Statistics and Business MathematicsLaajuus (3 ECTS)

Objective

On completion of the course the student will be familiar with the basic concepts of statistical mathematics and be able to apply them in examining measurement results related to physics and building services engineering. The student will be able to visualize and interpret statistical data with the help of basic statistics and graphs. The student will be familiar with basic business mathematical calculations.

Content

The concept of probability and basic rules of calculation. The random variable and related basic concepts. Normal distribution. Confidence intervals. Estimation of parameters. The basics of statistic testing. Measurement uncertainty and error estimation of results. Basic concepts of statistics, such as measures of central location and dispersion, classification of data, tables and graphs. Basics in regression analysis. Statistical functions in Excel. Percentage calculation in business mathematics. The concept of index, different indexes, index calculation. Simple interest calculation and calculation of compound interest. Discounting.

Assessment criteria, satisfactory (1)

The student is able to visualize statistical data graphically and is able to calculate the basic statistics of given data and understands their meaning. The student is able to calculate simple probabilities related to normal distribution. The student is able to calculate the error limits of results given by simple expressions using the error limits of the measured variables. The student is able to use regression analysis in simple linear problems and to draw correct conclusions of the relationship between variables. The student is familiar with simple percentage calculations related to business mathematics. The student is familiar with different indexes and simple index calculations.

Assessment criteria, good (3)

In addition to the requirements above, the student is able to calculate the confidence intervals of the expectation value and standard deviation. The student knows the principles of statistic testing. The student is able to draw conclusions on the basis of basic statistics and graphs. The student is able to calculate the error limits of results given by more complicated expressions by using the error limits of the measured variables. The student is familiar with simple interest calculations and the basics of compound interest calculation, and is able to do simple interest calculations.

Assessment criteria, excellent (5)

In addition to the requirements above, the student is able to assess the reliability of statistical data thoroughly by using various graphs and basic statistics. The student is able to apply regression analysis also in problems where the non-linear expression can be transformed into linear regression. The student is able to interpret basic statistics in regression analysis. The student is familiar with the concept of discounting and its applications.