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.
- Descriptive Statistics
- Inferential Statistics
- Correlation And Regression
Course learning outcomes
- Execute correctly a variety of statistical techniques, both descriptive and inferential, with economic and business data.
- Use statistical software to input data, generate descriptive statistics, conduct inferential statistical procedures, and produce graphical representations of data.
- Interpret the output from statistical analyses appropriately and explain the practical significance of the results in economic and business contexts.
- Analyse economic and business questions as statistical problems by identifying key variables and assumptions and solve them using appropriate statistical methods, demonstrating logical reasoning and accuracy.
- Discuss the implications of statistical decisions, recognising potential biases, errors, and the consequences of using inappropriate methods.