in a scholarly community. Such action(s) will be considered under these academic misconduct regulations and may lead to a penalty being imposed: • Submitted work which is not their own • Submitted work that does not acknowledge sources • Copied from other students • Asked someone to proofread their work • Used translation or grammar checking websites • Lent their work to other students • Allowed their work to be copied • Helped other students to complete their coursework Students are expected to take responsibility for the integrity of their own work, including asking for clarification where necessary. |
2024-01-13