Program Overview

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Course Overview

Course Description

The course "Statistics for Business" (REA1154F) is a foundation course, level I, that provides students with the necessary methodical foundation in probability calculus and statistics for other subjects in the study programme.

Course Details

Course Content

The course covers the following topics:

• Descriptive statistics: Location measures, variance measures
• Probability calculations and combinatorics: The concept of probability, probability models, conditional probability
• Discrete stochastic variables: Calculation of expectation/variance/covariance, binomial distribution, hypergeometric distribution, poisson distribution
• Continuous stochastic variables: Normal distribution, exponential distribution, approximations to the normal distribution, linear combinations
• Estimation: Point estimation, interval estimation, properties of estimators, valuation of sample size
• Hypothesis testing: Hypothesis testing in measurement models (z-test and t-tests), hypothesis testing using normal approximation, chi-square tests, p-value, test strength
• Linear correlation and regression: Least squares method, interval estimation, hypothesis testing, prediction
• Use of computer tools

Learning Outcome

Knowledge

The candidate should:

• have the necessary methodical foundation in probability calculus and statistics for other subjects in the study programme
• be able to connect the use of statistical methods to problems related to the economics-administrative area

Skills

The candidate should:

• have a basic understanding of the probability concept, be able to do probability calculations, and calculations using probability distributions
• be able to estimate, and calculate confidence intervals for, unknown parameters
• be able to choose and use the appropriate hypothesis test
• be able to use and interpret linear regression models

Competence

The candidate should:

• be able to use statistics to express, analyze, and communicate economic relationships
• have a statistical understanding that can form the basis for further studies and lifelong learning

Course Structure

Learning Methods and Activities

The course consists of lectures and exercises. Assignments must be passed to gain entry to the exam. Lectures are streamed from Gjřvik, and will also be available in the learning platform in the future. Guidance takes place both through the use of real-time technology and through the use of forums in the learning platform.

Compulsory Assignments

• Exercises

Evaluation

Examination Arrangement

The examination arrangement is a school exam. The exam is 4 hours long, and the grading system is letter grades.

Re-sit Examination

The re-sit exam is held in August, and the admissions deadline is in July. Access to the re-sit exam requires legitimate absence or non-passing grade for the Autumn exam. The re-sit examination may be given as an oral examination.

Admission and Requirements

Specific Conditions

Admission to a programme of study is required: Business Management (BŘKLED-F)

Recommended Previous Knowledge

An introductory course in mathematics.

Required Previous Knowledge

None.

Course Materials

The course material is "Innfřring i sannsynlighetsregning og statistikk" by Per Christian Hagen, Cappelen Damm Akademisk, 8. utgave.

Credit Reductions

The course has academic overlap with the following courses:

• MET1002: 7.5 sp (from Autumn 2022)
• ME120: 6 sp (from Autumn 2022)
• MET8001: 7.5 sp (from Autumn 2022)
• REA1131: 5 sp (from Autumn 2022)
• REA1152: 7.5 sp (from Autumn 2022)
• AR: 7.5 sp (from Autumn 2022)
• TMA4240: 5 sp (from Autumn 2025)
• TMA4245: 5 sp (from Autumn 2025)

If you take overlapping courses, you will receive a credit reduction in the course where you have the lowest grade. If the grades are the same, the reduction will be applied to the course completed most recently.

Subject Areas

• Statistics
• Economics and Administration

Course Details

• Credits: 7.5
• Level: Foundation courses, level I
• Course start: Spring 2026
• Duration: 1 semester
• Language of instruction: Norwegian
• Location: Gjřvik and Trondheim
• Examination arrangement: School exam