Statistics
The course will provide the students with fundamental knowledge and skills in statistics and probability, which are necessary for completion of bachelor studies in economic subjects.
The subject contains theory about and applications of statistical methods and probability calculations that are used in economic problems.
Descriptive statistics, central tendancy and dispersion, frequency distributions, graphical representations.
Probability, combinatorics, conditional probability, Bayes law.
Binomial distribution, hypergeometric distribution, Poisson distribution.
Normal distribution and normal approximation, the central limit theorem.
Students t-distribution, and chi-squared distribution.
Stochastic variables, simultaneous distributions, independent variables, covariance.
Point estimates and interval estimates.
Hypothesis testing using binomial, normal and Student t-distribution.
Hypothesis testing using chi-squared distribution, model tests
Statistical power, errors of Type I and II
Simple regression analysis, estimation, hypothesis testing for regression, predictionintervals.
It is possible to apply for admission to the subject as an individual subject. Reservations are made regarding free capacity on the subject. The applicant must meet the applicable admission requirements for the Bachelor in Business Administration, Bachelor in Economics, Digitalisation and Business Development, or Bachelor in Real Estate.
More information about individual subject admissions and deadlines (Norwegian webpage)
Knowledge
The candidate must have knowledge about:
- fundamental probability calculations including combinatorics, selection models, conditional probability, and with emphasis on the most important probability distributions, e.g. binomial distributions and normal distributions
- knowledge of concepts like estimator, estimate, confidence interval
- knowledge of concepts such as the null hypothesis and alternative hypothesis, rejection and acceptance errors, significance level, significance probability, statistical strength
Skills
The candidate must be able to:
- present and describe statistical data using central tendency and dispersion, frequency tables and graphical representations
- compute with probabilities and apply tables of probability distributions for such computations
- analyze and interpret the results of statistical surveys using basic methods of estimation and hypothesis testing
- estimate a simple regression model and assess how well or poorly it functions in a given situation
General competence
The candidate must have:
- a basic overview of issues related to the use of polls and other statistical methods related to politics, economics and science
Composite assessment, grading rule Letter grades
- Two compulsory assignments, amounts to 0/100 of the grade, grade rule Approved/Not approved
- Written mid-term exam, 3 hours, amounts to 25/100 of the grade, grading rule Letter grades
- Written school exam, 4 hours, amounts to 75/100 of the grade, grading rule Letter grades
Simple calculator and bilingual dictionaries. Generating an answer using ChatGPT or similar artificial intelligence and submitting it wholly or partially as one's own answer is considered cheating.
