ECON1005

Course Title:    Introductory Statistics

Course Code:   ECON1005

Credits:           3

Level:              1

Prerequisite(s): None

Course Description

This course is designed to provide students with a sound introduction to concepts within statistics as well as provide them with an opportunity to link the concepts with uses of statistics in their daily lives, in management sciences and in academia. Emphasis will be on the understanding of fundamental statistical concepts and methods.

Introductory Statistics looks at sampling methods, techniques used to gather data, methods of summarizing data numerically and pictorially, probability, probability distributions, hypothesis testing, correlation and regression. A holistic approach is used in delivering the course content: as such, the course focuses on concepts, reinforced by calculations and real world applications.

Course Objectives

 At the end of the course, learners will be able to:

Knowledge

1. Define  ’statistics’ and outline its functions in problem solving
2. Distinguish between qualitative and quantitative; discrete and continuous; independent and dependent variables, so as to make informed decisions in the analysis and presentation of data.
3. Distinguish between the scales of measurement (nominal, ordinal, interval and ratio) to apply these appropriately in data analysis and presentation.
4. Distinguish between descriptive and inferential statistics to guide interpretation of findings.
5. Explain the key statistical terminologies so as to apply these in statistical investigation.
6. Differentiate between random and non-random sampling methods and use these appropriately in conducting and reporting on statistical investigation.
7. Explain the concept of confidence interval in using sample data to estimate population values.
8. Compose null and alternate hypotheses for statistical inquiry.
9. Explain the concept of level of significance (α) and how it affects the conclusion of a statistical test.
10. Explain the assumptions for the test of independence in making statistical inferences.
11. Explain key concepts of correlation and regression in statistical analysis.

Skills

1. Analyze basic statistical measures for decision making in statistical reporting.
2. Utilise the rules of logic in the application of statistical concepts to validate statistical inferences.
3. Apply the appropriate mix of statistical procedures for analysis of economic and social data.
4. Select and use appropriate probability distribution (binomial, Poisson, normal) in conducting statistical inquiry.
   1. Conduct hypothesis testing for unknown population mean, unknown population variance, between means and proportions so that these results can be used to make statistical inferences.
   2. Use tests of independence to assess the relationship between variables for effective decision making.
   3. Interpret tables, charts, numerical measures and various statistical outputs used in statistical reports.
   4. Use various charts and tables to represent data and explain the limitations of their use (e.g. frequency tables, pie charts, bar chart, histogram, polygon, dot plot, stem-and-leaf diagram, box-and-whisker diagram).
   5. Calculate measures of positions, measures of central tendency and measures of dispersion (for grouped and ungrouped data) for data summary and interpretation of findings.
   6. Interpret hypothesis tests results for one-way ANOVA in conducting regression analysis.

Attitudes

1. Appreciate the usefulness of Statistics in interpreting economic and social data.
2. Value teamwork in collaborative activities in statistical investigation.
3. Appreciate the importance of the use of statistics in making inferences about a population.