Business Statistics

Subject	Business Statistics
Semester	1st semester (autumn)
Type	Required
ECTS	6 ECTS
Study programme:	Business studies
Primary language:	Slovene

Introduction
The course will be carried out in the Slovene language and is an obligatory course in accordance with the officially approved curriculum of the Undergraduate Degree Program in Business Studies. The subject consists of 8 interconnected modules.
 
Preconditions
Students must have a sufficient knowledge of basic undergraduate statistics as taught in the first year at the undergraduate level. Students must have a sufficient English language skills to be able to independently use the material on the MITOCW web portal to assist them during the course.
 
Goals
To learn the vocabulary and basic concepts of statistics ("Bayesian" and "Standard");
To understand the principles of statistical reasoning;
To build a basic toolbox for working with statistical methods and to understand the usability and limits of statistical analysis;
To use computer platform and implement statistical simulations (R-Studio).
To become an educated user of statistical information.
To prepare for work in company analytics.
 
Competencies
Data diagrams.
Probability vs. likelihood and find maximum likelihood estimator of the distribution parameters.
The basics of Bayesian statistics (discrete and continuous priors).
Hypothesis tests, check statistical significance, p-values, z-test, t-test, hi-square test.
Confidence intervals for parameter estimates.
Bootstrapping for parameter estimation.
Linear regression with two variables.
Least squares for fitting the data to the regression model.
 
Syllabus

• Introduction to statistics; maximum likelihood estimation
• Bayesian Statistics: the use of known discrete priors
• Bayesian statistics: forecasting probability;
• Probability intervals
• Standard Statistics: significance of the null hypothesis
• Statistical significance, t-test
• Hypothesis rejection range: range of tests
• "Bayesian and standard" statistical method
• Confidence intervals
• "Bootstrapping" and confidence intervals
• Linear regression

Teaching and learning activities
Teacher explanations
Conversation / debate
Individual research / homework
 
Evaluation systems and criteria
Evaluation consists of 1) Written exam (70/100), 2) Homework (10/100), 3) Computer seminar (20/100). Written examination can be replaced by two colloquia, which are envisaged after the module 12 and at the end of the course (i.e. after the module 16).
Preparation of a computer seminar and homework are not prerequisites to the written examination. The points reached at the seminar and for homework assignments are awarded until the end of the current semester in which the course is carried out. The points for both can be obtained only within the semester in which the course is carried out.
Submission of the seminar: paper version no latter that at the colloquium 2.
Homework assignments: paper version (or by email) at each meeting for the last module. Too late submissions will not be considered. The final homework should be submitted no later than at the colloquium 2.
 
Teaching and learning material

• Steinbacher. Mitja. 2020. Statistika za poslovno odločanje [Elektronski vir]: skripta predavanj in vaj za magistrske programe ekonomije in poslovnih ved. Ljubljana: Fakulteta za pravo in poslovne vede.
• Gujarati. D. 2003. Basic econometrics. New York: McGraw-Hill.
• MITOCW web-portal: https://ocw.mit.edu/courses/mathematics/18-05-introduction-to-probability-and-statistics-spring-2014/index.htm. Students must check the rules of the material use at: https://ocw.mit.edu/terms.
• Lecture slides (pdf) and computer modules in R-Studio with additional materials for computational modules
• Other study materials.

Office hours
•             before and after the lectures
•             by agreement