Business Statistics
Business Statistics
Module Coordinator/Lecturers
Study Programmes
Master's degree programme in Information Systems
Project Description
Business Statistics covers statistical methods that are used to support decision-making in business contexts, so it also provides a methodological foundation for the students’ master’s thesis projects. The course builds on the basic concepts of statistical testing and estimation theory that are usually taught in bachelor’s programmes. The course covers five primary topics:
- Graphic and numeric characterisations of random variables and their distributions
- Framework and basic applications for testing hypotheses and estimating parameters
- The ordinary least squares (OLS) method
- Simple linear regression, including parameter estimation, diagnostic plots, hypothesis testing, predictions, and model specifications using log-transformations
Teaching Method
- The module involves interactive lectures with exercises to integrate theoretical knowledge with practical design and analysis skills.
- Students complete homework assignments after each lecture.
Learning Results
After successful completion of the course, students will
Professional competence
Professional competence
- know the difference between descriptive statistics and statistical inference based on stochastic models
- understand the framework of testing hypotheses and estimating parameters
- know the assumptions made in basic testing and estimating procedures when drawing general conclusions
- be able to explain the classic linear model assumptions
- be able to describe the distributions of random variables and to calculate and interpret their moments
- be able to derive the minimum sample size for basic testing and estimation procedures
- be able to apply the ordinary least squares method to derive estimators and compare their statistical properties
- run simple linear regressions and interpret the results correctly
- be able to organise learning materials and work in groups
- be able to discuss statistical tasks with their colleagues on a sound mathematic level
- be able to “think statistically” i.e., they can interpret statistical assertions in their job as well as everyday life correctly
- be familiar with statistics programming
Assessment Methods
Written exam