Business statistics 1

Description of module

The module "Business Statistics 1" presents the basics of descriptive and inferential statistics in the context of agricultural economics. The part concerned with descriptive statistics pays special attention to organization, presentation, and interpretation of different types of data. The intention here is to develop the ability to critically assess and interpret statistical data and to avoid common pitfalls. A short review of basic concepts of probability is a bridge to the part devoted to the inferential statistics. This part starts with an introduction to discrete and continuous random variables and the most important distributions, followed by the classical topics of estimations and hypotheses testing about the mean and proportion.

Expected learning outcomes

• To acquire the level of statistical literacy necessary for understanding and using the language and tools of statistics.
• To develop statistical reasoning necessary for understanding, analyzing and solving practical problems, as well as being able to fully interpret statistical results.
• Attaining the ability of statistical thinking to understand why and how statistical investigations are conducted.
• Recognize how, where and why inferential tools can be used in practice.
• To gain familiarity with the exploratory data analysis (exploring, summarising and presenting data), models of distribution, probabilistic models and elements of statistical inference.
• To choose appropriate models, apply them to practical problem solving and comment critically on choices of the model and analyses resulting from them.
• To get familiar with common (English) statistical terms and expressions.
• To become an  independent learner, able to acquire further knowledge with minimal guidance or support