Statistical Modeling in Business and Economics

Statistical Analysis in Business and Economics
Course description
This course aims at providing knowledge and skills of
- design of statistical research,
- statistical testing research validity and reliability,
- application of mathematical and statistical methods of processing and analysis of
empirical data,
- testing research hypotheses,
- statistical forecasting.
The main objective of the course is to teach specialized techniques and application software
(mathematical and statistical packages such as R, PSPP, SPSS) for analysis of data and results of
quantitative research in various economic and business fields. The main feature of the course is
its practical orientation. The course addresses a big number of model and real problems and
cases in the areas of marketing, management, forecasting and optimization.
The course includes the following thematic sections:
- Sample analysis;
- Assessment of research validity and reliability;
- Principles and techniques of testing statistical hypothesis;
- Statistical modelling and forecasting.
Economic Theory / Microeconomics and Macroeconomics,
Probability Theory and Mathematical Statistics,
This course will teach students to apply statistical approaches, techniques and software with the
following methods of teaching: lectures, assignments and exercises in a computer lab, casestudies, homework assignments, and tests.
Course objectives
Within the frame of this course, students
- will understand and apply the methods of assessing the quality of statistical business
- will get knowledge and skills of using statistical packages for business and economic
data processing and analysis;
- will learn how to correctly interpret the results of statistical analysis and forecasting of
social and economic processes.
A student’s grade will depend on homework and computer lab assignments, class participation,
small group presentation, and a final exam. The final exam will cover the main aspects of the
course and will test students’ knowledge of statistical analysis and its practical applications to
economics and business.
Main reading
1. Cooper D., Schindler P. Business Research Methods (12th edition), McGraw-Hill, 2013.
Cases and additional materials are available at
2. Doane D.P., Seward L.E. Applied Statistics in Business and Economics (3rd edition), McGrawHill, 2010.