Statistics For Business and Economics (BØK356)
In the increasingly data-driven business environment, it is crucial for a modern business person to know how to utilize data. This course will teach you introductory statistics for business and economics students. The knowledge you acquire from this course will equip you with statistical literacy — a necessity to navigate through the digital world we live in today. Furthermore, the fundamental knowledge in statistics and programming serves as the absolute basis for a deeper understanding of concepts such as DX (digital transformation), big data, machine learning, and artificial intelligence.
Course description for study year 2023-2024. Please note that changes may occur.
Semester tution start
Number of semesters
Language of instruction
Typical subject areas covered are:
- Descriptive statistics
- Conditional probability
- Random variables, mean, and variance
- Joint distributions
- Basic probability distributions
- Hypothesis testing
- Linear Regression
Expectations: 280 ECTS work hours divided into lectures, learning sessions, computer (R programming) sessions, out-of-class work, exercises, and independent study.
On completion of the course, students will gain knowledge in:
- Utilizing fundamental statistical concepts, methods, and data to gain insights
- Basic use of MS Excel
- Basic programming in R
Upon completion of this course, students will be able to:
- Describe data using summary statistics
- Approximate real-world events with appropriate random variables and probability distributions
- Master basic probability theory and probability models, combinatorics, sampling models, conditional probability, Bayes law, and independence of random variables.
- Conduct hypothesis testing in binomial and multinomial models
- Depict the relationship between and among variables using statistics, such as correlation and regression analysis
- Run simple descriptive analysis in Excel
- Import and export data into R
- Use R to construct different measures and variables
- Use R to conduct basic statistical analysis
Required prerequisite knowledge
|Form of assessment||Weight||Duration||Marks||Aid|
|Written exam||1/1||4 Hours||Letter grades||Approved, basic calculator 1), Dictionary 2), One hand written A4-page with notes 3)|
1) Pre approved calkulator
2) Norwegian-English, English-Norwegian dictionary
3) A4-page handwritten notes. You can write on both sides
The final grade is based on a final individual exam counting for 100% of the grade.