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Regular version of the site

Statistics for Economics and Business

2017/2018
Academic Year
ENG
Instruction in English
3
ECTS credits
Course type:
Compulsory course
When:
2 year, 4 module

Instructor


Yormirzoev, Mirzobobo

Course Syllabus

Abstract

This course is designed to provide a strong introductory understanding of applied statistical procedures so that students could do solid statistical analysis in many economic and business applications. It emphasizes an understanding of the assumptions that are necessary for professional analysis. The approach in this course is to combine knowledge with many examples and student exercises, showing how understanding of methods and their assumptions lead to useful comprehension of business and economic problems.
Learning Objectives

Learning Objectives

  • 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.
Expected Learning Outcomes

Expected Learning Outcomes

  • 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.
Course Contents

Course Contents

  • Introduction to Economics and Business Statistics
    Decision making in an uncertain environment. Descriptive and inferential statistics. Data description with graphical and numerical ways.
  • Probability and its Business and Economic Applications
    Random experiments, outcome and events. Probability and its postulates. Probability rules. Bivariate probabilities and Over-involvement ratios.
  • Discrete Random Variables and Probability Distributions
    Random 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 Distributions
    The uniform, normal and exponential distribution. Jointly distributed random variables. Linear combinations of random variables.
  • Sampling and Sampling Distributions
    Sampling from a Population. Sampling distribution of sample means, proportions and variances. Central limit theorem and acceptance intervals.
  • Estimation
    Properties 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 Testing
    Concepts 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 Sampling
    Basic steps of sampling study. Sampling and nonsampling errors. Determining sample size and other sampling methods.
  • Statistical Decision Theory
    Decision making under uncertainty. Expected monetary value. Bayesian analysis. Utility risk.
Assessment Elements

Assessment Elements

  • non-blocking Quiz
  • non-blocking Exam
  • non-blocking Self-study work
  • non-blocking Seminar work
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.4 * Exam + 0.36 * Quiz + 0.06 * Self-study work + 0.18 * Seminar work
Bibliography

Bibliography

Recommended Core Bibliography

  • 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

Recommended Additional Bibliography

  • 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