Business Mathematics and Statistics (5 cr)

Objectives (course unit)

This course covers the common principles, methods and tools of business mathematics and statistics.

After completing the course, the students will be able to:

Calculate the compound interest, present value and amortization of loans & annuities in simple cases.
Adapt the fundamentals of quantitative research, descriptive statistics, probability sampling and numerical descriptive measures.
Present quantitative data with descriptive statistical measures & graphics.

Content (course unit)

What are the fundamentals of business mathematics and statistics ?
What are the relevant practices & methods used in business mathematics and statistics ?
How to utilize Excel in practical calculations?

Exam schedules

Business Mathematics: the first exam in October 2015.
Exam retakes in the selected general IB exam dates (see the retake system TenttiWilho for this, if necessary).

Evaluation methods and criteria

The final grade for the student consists as follows: Business mathematics 50% and statistics 50%.
Business mathematics: The overall grade is mainly based on the exam grade, but performing the exercises and sharing the learning experiences with other students will be taken into consideration positively when deciding on the overall grade.
Statistics: active participation in the lessons and completing the statistics exercises on time are a must for the student to get an acceptable overall grade of the statistics section. The statistics grade will consist of three individual exercises which are done during the last three classes.

Assessment scale

0-5

Teaching methods

Contact teaching
Exercises
Reflection and sharing in the blog

Learning materials

Business mathematics:
J. A. Lenin. 2009. Financial Mathematics. Chapters 3, 4, and 10. e-book.
Handouts in Tabula.
Statistics:
Brown, T., Suter, T. MR. 2012. Mason, Ohio, USA: South-Western,Cengage Learning
Takahashi, S. 2009. The Manga Guide to Statistics. San Fransisco, USA: No Starch Press Inc.

Student workload

135 hours altogether divided 50/50 between business mathematics and statistics. Business mathematics 7 x 3 hours / week (1st period), Statistics 7 x 3 hours / week (2nd period).

Content scheduling

-

Completion alternatives

SStatistics: failing to deliver the exercises by the end of the course and / or not participating the lectures -> exam retake during general exam days.

Practical training and working life cooperation

-

International connections

-

Further information

The course is divided into two separate parts:
Business mathematics and statistics. This group studies Business Mathematics during the 1st period and Statistics during 2nd. Note, that participation in the statistics lectures is mandatory.
Further questions about the Business Mathematics section:
Pasi Kuusijärvi, M.Sc. (Econ. and Bus. Admin.)
Senior Lecturer, Accounting and Financial Management
tel. +358 40 846 3052
pasi.kuusijarvi@tamk.fi
Further questions about the statistics section:
Tuula Andersson
Senior lecturer, marketing & marketing research
tel +358 40 800 4271
tuula.andersson@tamk.fi

Assessment criteria - fail (0) (Not in use, Look at the Assessment criteria above)

Student has not achieved the objectives of the course even on asufficient level. Student fails to understand the premises and principles of the subject matter. Student is not able to determine and use the concepts and models. The exercises have not been completed or they are not on an acceptable level.

Assessment criteria - satisfactory (1-2) (Not in use, Look at the Assessment criteria above)

Student has achieved the objectives of the course sufficiently. Student understands the premises and principles of the subject matter. Student recognizes, is able to determine and use the concepts and models. The exercises have been completed satisfactorily (1-2).

Assessment criteria - good (3-4) (Not in use, Look at the Assessment criteria above)

Student has achieved the objectives of the course well although the skills and competences are somewhat in need of further development. Student is able to determine and apply the concepts and models of the subject matter well and is able to apply them in simple tasks. The exercises have been completed well (3-4).

Assessment criteria - excellent (5) (Not in use, Look at the Assessment criteria above)

Student has achieved the objectives of the course excellently. The student masters the concepts and models of the subject matter in an excellent manner. Student is able to conduct fluent and reasoned analysis and has good capabilities to apply the learning. The exercises have been completed excellently (5).