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Business Mathematics

Business Mathematics
  • Code: MAT1TF002
  • Extent: 4 cr (108 h)
  • Timing: 4th semester
  • Language: English
  • Level: core studies
  • Type: compulsory

Starting level and linkage with other courses

Satisfactory skills of High School Mathematics.

Learning outcomes

  • Student will learn how to understand and apply basics of Statistical methods.
  • Student will learn the most common Mathematical methods used in Business

Course contents

  • Random samples and statistical research
  • Presenting data
  • Simple characteristic values of distribution such as mean, standard deviation and median
  • Linear regression
  • Most common discrete and continuous probability distributions
  • Parameter estimating and basics of statistical testing
  • Percentage calculation and index numbers
  • Simple interest and applications such as short term loans
  • Compound interest
  • Periodic payments and applications such as target saving and long term loans
  • Part payment and Leasing
  • Investment calculations
  • Applying Excel into solving realistic mathematical problems in Business

Teaching and learning methods

56 h lectures and class exercises manually and with Excel.
51 h distance learning
1 h assessment of one’s own learning

Teacher responsible

Kalevi Keinänen, Pasila

Course materials

Teacher will submit the material.

For additional reading: any Statistical and Business Mathematics –material (2nd grade and higher)

Assessment criteria

The course is evaluated on a scale from 1 to 5. The assessment criteria is presented on a three scale procedure.

Components 5 (90 %) 3 (70 %) 1 (40 %)
Knowledge

The student understands well statistical data and knows concept of statistical testing.

Student is familiar with everyday financial calculations and can choose a correct method for solving a finance calculation problem.

The student understands statistical thinking and understands restrictions of samples. He/she knows the meaning of most common parameters and understands well data given in graphical illustrations and tables.

Student understands interests affect in finance and knows basic solving method for different situations. He/she understands concept of effective interest.

The student knows basics of statistical research and understands statistical data as well as most important parameters.

The student understands percentage calculation and is familiar with interests affect in finance.

Skills

The student can complete statistical test when only raw data is given.

Student can complete simple and compound interest calculations, periodic payment task and compose loan installment tables with Excel. He/she can calculate effective interest rate of a loan as well as annual percentage rate of part payment contract.

The student can compose graphical illustrations and tables and calculate most used parameters. He/she can complete statistical test when required parameters are given.

Student can calculate interest calculations and periodic payment calculations with Excel.

The student can explain statistical graphs and tables. He/she knows meaning of most important parameters.
Student can solve simple percentage problems and is able to calculate simple interest.
 

Modes of assessment and their weights

  • Two written examinations 50%
  • Assignments 25%
  • Excel assignments 25%

The assessment of one’s own learning does not influence the grade. The assignment is the same for all courses/modules and the answers will also be used for course/module development. The assignment is completed online in WinhaOpaali.