To this end, students will be encouraged to explore a broad range of techniques during each teaching session and will be trained to pinpoint a specific statistical method to analyse a given business problem. Students will be introduced to: the rationale to apply statistics to business decisions and describing economic data by applying appropriate statistical techniques. Topics include: probability and probability distributions; normal probability distribution; sampling distributions and parameter estimation; hypotheses testing; linear regression and correlation; time-series analysis and forecasting; index numbers. Use will be made of a statistical computer package. The successful completion of the unit will enable students to visualise the business world from a scientific and quantitative perspective and will equip students to minimise the risk of subjective decision.
|1.||Identify business and economic data graphically and numerically and explain relationships between graphs and numerical data. Explain the relationships between statistics and elementary probability;|
|2.||Distinguish distributions drawn from discrete and continuous data, e.g. binomial and normal distributions;|
|3.||Generate forecasts in business and economic contexts;|
|4.||Apply appropriate software such as Excel in modelling and problem solving;|
|5.||Predict relevant relations between economic variables using regression models;|
|6.||Formulate and explain a hypothesis arising out of a given regression model; and,|
|7.||Undertake calculations to support statistical methods.|
|Test||In-class tests - 3 progressive assessments (3 x 5% 15 mins each)||15%|
|Test||Online Test (30 mins)||10%|
|Project||Assignment - 3 progressive assessments (5%, 15%, 15%)||35%|
|Test||In-class tests - 2 progressive assessments (20%, 20%)||40%|
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