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Business Mathematics and Statistics (3 cr)

Code: RAK1B4-3019

General information


Timing

01.01.2022 - 31.07.2022

Credits

3 op

Teaching languages

  • Finnish

Degree programmes

  • Degree Programme in Construction Engineering
  • Degree Programme in Construction Site Management

Student groups

  • MRKM20

Objective

Learning competence
Students are competent in basic percentage calculation. They know how to calculate simple and compound interests. They apply various investment calculation methods to evaluate profitability of investments. Students are able to interpret indexes and to apply them to monetary value calculation. They are familiar with the more common statistical indicators and their use in the analysis of measurement results. Students are competent in the basic use of the more common mathematical calculation software.

Working community competence
Students are able to present the stages of business mathematical and statistical problem solving orally and in writing and also via online and virtual communication. Students are competent in graphical illustration of business mathematical and statistical research results and able to apply indicators to summarise data. Students are able to make economic decisions based on business mathematical and statistical observations. They are able to function in various groups and teams and to manage teams, which seek solutions for business mathematical and statistical problems.

Quality management competence
Students are able to apply both exact and approximate methods to determine the correctness of mathematical work. Students know how to estimate the inaccuracy of measurements and take it into consideration.

Content

Business mathematics:
- Basic percentage calculations
- Percentage changes
- Simple and compound interest
- Discount
- Methods for evaluating the profitability of investments
- Indexes

Statistics:
- Common statistical key figures
- Concepts and applications related to average, dispersion, correlation and regression
- Common statistical distributions
- Statistical research: planning, implementation, analysis of the results and reporting
- Measurement errors and their management

Mathematical software
- Microsoft Excel

Evaluation scale

1-5

Assessment criteria, satisfactory (1)

The student knows the basics of simple calculation of interest and compound interest. They are able to calculate indicators needed in statistical analysis from measuring data.

Assessment criteria, good (3)

The student is able to use methods of calculation of interest to solve practical problems. They are able to use statistical analysis methods needed in the processing of measuring data.

Assessment criteria, excellent (5)

The student masters calculation of interest well and is able to use investment calculation methods in investment profitability calculations. They are able to search for information about statistical analysis methods to solve practical problems of different types.