course-details-portlet

REA1154F

Statistics for Business

Choose study year
Credits 7.5
Level Foundation courses, level I
Course start Spring 2025
Duration 1 semester
Language of instruction Norwegian
Location Gjøvik and Trondheim
Examination arrangement School exam

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 exercises. Assignments must be passed to gain entry to the exam. Lectures are streamed from Gjøvik, and will also be available in the learning platform in the future. Guidance takes place both through the use of real-time technology (Collaborate) and through the use of Forums in the learning platform.

Compulsory assignments

  • Exercises

Further on evaluation

Supporting material allowed on exams:

  • Approved calculator regarding NTNUs support material code B-D "specific basic calculator".
  • Other calculators that are allowed in the course are: Casio FC-100V, Casio FC-100V-2, and Texas Instruments - BAII Plus.

Specific conditions

Admission to a programme of study is required:
Business Management (BØKLED-F)

Required previous knowledge

None.

Course materials

To be announced at the start of the semester.

Credit reductions

Course code Reduction From
MET1002 7.5 sp Autumn 2022
TMA4240 7.5 sp Autumn 2022
TMA4245 7.5 sp Autumn 2022
ME120 6 sp Autumn 2022
ME120 6 sp Autumn 2022
MET8001 7.5 sp Autumn 2022
REA1131 5 sp Autumn 2022
REA1152 7.5 sp Autumn 2022
AR100219 7.5 sp Autumn 2022
This course has academic overlap with the courses in the table above. If you take overlapping courses, you will receive a credit reduction in the course where you have the lowest grade. If the grades are the same, the reduction will be applied to the course completed most recently.

Subject areas

  • Statistics
  • Economics and Administration

Contact information

Course coordinator

Department with academic responsibility

Department of Mathematical Sciences