Business Statistics

Course Justification

Business  Statistics  course  is  designed  to  develop  an  understanding  and  working  knowledge  of  statistics  and  statistical  procedures and their applications in the field of social research. This course is intended to provide a background capacity in statistical description and analysis, appropriate for a business student. The  focus  of  the  course  is  on  the  practical  use  of data  in  a  business/economic  decision environment, especially in an environment of risk and uncertainty.

Course Description

This  course  is  a  study  of  statistical  methods,  descriptive  statistics  and  inferential statistics. This course uses a problem solving approach that focuses on proper interpretation and use of statistical information, while developing necessary understanding of the underlying theory and techniques.  Topics include the role of statistics in modern business environments and  for management  information,  data  collection,  data  tabulation, summarization of data, Descriptive statistics: measures of dispersion and measures of variability, probability  concepts  and probability  distributions,  inferential statistics, sampling  distribution, interval  estimation  and  hypothesis  testing, correlation and regression analysis.

Course Aim

The aim of this course is to develop an understanding of statistics and its applicability in the business world.

Learning Outcomes

By the end of the course unit students should demonstrate ability to:

• Explain the  sampling, data description and data presentation in a business environment; 
• Discuss the  basic probability concepts and probability distributions as an aid to business decision making; 
• Demonstrate an understanding from the knowledge learnt and apply some fundamental statistical methodology to solve problems; and
• Conduct case study project, apply statistics methods using problem-based learning approach.