• 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.

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.

Required Textbook:
 
Applied Statistics in Business and Economics, 3^rd 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