Course - Statistics for Business - REA1154
Statistics for Business
About
About the course
Course content
- Descriptive statistics: Location measures, variance measures
- Probability calculations and combinatorics: The concept of probability, probability models, conditional probability
- Discrete stochastic variables: Calculation of expectation/variance/covariance, binomial distribution, hypergeometric distribution, poisson distribution
- Continuous stochastic variables: Normal distribution, exponential distribution, approximations to the normal distribution, linear combinations
- Estimation: Point estimation, interval estimation, properties of estimators, valuation of sample size
- Hypothesis testing: Hypothesis testing in measurement models (z-test and t-tests), hypothesis testing using normal approximation, chi-square tests, p-value, test strength.
- Linear correlation and regression: Least squares method, intervall estimation, hypothesis testing, prediction.
- Use of computer tools
Learning outcome
Knowledge:
The candidate should
- have the necessary methodical foundation in probability calculus and statistics for other subjects in the study programme.
- be able to connect the use of statistical methods to problems related to the economics-administrative area.
Skills:
The candidate should
- have a basic understanding of the probability concept, be able to do probability calculations, and calculations using probability distributions.
- be able to estimate, and calculate confidence intervals for, unknown parameters.
- be able to choose and use the appropriate hypothesis test.
- be able to use and interpret linear regression models.
Competence:
The candidate should
- be able to use statistics to express, analyze, and communicate economic relationships.
- have a statistical understanding that can form the basis for further studies and lifelong learning.
Learning methods and activities
Lectures and mathematical exercises. Work requirements must be approved in order to gain admission to the exam.
Compulsory assignments
- obligatory
Further on evaluation
Supporting material allowed on exams:
- A collection of mathematical formulas is attached to the exam
- Approved calculator in accordance with NTNU's support material code B-D "specific basic calculator".
- Other calculators that are allowed in the course are: Casio FC-100V and Texas Instruments - BAII Plus.
Work requirements must be approved in order to gain admission to the exam. Form and extent of the work requirements is specified at the start of the term. Approved assignments from earlier years are valid until substantial changes are done with respect to course content.
Re-sit exam is held in August. Admissions deadline in July. Access to re-sit exam requires legitimate absence or non-passing grade for the Autumn exam. The re-sit examination may be given as an oral examination.
Specific conditions
Admission to a programme of study is required:
Business Administration (BØA)
Business Administration (ÅØKADM)
Business Management (BØKLEDC)
Digital Business Development (ITBAITBEDR)
Recommended previous knowledge
Basic knowledge in mathematics
Required previous knowledge
None
Course materials
To be announced at the start of the semester.
Credit reductions
| Course code | Reduction | From |
|---|---|---|
| ME120 | 6 sp | Autumn 2019 |
| ME120 | 6 sp | Autumn 2019 |
| MET8001 | 7.5 sp | Autumn 2019 |
| REA1131 | 5 sp | Autumn 2019 |
| MET1002 | 7.5 sp | Autumn 2019 |
| REA1152 | 7.5 sp | Autumn 2021 |
| AR100219 | 7.5 sp | Autumn 2021 |
| TMA4240 | 5 sp | Autumn 2025 |
| TMA4245 | 5 sp | Autumn 2025 |
Subject areas
- Statistics
- Economics and Administration