STAT 17: Statistical Methods for Business and Economics

Author

Dr. Marcela Alfaro Córdoba

📑 Course Brief

Focus: the focus of this course is to learn how to apply statistical thinking to solve problems related to descriptive and inferential statistics.

How: lots of active learning! This means that we will have lectures with active learning embedded, with homeworks, and worksheets during discussion sections.

🎯 Learning Objectives

By the end of the course, students should be able to:

  1. Produce appropriate graphical and numerical descriptive statistics for different types of data.
  2. Apply probability rules and concepts related to discrete and continuous random variables to answer questions within a business and economics context.
  3. Demonstrate understanding of (a) the development of point estimates for unknown population quantities based on appropriate sample quantities and (b) the process of deriving sampling distributions for point estimates.
  4. Demonstrate knowledge of the importance of the Central Limit Theorem (CLT) and its applications.
  5. Conduct and interpret a variety of hypothesis tests (and construct and interpret a variety of confidence intervals) to aid decision-making in a business and economics context.
  6. Use simple regression models to analyze the underlying relationships between the observed variables through hypothesis testing, confidence intervals, and predictions.

Acknowledgements

I’m grateful to several talented people who helped make this course webpage possible. Danielle Navarro created the beautiful aRt featured in our banner and throughout various slides. Allison Horst designed the fun webpage icon and other images you’ll see in our presentations. Jon Cardoso developed the elegant template that powers our course webpage, and Markus Eger generously provided guidance in adapting Jon’s template for our needs.

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