Semester 1, 2012-13
Pre-requisites: CXC Mathematics Grade III (Grade II pre 1998) or O’Level Mathematics Grade C or A’Level Mathematics or ECON0001 (Remedial Mathematics)
Co-Requisite: ECON1003
Anti-requisites: SOCI1005 (SY16C), MATH2140 (M25A) and MATH2150 (M25B)
Lecturer: Girjanauth Boodraj
Description
The course addresses the techniques employed in the collection, organisation, presentation, analysis and interpretation of numerical data for making effective decisions in business, economics, management, and related disciplines. Special emphasis is placed on the understanding, application and interpretation of concepts.
Learning Outcomes
- At the end of the course, the student should be able to:
- describe and explain basic concepts in statistics.
- differentiate between descriptive and inferential statistics.
- differentiate between discrete variables and continuous variables
- construct, use and interpret statistical charts and graphs.
- solve problems involving measures of central tendency.
- assess the advantages and disadvantages of the mean, median and mode.
- interpret common measures of dispersion.
- define, compute and interpret the coefficient of variation and skewness.
- explain the rudiments of the scientific research method
- differentiate between a probability sample and a non-probability sample.
- solve problems using the normal distribution.
- state and apply the Central Limit Theorem.
- compute and interpret point and interval estimates.
- interpret the maximum allowable error.
- compute sample sizes for means and proportions.
- identify statistical hypotheses.
- test hypotheses involving one mean and one proportion.
Modes of Delivery
Two lecture hours and one tutorial hour per week. Problem sets will be used to guide the tutorial sessions.
Assessment
In-course quizzes (40%) and a comprehensive final examination (60%).
Syllabus
Introductory concepts
- Definition of terms: statistics, statistic, descriptive statistics, inferential statistics,
- Uses of Statistics
- Discrete variables and continuous variables.
- Samples and populations
- Primary data and secondary data
- Levels of measurement: nominal, ordinal, interval and ratio
Summarizing Data
- Summarize and describe data
- Graphical methods of data presentation
- Cross-sectional and time-series data
- Grouped and ungrouped frequency distributions
- Class limits and class boundaries
- Cumulative frequency distributions
Measures of Central Tendency and Dispersion
- Measures of central tendency: mean, median, mode, weighted mean, trimmed mean
- Measures of variability: range, mean deviation, standard deviation, variance
- Empirical rule and Chebyshev’s Theorem
- Skewness and kurtosis
Scientific Research Methods
- Overview of the scientific method
- The research process
- Theory versus fact
- Hypothesis and propositions
- Methods of data collection
- Sampling methods
- Questionnaires: design, administration and budgeting
- General principles of survey design
- Advantages of using sample surveys
- Probability and non-probability samples
- Sampling and non-sampling errors
Probability and Probability Distributions
- Definition of probability
- Sample space and events
- Mutually exclusive, conditional and independent events
- Random variables
- Expectation, variance and standard deviations of discrete random variables
- Binomial and normal probability distributions
- Normal approximation to the binomial
Introduction to Inferential Statistics
- Sampling distributions
- Central Limit Theorem
- Sample and sample proportions as random variables
- Sampling distributions of the mean and proportion
- Interval estimates for the population mean and proportion
- Calculation of sample size
- Hypothesis tests for a mean and for a proportion
Resources
Prescribed
Mann, Prem. Introductory Statistics. (Any edition). John Wiley & Sons Inc.
Zikmund, William G. Business Research Methods. The Dryden Press, HBJ (International Edition).
Highly Recommended
Newbold, P. et al. 2009. Statistics for Business and Economics. New Jersey: Prentice Hall.
Mason, R, and D. Lind. 2009. Statistical Techniques in Business and Economics. Boston: Irwin.
Spiegel, Murray R. Statistics . Schaum’s Outline Series. McGraw-Hill (Latest Edition).
