Business Mathematics and Statistics (5 ECTS)

Learning outcomes

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
• knows the main calculation methods related to finance and investment decisions
• is familiar with the basic concepts of statistical analysis
• 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
• 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

Prerequisites

The course materials do not support Mac users. N.B. The spreadsheet program used in the course must be installed on the computer, the online version is not enough.

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.

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.

Learning materials and recommended literature

Teacher materials in Moodle learning environment.

Alternative completion methods of implementation

Alternative method of completion: Exams 100 points (Mathematics exam 60 points and Statistics exam 40 points).

Note: Both exams must be passed. A minimum of 50% of the maximum score is required to pass each exam (mathematics 30 points and statistics 20 points).

Internship and working life connections

N/A

Exam dates and retake possibilities

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

Student workload

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

Content scheduling

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

Further information for students

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.

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.

Evaluation scale

0-5

Assessment criteria, satisfactory (1)

The student
• has achieved the objectives of the course to a satisfactory level
• is able to identify, define and use concepts and models in the subject area of the course
• understands the conditions and principles of the development of expertise.

Assessment criteria, good (3)

The student
• has achieved the objectives of the course well, although there are still areas where knowledge and skills need to be improved
• has a good understanding of the concepts and models of the subject matter of the course and is able to carry out a reasoned analysis
• is able to apply what they have learned in leisure, learning and working life situations
• understands the importance of expertise in business and is able to analyse their own expertise.

Assessment criteria, excellent (5)

The student
• has achieved the objectives of the course with excellent marks
• has an excellent command of the concepts and models of the subject matter of the course
• is able to analyse clearly and reasonably and propose practical development measures
• has a good ability to apply what they have learned in leisure, learning and working life situations
• is able to analyse expertise in business and their own development towards expertise.

Assessment criteria, approved/failed

The student
• has achieved the objectives of the course to a satisfactory level
• is able to identify, define and use concepts and models in the subject area of the course
• understands the conditions and principles of the development of expertise.