Statistics for Business

• Descriptive statistics: Location measures, variance measures
• Probability calculations and combinatorics: The concept of probability, probability models, conditional probability
• Discrete stochastic variables: Calculation of expectation/variance/covariance, binomial distribution, hypergeometric distribution, poisson distribution
• Continuous stochastic variables: Normal distribution, exponential distribution, approximations to the normal distribution, linear combinations
• Estimation: Point estimation, interval estimation, properties of estimators, valuation of sample size
• Hypothesis testing: Hypothesis testing in measurement models (z-test and t-tests), hypothesis testing using normal approximation, chi-square tests, p-value, test strength.
• Linear correlation and regression: Least squares method, intervall estimation, hypothesis testing, prediction.
• Use of computer tools

Knowledge:

The candidate should;

• have the necessary methodical foundation in probability calculus and statistics for other subjects in the study programme.
• be able to connect the use of statistical methods to problems related to the economics-administrative area.

Skills:

The candidate should;

• have a basic understanding of the probability concept, be able to do probability calculations, and calculations using probability distributions.
• be able to estimate, and calculate confidence intervals for, unknown parameters.
• be able to choose and use the appropriate hypothesis test.
• be able to use and interpret linear regression models.

Competence:

The candidate should;

• be able to use statistics to express, analyze, and communicate economic relationships.
• have a statistical understanding that can form the basis for further studies and lifelong learning.

Lectures and mathematical exercises.