Business Statistics

Course Description:

This course will examine the fundamentals of descriptive, probabilistic and inferential statistics. The course provides as well many examples of most common statistical methods and assumptions lead to useful comprehension of business and economic problems.  The current business environment requires the ability to analyze and summarize data, and use statistical analysis for decision-making and problem solving. The course presents basic quantitative methods; the main goal is to provide a basic foundation of statistical methods to students with different education backgrounds and work experiences. The sequence of the topics is slightly different than the one presented in standard textbooks; we put more emphasis on inference and regression.

Topics include: basic probability models; random variables; discrete and continuous probability distributions; statistical estimation and testing; and an introduction to linear regression. It is an introduction to descriptive statistics, probability theory and statistical inference. The main objective is to provide students with the foundations of statistical inference mostly used in business and economics. It can include the application of computer software to these techniques

Course Learning Outcomes:

1. To introduce students to the concept of statistical problem solving applied to business, and how statistics can assist managers in making decisions.

2. To provide students with an understanding of:
   1. The basic concepts of descriptive statistics.
   2. An overview of probabilistic statistics.
   3. How statistical tools can be exploited in managing uncertainty

3. To develop the students practical skills in developing business statistical approach.