Business Mathematics and Statistics (5 ECTS)

Objective

The student knows basic mathematical and statistical analysis methods of business and is able to apply financial mathematics to solving basic business problems based on working life. The student knows the main calculation methods related to finance and investment decisions. The student is familiar with the basic concepts of statistical analysis. The student is able to select suitable statistical methods and use them in describing the pre-collected statistical data.

Content

- Applications of percentages
- Indices and time value of money
- Interest and compound interest calculations with their applications
- Annuities, loans and their comparisons
- Basic concepts of statistical analysis and statistical measurement
- Distributions and descriptive measures
- Basic use of a spreadsheet program’s financial functions and basic features of a statistical software

Location and time

The course is carried out as distance learning. We will have a virtual classroom on-line at times marked in the schedule. Participation in weekly lessons is optional except for the first time.

Materials

Teacher materials in Moodle learning environment. Materials are in Finnish.

Teaching methods

The course is conducted in Moodle learning environment, where all course materials and problems are available from the start time. The course is implemented as a flipped classroom, where students first familiarize themselves with the weekly theme independently through lecture recordings and solving problems. After that, we have virtual lessons where you can get personal guidance, e.g. tips on how to solve problems. Participation in the first virtual lesson is desirable, since more detail about the nature of the subject and course practices will be told there.

There are no pre-knowledge requirements for the course.

Employer connections

N/A

Exam schedules

The exams in the mathematics and statistics sections are taken in the electronic exam system. The dates of the exams and retakes will be announced later. The student can take the exam in both sections a maximum of three times (the actual exam and two retakes).

International connections

N/A

Completion alternatives

N/A

Student workload

A total of 135 hours, covering self-study, solving assignments, taking exams, and participating in optional virtual tutoring.

Content scheduling

The exact weekly schedule is indicated at the beginning of the course.

Further information

Although the course is implemented as a distance education, it is not an online course for which you can plan up a schedule of your own. Course assignments must be completed by the given deadlines, and in the virtual classroom there is also a weekly opportunity for personal guidance at times marked in the schedule.

Evaluation scale

0-5

Assessment criteria, satisfactory (1)

The student has achieved the course objectives fairly. The student will be able to identify, define and use the course subject area’s concepts and models. The student understands the criteria and principles of the expertise development.

Assessment criteria, good (3)

The student has achieved the course objectives well, even though the knowledge and skills need improvement on some areas. The student is able to define the course concepts and models and are able to justify the analysis. The student is able to apply his/her knowledge in leisure, study and work situations. The student understands the importance of expertise in the field of business and is able to analyze his/her own expertise.

Assessment criteria, excellent (5)

The student has achieved the objectives of the course with excellent marks. The student masters commendably the course subject area’s concepts and models. The student is able to make justified and fluent analysis and to present concrete development measures. The student is well prepared to apply his/her knowledge in leisure, study and work situations. The student is able to analyze the business sector expertise and the development of his/her own expertise.

Assessment criteria, approved/failed

The student has achieved the course objectives fairly. The student will be able to identify, define and use the course subject area’s concepts and models. The student understands the criteria and principles of the expertise development.

Assessment methods and criteria

The maximum score for the course is 100 points. The mathematics section is worth 60 points, with at least 30 points required to pass. The statistics section is worth 40 points, with at least 20 points required to pass.

The completion of both sections consists of two parts: an exam in the electronic exam system and assignments in the Moodle learning environment. In mathematics, the maximum points are 35 for the exam and 25 for the assignments. In statistics, the maximum points are 25 for the exam and 15 for the assignments.

After a student has passed both sections, the points from mathematics and statistics are added together to determine the grade. The minimum points required for each grade are as follows:

1 - 50 points
2 - 60 points
3 - 70 points
4 - 80 points
5 - 90 points.

NOTE: If either the mathematics or the statistics score is below the acceptance limits, the student will receive a failing grade (0) regardless of the total points.