Aims

Upon completion of this course, the student gained insight in a number of statistical methods and their applications in daily business.  In particular, the student will be able to

• See the relevance of the statistical methods for business and economics
• Explain the different statistical models and methods
• Show that the methods are well understood
• Identify the most appropriate statistical method for a given problem
• Correctly use the statistical models and methods
• Write a software program to read and manipulate data
• Write a software program to analyze data correctly
• Interpret the results of a statistical analysis and related software output

Previous knowledge

The course assumes students have attended a course in business statistics with an introduction in econometrics (such as Statistics for Data Science for bachelors Handelsingenieur)

More specifically the mathematical and statistical concepts that are assumed to be known are: basic mathematics; basic functions (exponential, logarithmic, polynomial); basic mathematical notation (sum sign, product sign, Greek symbols,…); vector and matrix operations (addition, multiplication,…); solving a system of linear equations; inverse of a matrix; eigenvectors and eigenvalues; probability; conditional probability; rule of Bayes; random variables; continuous and discrete random variables; density function and cumulative distribution function; continuous distributions (uniform, normal, exponential,…); discrete distributions (binomial); random sample from a population; graphical data representation (histogram, frequency tables, … ); sample mean, sample variance; expectations; sampling distribution (central limit theorem); construction of confidence intervals; testing hypotheses and type I and type II error; general understanding of a p-value; linear regression.  

Identical courses

This course is identical to the following courses:
HMI31A : Applications of Statistics
D0O70A : Applications of Statistics

Is included in these courses of study

• Master of Business Engineering (Leuven) 120 ects.
• Master of Business and Information Systems Engineering (Leuven) 120 ects.
• 126 ects.
• Master of Teaching in Economics (Leuven) 90 ects.