In IT supported business, juge amount of data emerges which is to be exploited in order to improve processes etc. Th module first discusses “data” and, subsequently, deals with som purely data driven techniques. Gerneralising statements inevitably requires a probability model. To this end, the module introduces the mathematical basics of probability theory in IS-studies. Probability models are fundamental in economical practice – in science as well as in business. Especially, “Data Analytics and Simulation”, but also specialization courses like “Stochastics in Finance”, make intensive use of probability calculus. As a prerequisite, knowledge of the contents of “Mathematics for IS” should be thorough.

Learning outcomes

Academic: The student should demonstrate the capability to handle moderate probability models describing economical problems. Furthermore, the the student should understand the interrelation between theoretical models and empirical data – e.g., by means of limit theorems. Soft skills: Reading and understanding formal texts using probability-language. Working in small groups (self study) in order to solve mathematical problems.
Number of credit hours per week 4
Course eligibility Compulsory
Presence of students On-campus