Course overview
This course introduces essential concepts, tools, and methods of statistics tailored for students in commerce, economics, and business-related disciplines, with applications extending to various real-world contexts. The focus is on concepts, reasoning, interpretation, and thinking that build upon computation, formulae and theory linked to discipline-specific applications.
The course covers two main branches of statistical data analysis as applied in commerce, economics and business: descriptive statistics and inferential statistics. Descriptive statistics includes data collection, exploration, and interpretation through numerical and graphical techniques such as charts and visual representations. Inferential statistics includes the selection and application of correct and suitable statistical techniques to make estimates or test claims about economic and business data based on a sample.
Course learning outcomes
- Apply correctly a variety of statistical techniques, both descriptive and inferential, to economic and business data.
- Interpret, in plain language, the application and outcomes of statistical techniques in economics and business contexts.
- Analyse computer output and apply it to problem-solving in economics and business contexts.
- Recognise inappropriate use or interpretation of statistics in other courses in the discipline, in the media and in life in general and comment critically on the appropriateness of this use of statistics in economics and business contexts.