Economic statistics: methods for businesses approaches
The course intends to present the great potentialities of statistical methodologies for compelling applications in business. Knowing the suitable statistical instruments and how to apply them enables the development of the capacity to summarise and generalize the data collected for business management. In detail, the main learning objectives are:
Knowledge and comprehension skills: students must prove their ability to know and comprehend the quantitative tools for strategic choices and, specifically, the basic statistics and prediction models.
Application skills: students must be able to apply statistical instruments to the strategic choices and the business management assessment. Moreover, they must be able to analyze and interpret the data correctly.
Autonomy of judgment: the course intends to stimulate the statistical reasoning for reading and interpreting data, with special reference to information on business structures and dynamics.
Communication skills: we expect our students to acquire a statistical vocabulary to be able to present their analyses.
Learning capacity: At the course's end, students must prove a good capacity for statistics learning to apply statistical methodologies to business decisions.
The course is addressed to bachelor students in management. Students need to have passed the exam in basic mathematics.
Part I (about 24 hours): Univariate and bivariate descriptive statistics.
Part II (about 12 hours): Probability and probability distributions.
Part III (about 24 hours): Sampling and statistical inference.
Part IV (about 12 hours): Linear regression model
The following topics are covered: Data collection. Frequency distributions and graphs. Summary descriptive measures: central tendency and variability. Correlation analysis. Probability. Random variables. Sampling distributions. Point and interval estimation. Hypothesis tests. Inference on means and proportions. Simple linear regression. Inference in the linear regression model.
Exercises will accompany lectures in the classroom to strengthen the application skills.
Students are invited to participate in a project in which they will work in small groups to analyze data and critically evaluate the results.
For students who speak Italian, the main reference is represented by the following book:
Borra S., Di Ciaccio A. (2021), Statistica. Metodologie per le scienze economiche e sociali. Quarta edizione, McGraw Hill.
Reference text in english: Anderson D.R., Sweeney D.J., Williams T.A., Camm J.D., Cochran J.J. (2015), Statistics for Business and Economics, 12th edition, Cengage.
Further learning material is available from the eLearning portal of the course.
Learning is verified through the written test on the Moodle platform, the presentation of the project, and the oral examination.
The written test includes a set of multiple-choice tests and open-ended questions (time: 30 minutes). The multiple-choice test penalizes the wrong answers, whereas it does not penalize the missing answers. Students can use a pocket calculator and consult the tables of the principal probability distributions and an ad hoc formulary, downloadable from the eLearning portal of the course.
The written test intends to evaluate the comprehension of the basic topics and the capacity for applying the statistical methodology for analyzing data.
Project work is not mandatory but highly recommended. The project assesses the application capacity and communication skills.
The oral exam aims to ascertain the knowledge of the principal methodologies of basic statistics and the ability to use the correct statistical vocabulary.
The written test is evaluated with a maximum score of 30. The project work is assigned a maximum score of 3 points. The oral examination is mandatory if the score (written test + project work) is higher than 25/30.