Advanced Mathematical Methods in Economics and ManagementLaajuus (5 cr)

Objective

The student
• is able to use methods of statistical analysis in applications relating to economics and management, and also use them in real estate management
• can apply probability distributions in reliability engineering
• understands the principles of optimisation and regression, and has basic knowledge of most common optimisation algorithms
• is able to build simple decision models and knows how to assess risk and uncertainty in modeling

Content

• Revision on basics concepts of probability
• Reliability analysis
• Sampling and estimation
• Statistical hypothesis testing
• Optimisation and regression
• Decision modelling
• Use of spreadsheet software in applications relating to the topics of the course

Qualifications

English level 2

Assessment criteria, satisfactory (1)

The student
• can apply methods of probability and statistics in simple problems
• shows understanding of basic concepts of reliability engineering and can use them in applications
• is able to use simple linear regression in applications and understands the basic ideas of it
• knows the basics of decision modelling.

Assessment criteria, good (3)

In addition to the criteria mentioned above, the student
• has some ability to assess the suitability of different probability distributions and methods of statistical analysis in practical problems
• is aware and is able to solve various problems relating to regression analysis and optimisation
• can design and build simple decision models
• has understanding of possibilities but also of weaknesses and limitations of the methods studied on the course
• can explain and report their solutions clearly.

Assessment criteria, excellent (5)

In addition to the criteria mentioned above, the student
• can apply the concepts and methods studied on the course also in more complicated problems
• understands the theoretical background of the concepts and methods, and is able to use that knowledge to thoroughly assess their suitability to various practical problems
• can explain and report their solutions elaborately.

Assessment criteria, approved/failed

The student
• can apply methods of probability and statistics in simple problems
• shows understanding of basic concepts of reliability engineering and can use them in applications
• is able to use simple linear regression in applications and understands the basic ideas of it
• knows the basics of decision modelling.

Further information

Virtual course