6 ECTS credits
152 h study time

Offer 1 with catalog number 1021458ANR for all students in the 2nd semester at a (A) Bachelor - preliminary level.

Semester
2nd semester
Enrollment based on exam contract
Impossible
Grading method
Grading (scale from 0 to 20)
Can retake in second session
Yes
Taught in
English
Faculty
Faculty of Social Sciences & SolvayBusinessSchool
Department
Applied economics
Educational team
Luc Hens (course titular)
Nathalie Colpin
Activities and contact hours

26 contact hours Lecture
26 contact hours Seminar, Exercises or Practicals
100 contact hours Independent or External Form of Study
Course Content

This course covers descriptive statistics (the art of summarizing data) and introduces the student to inferential statistics (the art of using sample data to make numerical conjectures about problems involving a population). We learn how to display data in tables and charts (frequency tables, histograms, boxplots, time series plots, …); how to describe the shape of data distributions and summarize their center and spread (mean, median, standard deviation, interquartile range, …); and how to display and summarize and interpret the relationship between two variables (scatter plots, correlation, line of best fit). We then learn about the basic elements of probability needed for statistical inference (probability rules, joint and conditional probability, contingency tables, probability trees,…); about random variables (expected value and standard error; probability models). Finally, we study the sampling distributions of proportions and means and use the Central Limit Theorem to construct confidence intervals for population proportions and population means.

Course material
Handbook (Required) : Business Statistics, Norean R. Sharpe, Richard De Veaux, and Paul Velleman, 3rd edition, Pearson Education, 9781292058696, 2015
Practical course material (Required) : Syllabus for Statistics for Business and Economics I, Luc Hens, 2021
Practical course material (Required) : Formula sheet for Statistics for Business and Economics I, Luc Hens, 2021
Digital course material (Required) : R: A language and environment for statistical computing, R Development Core Team, R Foundation for Statistical Computing
Practical course material (Required) : Texas Instruments TI-84 Plus CE-T calculator
Digital course material (Required) : RStudio Desktop (Open Source Edition), RStudio Team, RStudio
Additional info

Not applicable.

Learning Outcomes

General competences

This course aims at providing the student with an understanding of descriptive statistics (displaying and describing data) and inferential statistics (making valid generalizations from sample data). At the end of the course, the student is able to:

  • distinguish between categorical and quantitative data, and display and describe categorical and quantitative data;
  • compute and interpret a coefficient of correlation and the line of best fit;
  • apply the rules of probability;
  • work with random variables and probability models (binomial model, normal model, …);
  • explain the properties of the sampling distribution of a proportion or a mean (and the conditions under which those properties hold);
  • find (if appropriate) a confidence interval for a proportion or a mean using data from a large sample, and interpret the meaning of the confidence interval;
  • explain the limitations of statistical methods;
  • use statistics in an ethical way;
  • use statistical software and a scientific calculator to do statistical computations (enter data, generate descriptive statistics and graphs, compute probabilities of normally distributed random variables; compute confidence intervals);
  • communicate the results of statistical work; more specifically, write up the results of statistical analysis in a report consisting of a non-technical abstract aimed at decision makers, so that they can improve their decisions, and a main section aimed at peers explaining the technical details and exact interpretation of the results. The report is formatted in APA Style.

Grading

The final grade is composed based on the following categories:
Written Exam determines 90% of the final mark.
Practical Exam determines 10% of the final mark.

Within the Written Exam category, the following assignments need to be completed:

  • Written Exam with a relative weight of 90 which comprises 90% of the final mark.

    Note: You should bring to the exam: your TI-84 Plus (or TI-84 Plus CE-T) calculator; the laminated formula sheet.

Within the Practical Exam category, the following assignments need to be completed:

  • Paper (group) with a relative weight of 10 which comprises 10% of the final mark.

    Note: The assignment for the paper is available on the learning platform. The due date is in the syllabus (which is also posted on the learning platform)

Additional info regarding evaluation

A Practical Exam (group paper) and a Written Exam.

The assignment for the group paper is posted on the learning platform. Evaluation is based on contribution to teamwork, the ability to link the economic issues to the course content, writing skills (spelling, grammar, and style), and the ability to respect deadlines. The penalty for late work is 2 points (on a scale from 0 to 20) per workday late. Students who, for a valid and documented reason, cannot participate in the group paper and who report this in writing to the teacher at least two weeks before the due date of the paper, can request an individual assignment.

The exam component "Practical Exam" (group paper) cannot be re-taken in the second exam session. The result for this part of the exam is transferred to the second exam session. Students who are absent for the exam component "Practical Exam (group paper) will get a score of 0 for this component.

The Written Examination usually consists of two parts. In the first part you have to solve one or more problems similar to the ones in the textbook; the second part is a set of multiple-choice questions. When grading the multiple-choice questions we correct for random guessing using the standard setting. During the exam you can use the TI-84 calculator and the laminated formula sheet.

Allowed unsatisfactory mark
The supplementary Teaching and Examination Regulations of your faculty stipulate whether an allowed unsatisfactory mark for this programme unit is permitted.

Academic context

This offer is part of the following study plans:
Bachelor of Business Economics: Startplan Business Economics
Bachelor of Business Economics: Business and Technology
Bachelor of Business Economics: International Business
Preparatory Programme Master of Science in International Business: Default track
Preparatory Programme Master of Science in Business Engineering: Business and Technology: Default track