Principles of Statistics for Business
Module Name: Principles of Statistics / Business Statistics I
Academic Level: Undergraduate BBA / Business Management
ECTS/Credits: 6 credits
1. Course Overview
This course provides a comprehensive introduction to the fundamental concepts and methods of statistics as applied in business decision-making. Students will learn to collect, analyze, interpret, and present data to support managerial decision-making under uncertainty. The course focuses on applying statistical techniques to address real-world business problems in functional areas like marketing, finance, accounting, and operations, rather than purely on the mathematical underpinnings.
2. Learning Objectives
By the end of this module, students will be able to:
Summarize and Describe Data: Efficiently organize, display, and summarize large datasets using graphical and numerical methods.
Apply Probability Concepts: Utilize basic probability theory and probability distributions (binomial, normal) to analyze business risks.
Perform Inferential Statistics: Make inferences about population parameters based on sample data using confidence intervals and hypothesis testing.
Analyze Relationships: Utilize simple linear regression and correlation to examine the relationships between variables for forecasting.
Use Data Tools: Analyze real-world data sets using statistical software (e.g., MS Excel, SPSS).
3. Core Topics Covered
Introduction to Business Statistics: Data types (qualitative/quantitative), scales of measurement, and data sources.
Descriptive Statistics: Measures of central tendency (mean, median, mode) and dispersion (variance, standard deviation, skewness).
Data Visualization: Tabular and graphical presentation (histograms, boxplots, scatterplots).
4. Teaching and Learning Methodology
This module typically uses a blended approach combining:
Lectures: To introduce theoretical concepts.
Practical Lab Sessions: To apply statistics using software (e.g., Excel).
Case Studies: To apply statistical thinking to actual business scenarios.
Group Projects: Data analysis projects.
5. Recommended Textbooks
Basic Business Statistics: Concepts and Applications by Berenson, Levine, and Krehbiel.
Business Statistics: A First Course by McClave, Benson, and Sincich.
Statistics for Business and Economics by Anderson, Sweeney, Williams.
- Teacher: Dr. Ammar Isam