The aim of this module is to develop an ability to apply probabilistic and statistical ideas in simple business settings.
The role of statistics as a decision support tool. Types of data, sampling, simple random samples, other forms of sampling surveys and observational studies, simple comparative experiments. Sources of secondary data in Ireland
Frequency distributions. Graphs. Measures of location and dispersion. Skewness. Statistical software packages such as Excel, Minitab and SPSS.
Basic Probability Theory
Definition of probability as relative frequency, basic properties of probability, estimating probabilities empirically; the rules of probability.
Definition of random variable, using probability distributions of random variables as models; Discrete probability distributions including the Binomial and Poisson probability distributions; Continuous probability distributions including the Uniform and Normal distributions.
Sampling Distributions and Interval Estimation
Sampling distribution of mean and proportion. The Central Limit Theorem. Point estimates, confidence intervals and upper and lower bounds for the population mean and population proportion, determining the sample size for a given level of precision.
Logic of hypothesis testing, null and alternative hypotheses, Type I and Type II errors, test statistic and critical value, region of acceptance; Test of population mean, test of population proportion.
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