Statistics

Description

Introduction: This course gives an introduction to basic probability and basic classic statistics. Probability is a tool used in many contexts that student will encounter later in their studies and working lives. Methods from probability are used to analyze risk and uncertainty in finance and economics. In this course, the probability is used for statistics. The course gives a short introduction to basic descriptive statistics. In addition, a thorough introduction is given to classic statistical inference, methods that are used to describe uncertainty in the conclusions from statistical analyses. As part of the classical statistics, an introduction to regression analysis is also included in the course. Course content: Probability calculus - Random variables - Standard probability models - Descriptive statistics - Estimation and hypothesis testing - Analysis of the relationship between variables Learning outcomes - Knowledge: After completing the learning process described in this course description, students will: - Know basic terms from probability, like «random variable», «expectation», «variance», «probability distribution», «statistical independence» and «conditional probability. - Know basic models for discrete and continuous random variables, like the normal distribution, the binomial distribution and the Poisson distribution. - Know basic terms from classic statistics, like «estimator», «null hypothesis», «two-sided test», «p-value» and «confidence interval». - Know basic methods for describing the relationship between two variables, like «scatter plot», «covariance» and «regression analysis». Learning outcomes - Skills: After completing the learning process described in this course description, students will: - Be able to apply standard methods, graphical and tabular, for describing a sample or dataset. - Be able to apply basic rules from probability for solving simple problems, in particular related to card games, dice games, draws from small samples etc. - Be able to perform one-sided and two-sided hypothesis tests for hypothesis about the population mean when the population variance is known or unknown, and in addition the case where we study a population share – based on random samples. - Be able to construct confidence intervals for population means, population shares and population variances based on random samples. - Be able to perform simple regression analyses to describe the relationship between two variables, including hypothesis tests or confidence intervals. General Competence: At the end of the course, the students will have acquired an understanding of the importance of why and how we reach different techniques and formulas in statistics, in addition to being able to apply the formulas. Teaching and learning activities: To each lecture there will be exercises and reading assignments. The student must gain knowledge from the material presented in the reading assignments and work through the exercises. The exam will require that the student has solved the exercises during the semester. Feedback will be given by sample solutions and presentations. This course makes use of mathematical/statistical software tools for computations and data handling. Software tools: R/R-Studio Qualifications: Higher Education Entrance Qualification Disclaimer Deviations in teaching and exams may occur if external conditions or unforeseen events call for this. Required prerequisite knowledge: Basic skills in mathematics and statistics equivalent to admission requirements for the program. Assessments: Assessments Exam category: Submission Form of assessment: Written submission Invigilation Weight: 100 Grouping: Individual Support materials: - BI-approved exam calculator - Simple calculator Duration: 3 Hour(s) Exam code: MET11901 Grading scale: ECTS Resit: Examination every semester Type of assessment: Ordinary examination Total weight: 100 Student workload: Activity Duration Comment Teaching 54 Hour(s) Group work / Assignments 96 Hour(s) Student's own work with learning resources 40 Hour(s) Examination 10 Hour(s) Exam incl. preparation Sum workload: 200 Incoming exchange students at BI Norwegian Business School select courses from BI's official semester-specific exchange course lists. BI defines a full semester as 30 ECTS; bachelor courses are typically 7.5 ECTS each (4 per semester) and master courses are typically 6 ECTS each (5 per semester). Course availability, prerequisites, and timetabling are confirmed via BI's International Office and the Learning Agreement process.