Learning outcomes of the course unit
a) Knowledge and understanding. The course introduces the knowledge of new quantitative skills, useful in the teachings taught in other courses after this. In particular, it provides expertise on the main statistical methods for analysis of economic phenomena and business of various kinds, and deepens the problems of parameter estimation and diagnostic selection of a statistical model. These techniques include: evaluation of averages, variability, simple and partial correlation, hypothesis testing (and associated results of the elementary theory of probability); additionally, they introduce the simple linear regression model and its generalization to multiple regression, with application to cross-sectional and longitudinal problems. Attending class and solving exercises will increase the student's ability to develop autonomously, the type of "statistical decision problem" that can be faced in the economic and business environment, which characterizes the nature of the degree in International business Development.
b) Applying knowledge and understanding. At the end of the course, the student will be able to implement independently the techniques discussed above. The student will have therefore developed advanced expertise, with associated diagnostic skills, which are essential ingredients in building a good statistical model, with the possible support of an appropriate information system.
c) making judgements. At the end of the course, the student will be able to perform autonomously all the considerations regarding the problems of economic and business statistics. In addition, the student will be able to correctly interpret the results of such analysis, even when made by other users or experts. By studying the content of the course, the student matures, therefore, a high degree of autonomy aimed at the correct judgment of the application of proper technique and the associated ability to rework the quantitative knowledge acquired, with the objective of significantly maximizing the information content in terms of business development.
d) communication skills. At the end of the course, students can interact constructively with management figures of each profile. The ability to summarize the statistical information of complex nature, providing, in addition, effective quantitative synthesis, allows students to contribute with their views to the development and the creation of economic and business decision making.
e) learning skills. Students will have the opportunity to assimilate the results of key economic statistics which underlie the construction of a statistical model with applications to economic and business decision making. After completing the course, the student will have learnt the key concepts in order to accurately use quantitative tools, if they become necessary in the solution of concrete problems of business and economic.
It is strongly suggested to attend the course Economics Statistics Communications Skills.
Course contents summary
The course covers the basic statistical methods and analysis of economic and business data. The focus will be on a set of techniques widely used in practice. In particular, the methods considered will start from examining synthesis of a variable (frequency distributions, averages, indexes of variability), the calculation of simple index numbers ending with the study of the link between two or more variables. For every technique it will be explained the rationale and purpose of knowledge, while the little emphasis will be given to technical details and mathematical derivations, even if there will be room for the "inference" underlying many methodologies. In this logic, specific business problems that each technique, or a suitable combination thereof, can help solving will be presented (with simplified examples so that they can be carried out in detail in the classroom) and some time will be devoted to provide critical interpretation of the results. An important aspect, which will be taken up several times during the course, in the use of computers and the support that spreadsheets of Microsoft Excel can provide for the actual application of the methods discussed in class.
1) Main reference
Laurini, F. (2020) “Economic statistics for business: theory and exercises”. Libreria Medico Scientifica.
The book can be used during the written test.
2) Further references
a) Paul Newbold, William Carlson, Betty Thorne (2012) “Statistics for Business and Economics”, Pearson, 8th Edition, 792 p.
b) Cortinhas Carlos, Black Ken (2012) “Statistics for Business and Economics”, Wiley, 834 p.
c) Mark L. Berenson, David M. Levine, Timothy C. Krehbiel (2012) “Basic business statistics: concepts and applications”, Pearson, 12th Edition, 889 p.
Lectures, exercises and group work.
Lectures are frontal and are designed to present the fundamental aspects of statistical and probabilistic models, as well as their numerical estimates and associated uncertainty measurements.
Exercises and group work are carried out during the lesson. The Professor regularly suggests problems and / or exercises to be carried out in small groups which, on a rotation basis, are invited to illustrate the solution of the exercises on the blackboard. In this way the student can become familiar with the fundamental concepts presented in the classroom during the lectures. Moreover, by doing so, interaction with classmates is improved, as well as communication skills. Additionally, students will get familiar with the scientific calculator. Group work can lead to an increase in the final score with some extra mark.
Assessment methods and criteria
Written exam with oral supplementation optional.
Verification of the achievement of learning outcomes occurs mainly through a test, in the form of open questions and exercises, aimed at ascertaining the abilities related to the application of knowledge and independence of judgment, as well as the ability to communicate with appropriate technical language.
The exam must be taken by a single test. The exam consists of 4 exercises that mix practical and theoretical contents. Simple calculations are required and it is compulsory to provide adequate interpretations of the results obtained. The 4 exercises all have scores that range from 7 to 8/30.
Mark cum laude is obtained wen all parts of the exam are excellent in terms of completeness, clarity and organization, with interdisciplinary connections made explicit.
Electronic devices such as smartphones, smartwatches or tablets are forbidden
It is admitted the usage of a pocket calculator. Calculator with a connection chipset (like for WiFi or Bluetooth) must be used offline aero-mode. Am intrusion detection software will be running to send alert signal whenever an active connection is detected.
Students will get an email, with the final mark, to their registered email account (vie the ESSE3 websystem). Students might reject the mark following exclusively an explicit online procedure.
Many lectures will be recorded so that students can listen and see at home what was detailed in the classroom. Additionally, this will help non-attending students to have better understand some topics while preparing for the exam.
Recordings are not available on the elly platform. It is recommended to ask for username and password directly to the Professor to access via web to the recordings.