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2013/2014  KAN-CM_SU4G  Applied Statistical Analysis for Business and Economics

English Title
Applied Statistical Analysis for Business and Economics

Course information

Language English
Exam ECTS 7.5 ECTS
Type Elective
Level Full Degree Master
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 MSc 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
  • Methodology
Last updated on 22-07-2013
Learning objectives
Upon the successful completion of this course, a student should be able to:
  • Demonstrate understanding of the nature of statistical relationships between variables, and to explore the concept of association.
  • Demonstrate understanding of parametric hypothesis testing and apply this statistical procedure to various business and economic situations, and in business research.
  • Use regression analysis, including simple linear regression, multiple regression and autoregression, in business decision-making, economic analysis, and business research.
  • Demonstrate understanding of fundamental ideas of experimental design, analysis of variance, and factor analysis.
  • Apply time series analysis, as an extension to regression analysis, in forecasting.
  • Demonstrate understanding of the use of statistics in quality assurance.
  • Apply non-parametric methods (e.g. Chi-square distribution) to business and economic analysis.
  • Understand and apply the basic concepts in quality assurance.
  • Utilize computer applications (e.g. Excel and Minitab) in statistical analyses as outlined above.
Course prerequisites
1.Basic computer skills – spreadsheet application (Excel)
2.Introduction to Statistics (compulsory) – fundamental concepts include: descriptive measures, probability and probability distributions, sampling distributions, confidence interval estimates.
Prerequisites for registering for the exam
Compulsory assignments (assessed approved/not approved)
Mandatory Mid-term Assignment: 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.
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 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
Books, notes, dictionaries, any scientific calculator (except in mobile phones and without internet access) and CBS computers +Statistical template in Excel (created by Professor Ordonez) are allowed. Students will be allowed to upload electronic files from USB BEFORE the exam.
Course content and structure

This is a higher level statistics course, with special focus on the practical application of statistical techniques to business and economics problems.
This course is designed to provide graduate business students in general, and MBA students in particular, an advanced statistical methods and applications course that will in turn serve as a foundation for pursuing quantitative and analytical courses in the areas of finance, operations management, managerial economics, industrial engineering, and business research methods. 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 lectures, power-point presentations, problem-solving, and case analysis, requiring students to apply common statistical tools (Excel) and techniques to business and economics-related decision-making and research analysis situations. Computer-based statistical tools are utilized in tackling problem-solving.  

Topics that will be covered include:
Week 1 

  • The role of statistics in all aspects of business decision-making process
  • Hypothesis Testing (one sample and two-sample tests)
  • End-of-week Preliminary Assignment - 20 to 25 item objective quiz administered via Learn

Week 2

  • The Uses of the Chi-square Distribution (Non-parametric testing)
  • Analysis of Variance (One-way and Two-way ANOVA) and Experimental Designs
  • End-of-week Preliminary Assignment - 20 to 25 item objective quiz administered via Learn
  • Midterm Assignment (Groups of 3)

Week 3

  • Bivariate Analysis and Mutlivariate Analysis
  • End-of-week Preliminary Assignment - 20 to 25 item objective quiz administered via Learn

Week 4

  • Time series Analysis and Forecasting
  • End-of-week Preliminary Assignment - 20 to 25 item objective quiz administered via Learn
  • Midterm Assignment (Groups of 3)

Week 5

  • Quality Management
  • End-of-week Preliminary Assignment - 20 to 25 item objective quiz administered via Learn

Week 6

  • Comprehensive Review - Discussion of the Two Midterm Assignments

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 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).
The course's development of personal competences:
Types of personal and interpersonal competencies that the student will develop and practice during this course.
Students in the class will practice and rely upon their technical and quantitative skills to successfully navigate through the course.  As the class will be fast-paced and will be requiring significant outside the classroom activities, e.g. working on weekly problem sets, students must be self-directed and must practice effective time-management.  Regular class attendance, while not mandatory per Danish laws, is critical to student success in the course, and is therefore highly encouraged.
In the classroom, students are expected to participate in class discussions; they will use and demonstrate their ability to think critically, evaluate a problem, and to explain their answers or position in a logical, clear and concise manner.

Teaching methods
The course will be a combination of lectures, situational problem solving, and case analysis. 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.
Excel-based statistical templates 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 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: 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:
Introduction- http:/​/​highered.mcgraw-hill.com/​sites/​0073401765/​student_view0/​chapter1/​narrated_slides.html
Review of Discrete Probability Distributions- http:/​/​highered.mcgraw-hill.com/​sites/​0073401765/​student_view0/​chapter6/​narrated_slides.html
Review of Continuous Probability Distributions- http:/​/​highered.mcgraw-hill.com/​sites/​0073401765/​student_view0/​chapter7/​narrated_slides.html
Review of Sampling Methods and the Central Limit Theorem- http:/​/​highered.mcgraw-hill.com/​sites/​0073401765/​student_view0/​chapter8/​narrated_slides.html
Review of Estimation and Confidence Intervals- http:/​/​highered.mcgraw-hill.com/​sites/​0073401765/​student_view0/​chapter9/​narrated_slides.html
Expected literature

Required Textbook:
Applied Statistics in Business and Economics, 3rd Edition
David P. Doane, Oakland University
Lori E. Seward, University of Colorado
ISBN: 97800713176279 - 864 Pages
Copyright year: 2010
Weekly topics and chapter readings are presented below

Week Topic Chapters
  • The role of statistics in all aspects of business decision-making process
  • Hypothesis Testing (one sample and two-sample tests)
1: Overview of Statistics
7: Continuous Distributions
8: Sampling Distributions
9 and 10: One and Two Sample Tests
  • The Uses of the Chi-square Distribution (Non-parametric testing)
  • Analysis of Variance (One-way and Two-way ANOVA) and Experimental Designs
11: Analysis of Variance
15: Chi-square Tests
  • Bivariate Analysis and Mutlivariate Analysis
12: Simple Regression
13: Multiple Regression
  • Time series Analysis and Forecasting
  • Indexes and their Applications
14: Time Series Analysis
  • Quality Management
  • Control Charts
  • Process Capabity
  • Acceptance Sampling
17: Quality Management
  • Comprehensive Review (one session)
Discussion of the Two Midterm Assignments
Last updated on 22-07-2013