Business StatisticsLaajuus (3 ECTS)

Objective

After completing the course the student will know how to properly present and describe information, how to draw conclusions about large populations based on information obtained from samples, how to apply probability and statistics in justifying decisions, how to improve management and engineering processes, how to obtain reliable forecasts, and how to use statistical software in these tasks.

Content

Probability, probability distributions. Descriptive statistics. Diagrams. Measures of location, dispersion and correlation. Statistical inference. Random sampling. Estimation. Hypothesis testing. Regression. Quality management. Statistical packages.

Qualifications

Functions and Vectors.
Derivative and Integral.
Matrices and Linear Methods in Industrial Management.
Business Mathematics.
Introduction to Computing.

Assessment criteria, satisfactory (1)

The student can calculate simple probabilities. The student knows the basic data parameters and visualizing methods. The student understands the basic principles of statistical inference and he/she can run the basic tests and do other basic analyses using pre-made schemes.

Assessment criteria, good (3)

The student can calculate probabilities that involve discrete or continuous distributions. The student understands well the meaning of data parameters. The student has a good notion of where to apply the different visualizing methods and he/she is able to create good information visualizations. The student understands the restrictions of hypothesis testing and other analysis methods. The student can select an appropriate testing method and he/she can interpret the results. The student can use Excel or some other computer program in statistical analyses.

Assessment criteria, excellent (5)

The student has familiarized himself/herself with the various stages of a statistical research project. The student has an excellent mastery in probabilities (Bayesian inference etc. included) and statistical methods and he/she understands their mathematical background. The student is able to manage a project that involves statistical analyses and he/she can write a report on that project that satisfies scientific criteria. The student masters well some statistical computer program.

Further information

The course contains practice in a computer laboratory.