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Descriptive Statistics and Probability for Business (B-KUL-HBA09H)

6 ECTSEnglish52 Second term
Dierckx Goedele (coordinator) |  Dierckx Goedele |  N. |  Hendrickx Jef (substitute) |  Boeckx Eric (cooperator) |  Egholm Laura (cooperator) |  Ramos González Julia (cooperator)  | LessMore
OC Business Administration FEB Campus Brussel

Aims

It is necessary for a professional business economist to be able to interpret in a correct way these data and research. Descriptive Statistics and Probability for Business starts with descriptive statistics. The second part of the course consists of an introduction to the theory of probability which is needed for the study of so called inductive statistics in follow-up courses.

In this course, the following key objectives are (partially or fully) realized:

  • Uses descriptive and inferential statistical methods and techniques to solve (business) economic problems.
    • Applies descriptive statistical methods and techniques 
  • In line with the given practical relevance and the definition of the (business) economics problem, chooses and uses the appropriate techniques to acquire, analyse and interpret data.
    • Chooses and uses the appropiate descriptive statistical techniques to analyse and interpret data. 
  • Critically assesses (scientific) information, data and structures, and processes all this in line with solving (business) economics problem with practical relevance.
    • Summarizes (scientific) information and data by means of descriptive statistics and graphs. 
  • Is familiar with relevant ICT applications and uses the knowledge and skills to solve (business) economic problems.
    • Is familiar with Excel for graphical and algebraic descriptive statistical techniques. 

The position of the course in the framework of the learning objectives of the programme can be found under the section “Objectives” of the “Bachelor of Business Administration (Brussels)”.

 

Previous knowledge

If you want to follow this course, it is advisable to have completed the following courses first

- Mathematics for Business  A: have a level of knowledge and especially of maturity that will favor their understanding of Descriptive Statistics and probability for Business.

Is included in these courses of study

Activities

6 ects. Descriptive Statistics and Probability for Business (B-KUL-HBA09h)

6 ECTSEnglishFormat: Lecture52 Second term
Dierckx Goedele |  N. |  Hendrickx Jef (substitute) |  Boeckx Eric (cooperator) |  Egholm Laura (cooperator) |  Ramos González Julia (cooperator)  | LessMore
OC Business Administration FEB Campus Brussel

Content

Descriptive statistics and probability

  • Introduction with basic terminology (type of variables, …)
  • Topic 1: descriptive statistics for a qualitative variable (frequency table, mode, graphical representations)
  • Topic 2: descriptive statistics for a quantitative variable (needle graph/histogram,  summary measures, percentiles and boxplot, transformations, binned data)
  • Topic 3: descriptive statistics for relationships between variables (contingency tables, stacked column charts, side-by-side boxplots, scatterplot, correlation coefficient, least squares line)
  • Topic 4: Probability (definition, rule of Laplace, counting rules, axioms of Kolmogorov, conditional probability, probability trees)
  • Topic 5: Discrete random variables (probability distribution, probabilities, percentiles, summary measures, binomial distribution)
  • Topic 6: Continuous random variables (density, probabilities, percentiles, summary measures, normal distribution)
  • Topic 7:  Sums and averages of random variables (Linear combination, sum and averages of independent random variables, Central Limit Theorem)

 

Processing and presenting data in Excel

Basic skills in Excel are discussed and applied in exercises. The following topics are discussed: 

  • Worksheet set up
  • Absolute and relative referencing with $-sign
  • Working with functions: e.g. Count, Sum & Average,…
  • Principles of creating good graphs and tables

Course material

Course material can be found on Toledo.

Evaluation

Evaluation: Descriptive Statistics and Probability for Business (B-KUL-H75905)

Type : Partial or continuous assessment with (final) exam during the examination period
Description of evaluation : Written, Skills test
Type of questions : Multiple choice, Open questions
Learning material : List of formulas, Calculator, Computer

Explanation


1. Exam
During the examination period, there is a written closed book exam with mainly open questions. Students are allowed to use a formula sheet. More information is provided on Toledo. The exam is scored on 17 points.

 

2. Partial evaluation

During the semester, partial evaluation is organized (individually, based on personalized questions) in which students can use Excel skills to solve the questions. More practical details are available on Toledo. The intermediate tests are scored on 3 points.

Not participating in the partial evaluation results in a zero score for the respective part of the final score. Not participating in the exam results in the final score NA. For multiple choice questions, there is no correction for incorrect answers.

Information about retaking exams

The result obtained on the partial evaluation during the semester is no longer taken into account for the result in the third exam period. Consequently, this result only consists of the score (on a total of 20) on the written exam organized during the third exam period. Note that Excel knowledge is still required for the written exam.