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2014/2015  BA-BHAAI1001U  Basic Statistics for Business and Economics

English Title
Basic Statistics for Business and Economics

Course information

Language English
Course ECTS 7.5 ECTS
Type Elective
Level Bachelor
Duration Summer
Course period Summer
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board for BSc in Economics and Business Administration
Course coordinator
  • Course instructor - Dr. Rene Ordonez, Southern Oregon University
    Patricia Plackett - MPP
Main academic disciplines
  • Management
  • Statistics and mathematics
  • Economics, macro economics and managerial economics
  • Methodology
Last updated on 20-05-2014
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
Recommended: Basic algebra and working knowledge of spreadsheet application (Excel)
Prerequisites for registering for the exam
Number of mandatory activities: 1
Compulsory assignments (assessed approved/not approved)
Mandatory Mid-term Assignment: This assignment will take the form of a tw.-hour quiz rhat will be administered via the LEARN learning platform.
4-hour written exam:
Exam ECTS 7,5
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
Exam aids for 4-hour written exams: books, printed articles and notes; calculators; electronic files/USBs; Interactive Statistical Template in Excel (Developed by Dr. Ordonez) language dictionaries.
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 and their application in the decision-making processes in business and economics will be explored. The course will also expose and teach students the basics and the applications of inferential statistics (e.g., hypothesis testing and confidence interval estimation), bivariate analysis, and decision theory in business and economics.
This course was created and 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. Further, the 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. The course is designed to meet and satisfy the learning standards on quantitative analysis required by international business schools accrediting bodies such as the Association to Advance Collegiate Schools of Business (AACSB) and the Accrediting Council for Business Schools and Programs (ACBSP).
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 (non-mandatory but highly suggested for students to complete) in the form of objective quizzes to be administered via Learn, and submission of a preliminary assignment quiz and a Mandatory Mid-term Assignment quiz related to the above-mentioned topics.

Class Schedule

Class Topic
Class 1 Introduction and Overview of Course
Numerical and graphical representation of data
Class 2 Introduction to probability
Class 3 Discrete probability distributions
Preliminary Assignment
Class 4 Continuous probability distributions
Class 5 Sampling Distributions and the Central Limit Theorem
Mandatory Mid-term Assignment
Class 6 Confidence interval estimation for one and two population means and proportions
Class 7 One sample tests
Class 8 Two sample tests
Class 9 Introduction to Bivariate Analysis
Class 10 Introduction to Decision Theory
Class 11 Comprehensive Review
Additional background information on this course in provided below:
  • Introduction and Overview of Course
  • Numerical and graphical representation of data
  • Introduction to probability
1: What is Statistics
2: Describing Data: Graphical Means
3: Describing Data: Numerical Measures
5: A Survey of Probability Concepts
  • Discrete and continuous probability distributions
6: Discrete Probability Distributions
7: Continuous Probability Distributions
  • Sampling Distributions and the Central Limit Theorem
  • Confidence interval estimation for one and two population means and proportions
8: Sampling Methods and the Central Limit Theorem
9: Estimation and Confidence Intervals
  • Introduction to Hypothesis Testing
10: One-sample Tests of Hypothesis
11: Two-sample Tests of Hypothesis
  • Introduction to simple linear regression
  • Introduction to Decision Theory
13: Linear Regression and Correlation
20: An Introduction to Decision Theory
  • Comprehensive Review
Topics that will be covered include:
Week 1 will focus on laying the basic foundation for the course. Terms, definitions, and basic statistical concepts will be introduced.
  • Introduction - The role of statistics in all aspects of business decision-making process
  • Numerical and graphical representation of data
  • Introduction to probability
  • End of week quiz administered in Learn (recommended)

Week 2 will continue laying the foundation for later chapters which will deal with inferential statistics.

  • Discrete and continuous probability distributions
  • Preliminary Assignment – Quiz Administered via Learn

Week 3 will start our exploration into the basics of inferential statistics

  • Sampling Distributions and the Central Limit Theorem
  • Confidence interval estimation for one and two population means and proportions
  • Mid-term Mandatory Assignment – Quiz administered via Learn (Mandatory)

Week 4 will be on applying inferential statistics.

  • Hypothesis testing for one and two populations means and proportions
  • End of week quiz administered in Learn (recommended)

Week 5 will introduce the students to more advanced topics in statistics.

  • Introduction to simple linear regression
  • Introduction to decision theory.
  • End of week quiz administered in Learn (recommended)


  • Comprehensive Review
Teaching methods
Essentially, the learning environment will follow the Confucian learning philosophy: “Tell Me and I Will Forget; Show Me and I May Remember; Involve Me and I Will Understand.” 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. An Excel-based statistical templates developed by the instructor will be used as a class supplement. Press CTRL+Enter on the link to open.

Digitized lectures (e.g. digitally recorded computer-based lectures and demos) will also be made available to students to further enhance learning. The link to these videos will be made available in Learn. Below are links to sample video supplements to the class. Press CTRL+Click to view a video.

Recorded ISUP 2012 Class Session:


Prepared Guided Examples for Textbook created by Dr. Ordonez:

Further Information
Preliminary Assignment: To help students get maximum value from ISUP courses, instructors provide a reading or a small number of readings or video clips to be read or viewed before the start of classes with a related task scheduled for class 3 in order to 'jump-start' the learning process.
Expected literature
Statistical Techniques in Business and Economics, Lind et al, 16th Edition, 2014
(Note: the 15th edition is OK)
Last updated on 20-05-2014