Advanced Mathematical Methods in Economics and Management (5 ECTS)

Learning outcomes

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

Prerequisites

English level 2

Teaching methods

Lectures, exercises and examination.

Learning materials and recommended literature

Material delivered by the teacher, during the course.

Assessment methods and criteria

The grading is based on final exam (50%) and exercises done during the course (50%).

Evaluation scale

0-5

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.