ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title STATISTICS FOR ECONOMICS AND BUSINESS
Code ECON112
Coordinator Dr S Phythian-Adams
Economics
S.L.Phythian-Adams@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 4 FHEQ Second Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

ECON111 MATHEMATICS FOR ECONOMICS AND BUSINESS 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours     5

    24

12

10

51
Timetable (if known)     60 mins X 1 totaling 5
 
    60 mins X 1 totaling 12
 
 
Private Study 87
TOTAL HOURS 138

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Synoptic Assessment Assessment Type: Individual Coursework Duration: 24 hours (Approximately equivalent to a 2hr examination) Weighting: 80% Reassessment Opportunity: Yes Pena  24 hours    80       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: 5 pieces of coursework associated with tutorials. Assessment Type: Coursework Size: 5 assessments taking approximately 1-2hrs each Weighting: 20% Reassessment Opportunity: Yes   5 assessments taking    20       

Aims

The fundamental aim of this module is to give students an understanding of how statistics operates in Business and Economics; To provide both a foundation for further study and a broadly based introduction to statistics; To enable students to summarize, present and analyze data from a sample; To enable students to understand and apply the practice of statistical inference to sample data to estimate full population variable parameters; To enable students to work comfortably with variables as probability distributions, introducing some common and practicably useful probability distributions.


Learning Outcomes

(LO1) The basis of data analysis

(LO2) The fundamental notion of statistical inference

(LO3) Summarise,describe and present raw data

(LO4) Estimate the mean of a population (and other statistics)

(LO5) How to formulate and test hypotheses about values in the population based on random samples

(LO6) How to carry out basic statistical computations and graphical analysis

(LO7) How to identify and model relationships between two variables

(LO8) Understand the use of probability in statistics

(LO9) Communicating results

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) International awareness

(S8) Lifelong learning skills


Teaching and Learning Strategies

Teaching Delivery: Mixed, hybrid delivery with social distancing on campus

Teaching Method 1 – Online Asynchronous Learning Materials
Description: Short Lecture videos (12weeks x 4 x 20 Minute presentations) and questions approximately 2hrs per week. Total: 12 x 2 hours
Unscheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method 2 – Tutorial and Assessment Feedback
Description: Online (synchronous) Tutorial discussing solutions to assessments including questions and guidance on improving approaches.
Scheduled Directed Student Hours: 5
Attendance Recorded: Yes
Notes: 5 x 1hr tutorials (fortnightly from week 4)

Teaching Method 3 - Workshop
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes
Notes: Weekly workshops

Teaching Method 4 - Assessment
Description: Fortnightly continuous assessment exercises.
Unscheduled Student Hours: 10
Attendan ce Recorded: Yes
Notes: 5 continuous assessment exercises which provide continuous feedback on the approaches developed in statistical analysis that will be required for the final assessment.

Teaching Method: Group Study
Description: Weekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 12
Attendance Recorded: No

Self Directed Learning Hours - 87

Costs Information:
There are no specific costs attached to this module.

There are the following pre-requisites:
Students must have taken one of the following: ACFI127, ECON121 or ECON127. Students who are not studying on a joint honours programme with the maths department must also have taken ACFI111 or ECON111 and ECON112.

This module is a pre-requisite for the following modules:
ECON211
ECON233
ECON322
ECON326
ECON345
ECON346
Skill/Other Attribu te 1:
"Lifelong learning skills"
How this is developed:
"Some discussion of sourcing of reliable statistics and limitations of data and statistical skills considered"

Skill/Other Attribute 2:
"International awareness"
How this is developed:
"Real-world data used for some exercises from international sources."

Skill/Other Attribute 3:
"Communication skills"
How this is developed:
"This course does not just require mechanical calculations. Students must undertake calculations and consider their relevance to the problem set and communicate interpretations of the data and/or how they relate to solutions of specific problems"

Skill/Other Attribute 4:
"Organisational skills"
How this is developed:
"Students are expected to organize their own learning within the guidelines given."

Skill/Other Attribute 5:
"Commercial awareness&quo t;
How this is developed:
"Real-world data used for some exercises"

Skill/Other Attribute 6:
"Numeracy"
How this is developed:
"The ability to think logically, to appreciate the significance of the relationships between relevant economic variables. The consequences of specific changes, to think through a sequence of steps of a statistical problem. To apply knowledge to new scenarios. Direct numerically based problems."

Skill/Other Attribute 7:
"Problem solving skills"
How this is developed:
"The ability to think logically, to appreciate the significance of the relationships between relevant economic variables. The consequences of specific changes, to think through a sequence of steps of a statistical problem. To apply knowledge to new scenarios. Direct numerically based problems."

Skill/Other Attribute 8:
"Adaptability"
How this is developed:
"The ability t o think logically, to appreciate the significance of the relationships between relevant economic variables. The consequences of specific changes, to think through a sequence of steps of a statistical problem. To apply knowledge to new scenarios. Direct numerically based problems."


Syllabus

 

The module will consider:

An Introduction to the Course Displaying distributions with graphs Describing distributions with numbers Density curves and Normal distributions Scatterplots

Correlation & Least Squares Regression including cautions.

Data analysis for 2-way tables + question of causation

Sampling designs and design of experiments Designs toward statistical inference

The Study of Randomness + probability models Probability and sampling distributions

General Probability Rules (including conditional probability)

Binomial & Poisson distributions

Estimating with Confidence via Tests of Significance (including Use (and abuse) of significance tests)

Inference for decision making Inference for the mean of a population; Comparing 2 means and Inference for a proportion of a population

Analysis of Two-Way Tables Analysis of Two-Way Tables – Goodness of Fit

Review & final assessment Prep.


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.