The fundamental aim of this module is to give students an understanding of how statistics operates in Business and Economics; To provide both a foundation for further study and a broadly based introduction to statistics; To enable students to summarize, present and analyze data from a sample; To enable students to understand and apply the practice of statistical inference to sample data to estimate full population variable parameters; To enable students to work comfortably with variables as probability distributions, introducing some common and practicably useful probability distributions.

(LO1) The basis of data analysis

(LO2) The fundamental notion of statistical inference

(LO3) Summarise,describe and present raw data

(LO4) Estimate the mean of a population (and other statistics)

(LO5) How to formulate and test hypotheses about values in the population based on random samples

(LO6) How to carry out basic statistical computations and graphical analysis

(LO7) How to identify and model relationships between two variables

(LO8) Understand the use of probability in statistics

(LO9) Communicating results

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) International awareness

(S8) Lifelong learning skills

Teaching Method: Large Group Teaching
Scheduled Directed Student Hours: 24
Attendance Recorded: Yes

Teaching Method – Tutorial and Assessment Feedback
Description: Online (synchronous) Tutorial discussing solutions to assessments including questions and guidance on improving approaches.
Scheduled Directed Student Hours: 5
Attendance Recorded: Yes
Notes: 5 x 1hr tutorials (fortnightly from week 4)

Teaching Method - Workshop
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes
Notes: Weekly workshops

Teaching Method - Assessment
Description: Fortnightly continuous assessment exercises.
Unscheduled Student Hours: 10
Attendance Recorded: Yes
Notes: 5 continuous assessment exercises which provide continuous feedback on the approaches developed in statistical analysis that will be required for the final assessment.

Self Directed Learning Hours - 109

Costs Information:
There are no specific costs attached to this module.

There are the following pre-requisites:
Students must have taken one of the following: ACFI127, ECON121 or ECON127. Students who are not studying on a joint honours programme with the maths department must also have taken ACFI111 or ECON111 and ECON112.

This module is a pre-requisite for the following modules:
ECON211
ECON233
ECON322
ECON326
ECON345
ECON346
Skill/Other Attribute 1:
"Lifelong learning skills"
How this is developed:
"Some discussion of sourcing of reliable statistics and limitations of data and statistical skills considered"

Skill/Other Attribute 2:
"International awareness"
How this is developed:
"Real-world data used for some exercises from international sources."

Skill/Other Attribute 3:
"Communication skills"
How this is developed:
"This course does not just re quire mechanical calculations. Students must undertake calculations and consider their relevance to the problem set and communicate interpretations of the data and/or how they relate to solutions of specific problems"

Skill/Other Attribute 4:
"Organisational skills"
How this is developed:
"Students are expected to organize their own learning within the guidelines given."

Skill/Other Attribute 5:
"Commercial awareness"
How this is developed:
"Real-world data used for some exercises"

Skill/Other Attribute 6:
"Numeracy"
How this is developed:
"The ability to think logically, to appreciate the significance of the relationships between relevant economic variables. The consequences of specific changes, to think through a sequence of steps of a statistical problem. To apply knowledge to new scenarios. Direct numerically based problems."

Skill/Other Attribute 7:
& quot;Problem solving skills"
How this is developed:
"The ability to think logically, to appreciate the significance of the relationships between relevant economic variables. The consequences of specific changes, to think through a sequence of steps of a statistical problem. To apply knowledge to new scenarios. Direct numerically based problems."

Skill/Other Attribute 8:
"Adaptability"
How this is developed:
"The ability to think logically, to appreciate the significance of the relationships between relevant economic variables. The consequences of specific changes, to think through a sequence of steps of a statistical problem. To apply knowledge to new scenarios. Direct numerically based problems."

The module will consider:

An Introduction to the Course Displaying distributions with graphs Describing distributions with numbers Density curves and Normal distributions Scatterplots

Correlation & Least Squares Regression including cautions.

Data analysis for 2-way tables + question of causation

Sampling designs and design of experiments Designs toward statistical inference

The Study of Randomness + probability models Probability and sampling distributions

General Probability Rules (including conditional probability)

Binomial & Poisson distributions

Estimating with Confidence via Tests of Significance (including Use (and abuse) of significance tests)

Inference for decision making Inference for the mean of a population; Comparing 2 means and Inference for a proportion of a population

Analysis of Two-Way Tables Analysis of Two-Way Tables – Goodness of Fit

Review & final assessment Prep.