Course syllabus - Statistics for Business

Objectives

A key challenge facing decision makers is the interpretation of the vast amount of data generated in the world of business today. Modern computing systems now produce large volumes of information whereas previously one could often only rely upon intuition and guesses.
The course will apply various statistical methods to managerial decisions, in fields of economics, market research, marketing, financial analysis, accounting, auditing, personnel selection, government relations, information services, quality improvement of products and services, production process improvement, and research and development.

Learning outcomes

Upon completion of this course, students will be expected to understand the nature and consequences of natural variability in data; express a problem in statistical terms; summarize data graphically and statistically, either manually or via a computer package; to use a sample to gain inference about the population from which the sample was taken; estimate and test parameters; understand and interpret economic index numbers; understand the nature of a time series, how it is analyzed and used for forecasting purposes; and understand basic statistical terminology in published material.

Course content

Topics include populations and samples; the presentation and interpretation of data; measures of central tendency and variability; basic probability; the binomial, hypergeometric and normal distributions; estimation and hypothesis testing; index numbers; simple and multiple regression and correlation; time series analyses and forecasting. Statistical software is used to extensively analyze real world economic data.

Tuition

Lectures combined with exercises and laboratory work. Statistical software is an important learning tool when studying probabilities, computer simulation and descriptive statistics and some exercises will use this means of assistance.

Requirements

Studies in Mathematics of 3 years from Upper Secondary School with a Science profile and a TOEFL test result, minimum score 575 with a TWE score of at least 4,5 (PBT) or 90 with a TWE score of at least 20 (iBT)/IELTS test result with an overall band score of minimum 6,5 and no band score below 5,5.

Examination

Examination (TEN3), 15 credits, marks Pass (G) or Pass with distinction (VG)

A student who has a certificate from MDU regarding a disability has the opportunity to submit a request for supportive measures during written examinations or other forms of examination, in accordance with the Rules and Regulations for Examinations at First-cycle and Second-cycle Level at Mälardalen University (2020/1655). It is the examiner who takes decisions on any supportive measures, based on what kind of certificate is issued, and in that case which measures are to be applied.

Suspicions of attempting to deceive in examinations (cheating) are reported to the Vice-Chancellor, in accordance with the Higher Education Ordinance, and are examined by the University’s Disciplinary Board. If the Disciplinary Board considers the student to be guilty of a disciplinary offence, the Board will take a decision on disciplinary action, which will be a warning or suspension.

Grade

Pass with distinction, Pass, Fail