IĀS215 Quantitative Methods for Economics

Code IĀS215
Name Quantitative Methods for Economics
Status Compulsory/Courses of Limited Choice; Courses of Free Choice
Level and type Undergraduate Studies, Professional
Field of study Mathematics and Statistics
Faculty Department of International Business, Transport Economics and Logistics
Academic staff Remigijs Počs, Māris Buiķis, Velga Ozoliņa, Vladimirs Ņikišins, Una Pentjuša, Astra Auziņa-Emsiņa, Evija Liepa
Credit points 3.0 (4.5 ECTS)
Parts 1
Annotation The course includes characterisation of economic and mathematical methods and models and decision making process. Within the course, students learn forecasting methods by using time series, models for examining economic relationships, models of linear programming, simulation and elements of the queuing theory..
Goals and objectives
of the course in terms
of competences and skills
To illustrate the main quantitative methods, which are used in economics, and their role in analysis of economic situations and management problems, as well as during the decision-making process. To form understanding of the concept “model” and its different shapes. To form the ability to develop a model corresponding to a particular method and to obtain results, using the appropriate algorithms and software, as well as the ability to understand the results. To form the ability to interpret the most significant indicators, which are used to characterise models and situations.
Learning outcomes
and assessment
Students are able to list and characterise the main quantitative methods, which are used in economics. Students name the method, which corresponds to characterisation or describes a particular method. - Quiz, exam questions
Students know what model is and are able to construct a model, which corresponds to a particular method. Students define a model, develop it in accordance with a particular method, using the given information and data. - Quiz, practical work, tests, exam
Students are able to use the model for obtaining results. Students obtain results, using the appropriate algorithm and software. - Practical work, tests, exam
Students are able to analyse the obtained results. Students are able to explain the meaning of the obtained results. - Quiz, practical work, tests, exam
Students are able to interpret the values of indicators, which are used for characterisation of a particular model or situation. Students are able to evaluate the correspondence of a particular indicator to definite criteria. - Quiz, practical work, tests, exam
Course prerequisites Mathematics, information science, economics.

[Extended course information PDF]