Statistics for Economics and Business
- Upon successful completion of the course, students need to gain profound knowledge in key statistical concepts and inferences to apply to real economic and business cases. Drill exercises taken from their field of study will prepare students to master up-to-date knowledge and enable them to take more advanced courses in statistics related to economics and business.
- Demonstrate relevant skills connected with information.
- Be able to analyze and interprets data from Russian and foreign statistics on socioeconomic processes and events.
- Be able to identify tendencies in socioeconomic indicators changes.
- Be able to solve problems in professional activities based upon analysis and synthesis.
- Be able to identify the nature of problems related to professional activities.
- Introduction to Economics and Business StatisticsDecision making in an uncertain environment. Descriptive and inferential statistics. Data description with graphical and numerical ways.
- Probability and its Business and Economic ApplicationsRandom experiments, outcome and events. Probability and its postulates. Probability rules. Bivariate probabilities and Over-involvement ratios.
- Discrete Random Variables and Probability DistributionsRandom variables. Probability distributions for discrete random variables and their properties. Binomial, hypergeometric and Poisson distributions. Jointly distributed discrete random variables. Portfolio analysis.
- Continuous Random Variables and Probability DistributionsThe uniform, normal and exponential distribution. Jointly distributed random variables. Linear combinations of random variables.
- Sampling and Sampling DistributionsSampling from a Population. Sampling distribution of sample means, proportions and variances. Central limit theorem and acceptance intervals.
- EstimationProperties of point estimators. Confidence intervals for the mean when variance is known and unknown. Confidence intervals for the difference between two normal population means. Sample size determination.
- Hypothesis TestingConcepts of hypothesis testing. Tests of the mean of a normal distribution with known and unknown population variances. Tests of the population proportion. Tests of the difference between two population means, proportions. Some concluding remarks on hypothesis testing.
- Analysis of Variance (ANOVA)Comparison of several population means. One-way and two-way analysis of analysis of variance. The Kruskal-Wallis test and randomized blocks.
- Additional Topics in SamplingBasic steps of sampling study. Sampling and nonsampling errors. Determining sample size and other sampling methods.
- Statistical Decision TheoryDecision making under uncertainty. Expected monetary value. Bayesian analysis. Utility risk.
- Interim assessment (4 module)0.4 * Exam + 0.36 * Quiz + 0.06 * Self-study work + 0.18 * Seminar work
- Naghshpour, S. (2012). Statistics for Economics (Vol. 1st ed). [New York, N.Y.] [222 East 46th Street, New York, NY 10017]: Business Expert Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=508706
- Pernille Christensen. (2011). An Introduction to Statistical Methods and Data Analysis (6th ed., international ed.). Journal of Property Investment & Finance, (2), 227. https://doi.org/10.1108/jpif.2011.29.2.227.1?utm_campaign=RePEc&WT.mc_id=RePEc