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2013/2014  BA-HA_HU8S  Basic Statistics for Business and Economics

English Title
Basic Statistics for Business and Economics

Course information
Language English
Exam ECTS 7.5 ECTS
Type Elective
Level Bachelor
Duration Summer
Course period Summer
Please check www.cbs.dk/summer for the course schedule.
Time Table Please see course schedule at e-Campus
Study board
Study Board for BSc in Economics and Business Administration
Course coordinator
  • Course instructor - Rene Leo E. Ordonez, PhD, Professor of Business, Southern Oregon University
    Patricia Plackett - Department of Operations Management (OM)
Main academic disciplines
  • Management
  • Statistics and mathematics
  • Economics, macro economics and managerial economics
Last updated on 22-07-2013
Learning objectives
Upon the successful completion of this course, a student should be able to:
  • Have a broad comprehension of terms, concepts, theories, and processes to solve statistical problems and situations
  • Demonstrate ability to identify the appropriate statistical technique for analysis of data.
  • Demonstrate understanding of the usefulness and application of statistical methods in various decision making situations in business and economics
  • Apply what has been learned to the solution of practical problems in the business and economics areas through the development, evaluation, and selection of alternative statistical techniques.
  • Apply the concepts of decision theory to decision-making situations.
  • Demonstrate skill in using a computer application computer (e.g., Excel 2010) for data analysis.
Course prerequisites
Basic algebra, working knowledge of spreadsheet application (Excel)
Prerequisites for registering for the exam
Compulsory assignments (assessed approved/not approved)
Mandatory Mid-term assignment: In order to ensure that students will not only be successful in completing the class, but also to enhance the likelihood that students achieve the highest level of competency, the course is designed to include a weekly assessment in the form of objective quizzes to be administered via LEARN, and submission of the Mid-term Assignments related to the above-mentioned topics.

The Mid-term Assignments will be problem-based and/or case-based, will be assigned as group work, and are to be submitted via LEARN. The weekly quizzes are individual work only and will be administered via LEARN. Completion of the Mid-term Assignments is a requirement for sitting the Final Examination.
Examination
4-hour written exam:
Examination form Written sit-in exam
Individual or group exam Individual
Assignment type Written assignment
Duration 4 hours
Grading scale 7-step scale
Examiner(s) One internal examiner
Exam period Summer Term
Aids allowed to bring to the exam Limited aids, see the list below and the exam plan/guidelines for further information:
  • Additional allowed aids
  • Allowed calculators
  • Allowed dictionaries
  • Books and compendia brought by the examinee
  • Notes brought by the examinee
Make-up exam/re-exam
Same examination form as the ordinary exam
If the number of registered candidates for the make-up examination/re-take examination warrants that it may most appropriately be held as an oral examination, the programme office will inform the students that the make-up examination/re-take examination will be held as an oral examination instead.
Description of the exam procedure
Help aids: Books, notes, dictionaries, any scientific calculator (except in mobile phones and not with internet access) and CBS computers +Statistical template in Excel (created by Professor Ordonez). Students will be allowed to upload electronic files from USB BEFORE the exam.
Course content and structure

This is a beginning statistics course, with special focus on the practical application of basic statistical concepts to business and economics problems. The importance of understanding probability and probability distributions in decision-making processes in business and economics will be explored.
 
This course is designed to provide undergraduate business, economics, and social science students with an introduction to the uses of statistics in their respective fields of study.  This understanding will serve as a foundation for pursuing quantitative and analytical courses in the areas of finance, operations management, managerial economics, industrial engineering, economics, and business research methods. Completion of this course will prepare the students to take and successfully complete a more advanced level of statistics.
 
The analytical skills and tools learned by the students from the class will be as applicable in the workplace.
 
The course will be delivered via a combination of lecture and problem-solving requiring students to apply basic statistical tools and techniques to business and economics-related problems. Computer-based statistical tools are utilized in tackling problem solving. 
 
Week 1

  • Introduction - The role of statistics in all aspects of business decision-making process
  • Numerical and graphical representation of data
  • End-of-week Preliminary Assignment – 20 to 25 item objective quiz administered via Learn
  • Introduction to probability

 
Week 2

  • Discrete and continuous probability distributions
  • End-of-week Preliminary Assignment – 20 to 25 item objective quiz administered via Learn
  • Midterm Assignment (Groups of 3)

 
Week 3

  • Sampling Distributions and the Central Limit Theorem
  • Confidence interval estimation for one and two population means and proportions
  • End-of-week Preliminary Assignment – 20 to 25 item objective quiz administered via Learn

 
Week 4

  • Hypothesis testing for one and two populations means and proportions
  • End-of-week Preliminary Assignment – 20 to 25 item objective quiz administered via Learn
  • Midterm Assignment (Groups of 3)

 
Week 5

  • Introduction to simple linear regression
  • Introduction to decision theory.
  • End-of-week Preliminary Assignment – 20 to 25 item objective quiz administered via Learn

Week 6

  • Comprehensive Review – Discussion of the Two Midterm Assignment

The course's development of personal competences: 

In order to ensure that students will not only be successful in completing the class, but to also enhance the likelihood that students achieve the highest level of competency, the course is designed to include a weekly assessment (a.k.a. Preliminary Assignment) in the form of objective quizzes to be administered via Learn, and submission of two midterm assignments related to the above-mentioned topics. 
 
The two midterm assignments will be problem and/or case-based, will be assigned as group work, and are to be submitted via learn. The weekly assignments are individual work only and will be administered via Learn.
 
The preliminary assignments and the mid-term assignment, although are required for being allowed to take the final exam, will not be a part of the course grade.
 
The course is designed to meet and satisfy the learning standards on quantitative analysis required by business accrediting bodies such as the Association to Advance Collegiate Schools of Business (AACSB) and the Accrediting Council for Business Schools and Programs (ACBSP).
Teaching methods
The course will be a combination of lectures and situational problem solving. Lectures will address the concepts and proper procedures for carrying out the various statistical methods covered in the class. This will be followed by application of the concepts and methods to business and economic-related problems. Computer software, mainly Excel, will be used in solving statistical problems. Students will be expected to read the assigned material and work on assigned textbook problems outside of class. The cases and problem sets are for submission to the instructor. Completion of the assigned work will allow students to take the final exam.
An Excel-based statistical template developed by the instructor will be used as a class supplement
https:/​/​dl.dropbox.com/​u/​24718649/​BA%20282/​Interactive_Statistical_Excel_Templates_for_Applied_Business_Statistics%20-%20Winter%202013%20Edition.xlsm
Digitized lectures (e.g. digitally recorded computer-based lectures and demos) will also be made available to students to further enhance learning. These materials are found on the Web at webpages.sou.edu/​~ordonez/​BA282Web/​Index.htm

Preliminary Assignment: To help students get maximum value from ISUP courses, instructors provide a reading or a small number of readings to be read before the start of classes with a related task or tasks in the first two classes in order to 'jump-start' the learning process.
Prior to our first meeting in June, you must have:
(1)Downloaded an save a copy of the Excel Statistical Interactive Template
(2) Viewed the following video introductions:
http:/​/​highered.mcgraw-hill.com/​sites/​0073401765/​student_view0/​chapter1/​narrated_slides.html
http:/​/​highered.mcgraw-hill.com/​sites/​0073401765/​student_view0/​chapter2/​narrated_slides.html
http:/​/​highered.mcgraw-hill.com/​sites/​0073401765/​student_view0/​chapter3/​narrated_slides.html
Expected literature
Statistical Techniques in Business and Economics, Lind et al, 15th Edition, 2011 ISBN 978-0073401805
Last updated on 22-07-2013