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2018/2019  BA-BHAAI1069U  Applied Statistical Analysis for Business and Economics

English Title
Applied Statistical Analysis for Business and Economics

Course information

Language English
Course ECTS 7.5 ECTS
Type Elective
Level Bachelor
Duration Summer
Start time of the course Summer
Timetable Course schedule will be posted at calendar.cbs.dk
Max. participants 120
Study board
Study Board for BSc in Economics and Business Administration
Course coordinator
  • Course instructor - Rene Leo E. Ordonez, PhD, Professor and Coordinator of the Graduate Programs in Business School of Business, Southern Oregon University, ordonez@sou.edu
    Sven Bislev - Department of Management, Society and Communication (MSC)
In case of any academic questions related to the course, please contact the course instructor or ISUP academic director, Sven Bislev at sb.msc@cbs.dk.
Main academic disciplines
  • Management
  • Statistics and quantitative methods
  • Economics
Teaching methods
  • Face-to-face teaching
Last updated on 05/12/2018

Relevant links

Learning objectives
Upon the successful completion of this course, a student should be able to:
  • Demonstrate understanding of the nature of statistical analysis and decision theory as they relate to decision-making process in business and economics
  • Demonstrate understanding of parametric and non-parametric hypothesis testing and apply this statistical procedure to various business and economic situations, and in business research
  • Use regression analysis, time series analysis in business decision-making, economic analysis, and business research
  • Demonstrate understanding of fundamental ideas of analysis of variance, and factor analysis
  • Design and deploy surveys via Qualtrics and generate basic statistical summaries using Qualtrics
Course prerequisites
Elementary statistics and basic Excel skills
Applied Statistical Analysis for Business and Economics:
Exam ECTS 7.5
Examination form Written sit-in exam on CBS' computers
Individual or group exam Individual exam
Assignment type Written assignment
Duration 4 hours
Grading scale 7-step scale
Examiner(s) One internal examiner
Exam period Summer, Ordinary exam: 4 hour written exam in the period of 30 July - 2 August 2019
Retake exam: 4 hour written exams in the period of 1-7 October 2019
3rd attempt (2nd retake) exam: 72-hour home assignment- 25-28 November 2019 – for all ISUP courses simultaneously

Exam schedules available on https:/​/​www.cbs.dk/​uddannelse/​international-summer-university-programme-isup/​courses-and-exams
Aids Open book: all written and electronic aids, including internet access
Read more here about which exam aids the students are allowed to bring and will be given access to : Exam aids and IT application package
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.
Retake exam: 4 hour written sit-in exam, new exam question
Exam form for 3rd attempt (2nd retake): 72-hour home project assignment, max. 10 pages.
Course content and structure

This specialized statistics course is designed to provide undergraduate business students a statistical methods curriculum with special focus on the practical application of statistical techniques to business and economics problems. A web-based survey application, Qualtrics, will be integrated into the course. 

Students will acquire a foundation for pursuing quantitative and analytical undergraduate and graduate courses in the areas of finance, operations management, managerial economics, industrial engineering, and applied business research methods. The analytical tools and skills learned by the students from the course will be useful in many professional contexts. 

The course will be delivered via a combination of lectures, power-point presentations, and situational problem-solving, 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.  

The course is designed to meet and satisfy the learning standards on quantitative analysis required by international accrediting bodies for business schools, such as the Association to Advance Collegiate Schools of Business (AACSB) and the Accrediting Council for Business Schools and Programs (ACBSP).


Preliminary assignment:  Prior to the first meeting in June, students are expected to have viewed the following video introductions:

Note: These videos are best viewed using IE web browser.


Review of Discrete Probability Distributions

Review of Continuous Probability Distributions

Review of Sampling Methods and the Central Limit Theorem

Review of Estimation and Confidence Intervals

Class 1:  The role of statistics in all aspects of business decision-making process, review of basic probability concepts.  

Class 2: Introduction to Qualtrics, a Web-based survey application.

Class 3: Review of Confidence Interval and Hypothesis Testing Concepts

Class 4: Hypothesis Testing and Confidence Intervals: One Group.

Class 5: Hypothesis Testing and Confidence Intervals: Two Groups
Feedback activity: Homework quiz via Learn. 

Class 6: Chi-square Distribution and ANOVA

Class 7: Simple Regression Analysis – An in-depth exploration

Class 8: Multiple Regression Analysis

Class 9: Time series Analysis and Forecasting

Class 10: Wrapping it Up: Data analysis in Qualtrics

Class 11: Final exam review.

Description of the 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 (not for submission) outside of class.
Excel-based statistical templates developed by the instructor will be used as a class supplement.

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 a couple of examples.

Feedback during the teaching period
A midterm assessment (voluntary but highly recommended) in the form of an objective quiz will be administered via Learn. The format of the assessment will be similar to the format of the 4-hour Ordinary Exam administered at the end of the course. Questions in the quiz will cover concepts, definition of terms, and problem solving based on the lessons covered during the first 5 sessions of the term. The questions will be presented in multiple choice format along with fill-in-the blanks (particularly in problem solving scenarios).
Student workload
Preliminary assignment 20 hours
Classroom attendance 33 hours
Preparation 126 hours
Feedback activity 7 hours
Examination 20 hours
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 1 in order to 'jump-start' the learning process.


Course timetable is available on https://www.cbs.dk/uddannelse/international-summer-university-programme-isup/courses-and-exams


We reserve the right to cancel the course if we do not get enough applications. This will be communicated on https://www.cbs.dk/uddannelse/international-summer-university-programme-isup/courses-and-exams end February 2019 at the latest.


Expected literature

Mandatory readings:


Statistical Techniques in Business and Economics (16th Ed) International Edition by Lind,Marchal,and Wathen

(Chapters 9 to14, and 18)

Last updated on 05/12/2018