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Statistics-I

The course ECN242/FIN242 Statistics-I at the International Islamic University aims to enhance students' statistical literacy and decision-making skills using data. It covers topics such as descriptive statistics, probability, and statistical inference, with assessments including a mid-semester exam, weekly quizzes, and a final exam. Students are encouraged to apply statistical concepts to real-world issues and utilize software tools like Microsoft Excel for analysis.

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26 views

Statistics-I

The course ECN242/FIN242 Statistics-I at the International Islamic University aims to enhance students' statistical literacy and decision-making skills using data. It covers topics such as descriptive statistics, probability, and statistical inference, with assessments including a mid-semester exam, weekly quizzes, and a final exam. Students are encouraged to apply statistical concepts to real-world issues and utilize software tools like Microsoft Excel for analysis.

Uploaded by

umar.bsef945
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ECN242/FIN242 Statistics-I

International Institute of Islamic Economics International Islamic University, Islamabad


Nauman Ejaz Fall 2022

Subject description
In a world where organisations are confronted with a vast amount of information, there is an ever-
increasing demand for graduates who can make effective use of data. This subject will help students
to become more competent users of information and will develop their understanding of decision-
making processes. The subject will assist students to attain an introductory level of statistical literacy
as they apply statistical concepts to critical business problems and major social issues.

Upon successful completion of this subject, you should be able to


1. Describe the growing importance of information in organisations
2. Critically analyse the role of information management and data analysis in effective decision-
making in organisations
3. Select and apply appropriate statistical methodology to a variety of problems relating to social,
economic and business settings
4. Select and use appropriate software tools to calculate descriptive statistics, inferential statistics,
and forecasting
5. Take advanced courses in statistical analysis and econometrics

Students need to have access to computer facilities which will allow them to work with Microsoft
Excel. Facilities are available in the IIIE computer labs.

Assessments and Marks Allocation


Mid Semester Exam: 25%
Weekly Practice and Online Quizzes: 15%
Final Examination: 60%

Textbook
E.A. Selvanathan, S. Selvanathan & G. Kelly, 2014, Business Statistics: Australia New Zealand
Edition, 6th Edition (Abridged Version), Cengage Learning.

Other books you can use:

There are numerous other texts available in Statistics which you can consult should you need further
information. Sometimes the slightly different wordings, examples and diagrams used by other
textbooks can be helpful if you are struggling to understand something. It is not however necessary to
read texts other than Selvanathan et al. Two good additional textbooks are:

D.A. Lind, W.G. Marchal and S.A. Wathen, 2019, Basic Statistics for Business and Economics, 9th
Edition, McGraw Hill.

D. Anderson, D. Sweeney, T. Williams, J. Freeman, E. Shoesmith, 2017, Statistics for Business and
Economics, 4th Edition, Cengage Learning.

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ECN242/FIN242 Statistics-I
International Institute of Islamic Economics International Islamic University, Islamabad
Nauman Ejaz Fall 2022

Course Outline
The following outline sets out the syllabus of this subject and essential reading for each topic.

Topic No. Topic Selvanathan


text reading
1. Introduction: p. 1-41
1.1. What is Statistics?
1.2. Types of Data.
1.3. Sampling.
2. Graphical Descriptive Techniques: p. 43-128
2.1. Graphical Methods of Descriptive Statistics for Nominal
Data.
2.2. The Relationship Between two Nominal Variables.
2.3. Graphical techniques for Numerical Data.
3. Numerical Descriptive Measures: p. 129-204
3.1. Measures of Central Location.
3.2. Measures of Variability.
3.3. Measures of Relative Standing.
3.4. Measures of Association.
3.5. The Least Squares Method.
4. Probability: p. 205-253
4.1. Introduction to Probability.
4.2. Finding Probabilities of Events.
4.3. Relationship Between Events
4.4. Rules of Probability.
5. Random Variables and Discrete Probability Distributions: p. 255-306
5.1. Discrete Probability Distributions.
5.2. Expected Value and Variance.
5.3. Bivariate Distributions.
5.4. Binomial Distribution
5.5. Poisson Distribution
6. Continuous probability distributions: p. 307-344
6.1. Introduction to Population Density Function.
6.2. Introduction to Normal Distribution.
7. Introduction to statistical inference and sampling distribution: p. 345-374
7.1. Sampling Distribution of the Sample Mean.
7.2. Sampling Distribution of the Sample Proportion.
8. Estimation: Describing a Single Population: p. 375-427
8.1. Introduction to Estimation.
8.2. Calculating Confidence Interval when Population
Variance is Known (z interval).
8.3. Calculating Confidence Interval when Population
Variance is Unknown (t interval).
8.4. Confidence Interval for Categorical Data.

Students are encouraged to try to apply statistics in their everyday life and to their interpretation of
media and newspaper arguments. The ultimate objective of teaching subjects such as Statistics is to
make you a better-informed citizen. When you read claims in the press about the economy and
society try to assess these claims using ideas taught in this subject.

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