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Business Statistics: Course Description

The Business Statistics course (BOA 1203) for Year One students covers essential statistical concepts and techniques relevant to business decision-making. It includes topics such as data collection, hypothesis testing, correlation and regression analysis, and the use of software like SPSS and Excel for data analysis. The course aims to equip students with the skills to analyze data effectively and make informed business decisions.

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22 views6 pages

Business Statistics: Course Description

The Business Statistics course (BOA 1203) for Year One students covers essential statistical concepts and techniques relevant to business decision-making. It includes topics such as data collection, hypothesis testing, correlation and regression analysis, and the use of software like SPSS and Excel for data analysis. The course aims to equip students with the skills to analyze data effectively and make informed business decisions.

Uploaded by

blcc2324
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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BUSINESS STATISTICS

Course Name: Business Statistics


Course code: BOA 1203
Course Level Year One
Credit Units: 4
Contact Hours: 60
Course Description
This course introduces student to role of Statistics in business, basic concepts; scales of
measurement; data collection; presentation methods; descriptive measures, symmetrical and
asymmetrical distributions; outliers with emphasis on their effect on the data; sampling
distributions; hypothesis testing; correlation and regression analysis; time series analysis; index
numbers; statistical analysis of data using the knowledge of computer application and
interpretations.
Course Objectives
1. The ability to make rational decisions is critical in business.
2. Statistical tools allow managers and any decision maker to base decisions on managerial
knowledge, facts, information and data gathered using scientific methods.

Learning Outcomes
This course prepares students to describe, gather, and analyze data using statistical tools to make
effective decisions. The course aims to provide a sound foundation in analysis, integrates theory
and practice. It further provides firm foundation of research focus in areas of research methods
and methodology. At the end of this course, students should be able;

1. To understand and appreciate the role of statistics in business and other related fields
2. To equip students with statistical concepts useful in credible decision-making and
improve the students’ knowledge of describing and interpreting historical empirical
records.
3. To use analytical techniques and tools in situations of certainty, risk and uncertainty
situations.
4. To summarize different types of data using appropriate statistical methods.
5. To calculate and interpret various measures of statistical data.
6. To analyse data and interpret results using computer applications.
7. To estimate models, make informed decisions, derive policy implications, budgets, plans
and strategies based on facts.
8. Software Packages Statistical package for social scientists (SPSS) and Microsoft office
Excel

Detailed Course Content


Parts Topics Lesson details Hour Week

1  Definitions of Statistics, 3 1
Introduction  Descriptive and Inferential statistics,
Basic concepts and  Role and limitations of Statistics in
data classification business and other sectors.
 Basic concepts; Population, sample,
parameter, statistic, variable and
 Types of variables,

 Data and data classification.


2 Sampling  Sources of data 3 2
techniques
 Primary and secondary data
 Advantages and disadvantages of
Primary and secondary data
 Meaning of census, sampling and
survey
 Advantages and disadvantages of
sampling and survey
 Sampling and estimation
 Sampling errors and non-sampling
errors
 Random sampling technique
 Non-random sampling techniques

 Advantages and disadvantages of


each of the sampling approaches
3 Data sources and  Meaning of univariate statistical data, 3 3
collection methods; bivariate statistical data and
multivariate statistical data.
 Classification of data as per
measurement scales
 Sources of statistical data, and
 Methods of data collection;
 Advantages and disadvantages of
each method
 Factors influencing a method of data
collection
 Problems of data collection


4  Tabular, e.g. Univariate frequency 3 4
Data presentation distributions, Simple frequency
distribution, Grouped frequency
distribution.
 Graphical e.g. Histogram, Frequency
polygon, Cumulative frequency
distribution.

 Diagrammatical e.g. Charts


5 Measures of central  Meaning of Measures of central 3 5
tendency and location, Arithmetic Mean, median
Measures of and mode (for both grouped and
dispersion ungrouped data), Geometric mean
and Harmonic mean;

 Meaning of measures of Spread,


Mean deviation, Range, Variance,
Standard deviation
6 Measures of  Negatively skewed 3 6
skewness and
 positively skewed
Kurtosis
 Symmetrical distribution,

 Kurtosis
7 Probability theory  Key concepts, 6 7
 Probability of an event,
 Rules of probability,
 Probability distributions such as
Normal distributions,
 Binomial distributions and

 Poisson distributions
8 Sampling Sample mean, properties and standard errors, 6 8
Distribution Confidence intervals, central limit theorem
Hypothesis testing Null and alternative hypothesis, Steps in
hypothesis testing, Meaning of the p-values,
Type I and type II errors, One –and Two-
Tailed Tests
9 Correlation and  Correlation analysis; correlation 6 9
Regressions measures such as Pearson, spearman
analysis etc.
 Linear regression analysis,
 Qualitative Vs Quantitative
forecasting approaches

 Challenges of forecasting
10 Time series data vs  Linear stationary time series models, 3 10
time series analysis
 Components of time series
and forecasting
 Decomposition of time series
 Models assumptions of decomposing
time series
 Estimation of trend line using coding
and least square method

 linear non-stationary time series


models
11 Computer Software  Coding and data entry 6 11
(SPSS//Excel, Ms
Word and Ms  Analysis
Powerpoint, Stata
 interpretation of results using the
packages)
knowledge of computer software

Delivery Methods
 Straight lectures
 Group discussions and presentations
 Practical
 Tutorials
 Case studies

Assessment Methods
CA 30
Final Examination 70%
Total 100%
Recommended Reading List
1. Andre Francis (2008): Business Mathematics and Statistics, Sixth edition, south western
Cengage Learning
2. Andy Field (2005):Discovering statistics using SPSS, Second edition, SAGE publications
India
3. David R. Anderson, Dennis J. Sweeney, Thomas A.William, Mik Wisniewski (2009): An
Introduction to Management Science: Quantitative Approaches to Decision Making,
11thedition,South western Cengage Learning.
4. Douglas A., William G., Marchal, Samuel A., Walter (2008): Basic Statistics for
Businessand economics, sixth edition, Mc graw-Hill.
5. Kaberuka .W (2003); Statistical techniques: Basic course for Social scientists, Makerere
University- Uganda.
6. Lind, D.A, Marchal, W.G & Wathen, S.A (2011). Statistical Techniques in Business and
Economics. 15th Revised Edition, McGraw Hill Higher Education.
7. Hijazi, R. & Zoubeidi, T. (2017). State of business statistics education in MENA region:
A comparative study with best practices. Journal of International Education in Business,
Vol: 10: 1
8. Current and relevant Journal in Business Statistics

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