Study Guide

Learning outcomes

Student is able to
- understand common mathematical methods used in real business life and when to use them.
- practice critical thinking and handles the problem solving skills.
- find and utilise up to date information.
- find confidence by gaining routine of calculation.

Implementation and methods of teaching

The name of the Moodle-platform of this course is
AL00CE31-3005 Business Mathematics 1.9.2022-31.12.2022!
(dfferent implementations are meta-linked.)



This implementation of Business Mathematics is a new one and it is meant for those students who can not attend the contact lessons at campus.
Studying is done in Moodle-platform and there will be contact lessons via Teams.

One sub-interleaf should be studied per week, no matter what is the selected implementation.

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In the beginning of the course
1) INFO: how, when, why, what? An info will be an on-line meeting. Two hours are booked for getting familiar with Moodle. Student must be done. There will be A COMPULSORY understanding task in Moodle that you must pass this before you can continue your studying at this course. Interleaf: info, sub-interleaf: “compulsory task”


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Weekly: one sub-interleaf per week in Moodle
Contact-lessons in Teams: the amount of meetings is not yet know on 26.8.2022. This implementation was opened as extra just a while ago, so these will depend on TimeEdit etc. Attend the info on 1.9. and follow Moodle for further information.


7) EXAM
an on-line examination in Moodle. Only the answers are given and counted.


RE-EXAMS
There will be two re-examination dates. The implementation type of examination is on-line.
Note: the dates are given beforehand. These dates are also the only possible dates to attend upgrading. One may try to upgrade the grade once and only once.

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8) 4th ects
In the beginning of the course it will be decided how the 4th ects will be studied during the implementation 2022.
a) Similar way than the first part of the course. In this case just an extra main topic will be added. There will be an examination about the topic.
b) As group-work of max 4 students. In this option students will be given a present value investment calculation -task. The task will be solved and reported step-by-step. The group-work won’t affect the grade, but it must be completed before the credit points will be saved to Peppi. Timing: weeks 47– 50.

Timing and attendance

There will be 4 - 5 main topics during the course. (Interleaves of Moodle)
Each main topic will have 1–4 subtopics. (Sub-interleaves in Moodle).
Typically, one sub-topic will be studied in one week. Soc, every week there will be a new topic. Therefore, it is highly recommended that student will study continuously during the whole course.
Every main topic starts “from zero”, although some previous techniques may be used (i.e. problem solving in %-calculation and in indices or %-calculation in indices). So, if student must be absent during some topics, he/she may be able to return quite easily when the next main topic starts. The previous main topic must of course be studied then by one’s own time.
The topics will be in Moodle in leaflets and sub-leaflets. These will be opened one by one so that a student who follows the recommended timings, may follow it easily. NOTE: some of the leaflets may have restrictions. This means that a student must first complete some other, previous, part to be able to open the next one.
The order of topics can be read in Peppi and in Moodle.
The timings will be seen in TimeEdit.

Support for studying is offered via Teams-sessions .


Attending examination is compulsory. If student misses the examination, no matter the cause, he/she can attend the official re-examinations. No extra examinations will be organized.

The implementation of the 4th credit will be decided in the beginning of the course (see abowe). Timing: weeks 47– 50.

Learning material and recommended literature

Materials will be given in Moodle.

Additional information and explanations will be told during contact-lessons.

In case student wants to study with help of videos, he/she can find suitable ones from the internet, that may be “full” of ready-made videos. However, it is wise to study the materials provided during the course too.

Alternative completion methods

In case the situation of covid-19 pandemic is in control, most probably two optional ways for examination is offered: on-line and on-line + contact.

Handling the topics may only be proven by calculating. Therefore, passing the examination is compulsory and NO individual ways of trying to show the required skills are possible.

Working life cooperation

There are no straight connections to companies, but most of the topics are “from real life”. Business Mathematics -course will mostly concentrate on application (like pricing) and in some cases also related legislation must be handled (like terms of payment and interest rate for late payments).

Exam retakes

There will be an examination after 3 ects.

In case the situation of covid-19 pandemic is in control, most probably two optional ways for examination is offered: an on-line examination where only the answers are given and counted, and a traditional version, where the whole solving process is written on paper and will be graded also by its’ parts. One may choose and attend only to either on-line or traditional version, NOT to both.

For on-line examination there will be a "normal" version, where the order of the questions is given and the "free-move version". A student can an access for this by collecting at least 3 activity points during the course.

The implementation of the 4th ects will be either an examination or a group work. If the students will select the group-work, it will be graded as: passed / to be completed / failed. The grade of the course will then be based on the 3 ects examination. Credit points will be written only after the group work is passed. Note: whole course will have the same implementation for 4th ects.

There will two re-examinations. The other one will be held in the beginning of the spring semester 2023 and the other one later in the spring semester 2023. Please check the exact dates in Moodle. The enrollment is also in Moodle. It has a deadline.
Note: It is more than wise to study properly during the course. Please, do not wait for the re-examination, because the topics won’t get any easier. Studying is required.

Learning environment

Moodle - extremely compulsory!
Teams - More than recommended
Remember to check the timing from TimeEdit.

Contact lessons – voluntary, offered to those students who need personal help and/or appreciate group’s support while solving exercises
Studying in Moodle.

Student time use and work load

In Finland one credit point is confirmed to correspond appr. 27 hours of student's studying. This agreement is based on the Bologna process and ECTS (European Credit Transformation System).

Therefore 3 credit points should respond 80 hours of student's studying and 4 credits points correspondently appr 107 hours.

Only part of 80 hours has normally been covered by the contact lessons, so studying in one's own time has been required also earlier, and also during the autumn 2022.
The required amount of studying depends highly on one’s base level of skills, goals and studying technique.

It is highly recommended, that students will study during the whole course, not just in the end on the course or only some topics of the course. Make a schedule, set targets, do the exercises when they are supposed to be done, attend the Teams-meetings, follow the deadlines.

NOTE, even if the course content may sound easy to some of the students, this course can not be handled without studying. This is proven by so many students during the earlier years. So please do not make a mistake of underestimating the level of difficulty of this course. Business Mathematics is not just calculating, it is very much about understanding and being able to link to real life. Good skills in techniques of mathematics aren’t enough.

Contents

Note that the beginning of the course may be very simple to some of the students. Please do NOT assume that the whole course would be like that. Understand that some students may have studied mathematics many, many years ago and they don't remember everything.

CONTENTS of the COURSE
1) problem solving:
* thinking as part of problem solving
* equations and proportion:
As a repetition for those student who don't either remember or who haven't studied these well earlier.

2) percentage calculation
2.1) Basic cases, % of change, % of comparison, %-units, coefficient of change and the rules of these.
note: % of change is the other crucial question in the examination. This topic MUST be handled by everyone.
2.2.) VAT
note: VAT is the other crucial question in the examination. This topic MUST be handled by everyone.
2.3.) Contribution margin calculation
This topic is most probably new for every student, so attending Teams-session is recommended to everyone.
2.4.) Pricing
This topic is new for every student and the topic requires studying.
note: attending Teams-session is HIGHLY recommended to everyone.


3) indices
3.1) Simple index series
Most probably new for many students. This topic includes self studying part.
3.2.) Using ready made indices: inflation, change in the value of money, real change, index clause
This topic is new for every student and the topic requires studying.
note: attending Teams-session is HIGHLY recommended to everyone.


4) Simple Interest calculation
4.1) the basics of simple interest calculation
4.2.) Interest (€) and shortly the basics of loans
4.2) interest rate (%) and small loans
4.3) Terms of payment: This topic may include a self studying part BEFORE the lessons.
note: Understanding the logic of simple interest calculation is the third crucial question in the examination. This topic MUST be handled by everyone.
These topics are new for every student and the topics require studying.
note: attending Teams-session is HIGHLY recommended to everyone.



GOALS:
To gain knowledge of basic mathematics needed in business.
To get a good routine to calculation.

The desired outcome is that a student who has passed the course with good grade:

* understands that in business mathematics being able to calculate technically well is not enough, but instead understanding terminology and thinking in general is an important part of it
* remembers the wise techniques of solving equations
* knows when and how to use proportion
* understands how equations can be used as a help in the process of solving mathematical problems
* recognizes the different types of percentage calculation and are able to use those properly
* knows by heart how percentage of change should be calculated and understands the reasons for the rules behind it
* knows by heart how the price without value-added-tax is calculated and handles the other types of value-added-tax-calculation too
* handles the basics of contribution margin calculation
* understands how discounts should be taken into account in pricing
* understands what is a simple index series, how it is created, when it can be used and how it is interpreted
* understands how ready-made index-series are used and what is their connection to phenomenons of business
* understands the value of money in sense of relative change and knows how it is calculated
* understands the logic of simple interest calculation and is able to calculate simple interest
* recognizes different outcomes of interest rate and different terms related to it
* understands the concept of real annual interest rate and knows how it is calculated
* knows the terms of payment and the rules and the basic legislation related to it

The contents and the implementation of the 4th credit point will be
either: present value investment calculation (group-work)
or: compound interest calculation (traditional way of studying)

Additional information for students: previous knowledge etc.

No previous courses will be required or offered. Studying can and should be done during THIS course.

Assessment criteria

An exam is used to measure students' knowledge (3 efct).
Requirements: minimum 50 % of points.

In traditional version of examination: an approved performance in "crucial" exam question. The crucial questions are % of change, the price without VAT, when the VAT rate and the price with VAT is given and the logic of simple interest calculation.
There may be crucial questions also in the on-line version. In this case the student can not proceed in the examination if he/she doesn’t handle the most important topics of the course. The crucial questions are % of change, the price without VAT, when the VAT rate and the price with VAT is given and the logic of simple interest calculation.
Please note that the on-line examination and traditional examination will be slightly different. Especially, an on-line examination will have its advantages but also disadvantages. A student must choose by her/himself which implementation suites better for her/him well before the examination. Only one implementation may be chosen.

The implementation of the 4th ects is either:
Group work of 1-4 students
Topic: present value investment calculation
Grading: Passed / to be completed / failed.

or
continuing in traditional way. Then the topic will be compound interest calculation and the skills will be measured in examination.

Note: the whole course will have the same implementation

Assessment scale

1-5

Failed (0)

Student is not able to carry out half of the exam questions and/or student is not able to handle the **crucial questions in the examination.

Most probably the failed result means that student hasn't been studying maybe because of the lack of effort of because trusting too much on his/her earlier skills.

Note: Being able to calculate percentage calculation is not enough.

If the group-work implementation will be selected: the group-work is not completed.

Assessment criteria: level 1 (assessment scale 1–5)

Grade1: Student is able to carry out half of the exam questions. In traditional exam this means that a student can either a) know something about all the topics studied during the course or) know well certain topics, but less about some topics. Student must handle the **crucial questions in the examination.

If the group-work implementation will be selected: student has completed the group-work in given time.

Assessment criteria: level 3 (assessment scale 1–5)

Grade3: Student has gained 70 %of the maximum points. In traditional exam this means that a student handles either a) all the topics of the course better than on average or b) certain topics completely. Student must handle the **crucial questions in the examination.

If the group-work implementation will be selected: student has completed the group-work in given time.

Assessment criteria: level 5 (assessment scale 1–5)

Grade5: Grade 5 requires 90 % of the maximum points.Student handles very well exercises from all the topics studied during the course. Student must handle the **crucial questions in the examination.

If the group-work implementation will be selected: student has completed the group-work in given time.