Course Name STATISTICAL ANALYSIS FOR MANAGEMENT

Course Code GMB121

Course Duration: 9 weeks

Credits (ECTS) 3
Contact Hours: 18 + exam (2 hours)
Directed Hours: 25
Self-Directed Hours: 30
Total Learning Hours 75

Course Description: This is a graduate course in statistical analysis for management, designed to enable
students to correctly use statistical methods in the areas of business, economy and
management. The course introduces the students to the problem of analyzing economic
and business data by statistical methodologies. The main topics cover descriptive and
inferential statistics will be discussed by direct applications to problems of business and
management, allowing the students to have a clear understanding of the practical and
professional use of statistical methods.

Topics: Introduction to Statistics

o What Is Statistics
o Types of Statistics (descriptive, inferential)
o Types of Variables
o Levels of Measurement (Nominal-Level Data, Ordinal-Level Data, Interval-
Level Data, Ratio-Level Data)
o Ethics and Statistics
Describing Data: Numerical Measures
o Measures of Location (mean, median, mode)
o The Weighted and Geometric Means
o Dispersion (range, variance, population variance and standard deviation,
sample variance and standard deviation)
o Interpretation and Uses of the Standard Deviation (Chebyshev’s Theorem,
The Empirical Rule)
o The Mean and Standard Deviation of Grouped Data
A Survey of Probability Concepts
o What Is a Probability?
o Approaches to Assigning Probabilities (Classical, empirical and subjective
probabilities)
o Rules of Addition for Computing Probabilities (special rule of addition,
complement rule, the general rule of addition)
o Rules of Multiplication to Calculate Probability
o Contingency Tables (Tree Diagrams)
o Bayes’ Theorem
o Principles of Counting (Multiplication, permutation, combination formulas)
Discrete Probability Distributions
o What Is a Probability Distribution?
o Random Variables (discrete and continuous)
o The Mean, Variance, and Standard Deviation of a Discrete Probability
Distribution
o Binomial Probability Distribution
o Hypergeometric Probability Distribution
o Poisson Probability Distribution
Continuous Probability Distributions
o Uniform Probability Distributions
o Normal Probability Distributions
o The Standard Normal Probability Distribution
o The Normal Approximation to the Binomial
o Exponential Distributions

Madrid Campus: C / Numancia 6, 28039 Madrid info@global-business-school.org

Barcelona Campus: C / Aragon 179, 08011 Barcelona +34 930 086 588
 One-Sample Tests of Hypothesis
o Hypothesis vs. Hypothesis Testing
o Six-Step Procedure for Testing a Hypothesis
o One-Tailed and Two-Tailed Tests of Significance
o Testing for a Population Mean: Known Population Standard Deviation (two-
tailed and one-tailed tests)
o p-Value in Hypothesis Testing
o Testing for a Population Mean: Population Standard Deviation Unknown
o Type II Error
Two-Sample Tests of Hypothesis
o Two-Sample Tests of Hypothesis: Independent Samples
o Comparing Population Means with Unknown Population Standard
Deviations (two-sample pooled test and unequal population standard
deviations)
o Two-Sample Tests of Hypothesis: Dependent Samples
o Comparing Dependent and Independent Samples
Correlation and Linear Regression
o Correlation Analysis
o The Correlation Coefficient (testing the significance)
o Regression Analysis (Least Squares Principle, regression line)
o Testing the Significance of the Slope
o Evaluating a Regression Equation’s Ability to Predict (the standard error of
estimate, the coefficient of determination, relationships among the
correlation coefficient, the coefficient of determination, and the standard
error of estimate)
o Interval Estimates of Prediction (constructing confidence and prediction
intervals)
o Transforming Data
Time Series and Forecasting
o Components of a Time Series, Secular Trend, Cyclical Variation, Seasonal
Variation
o Irregular Variation
o A Moving Average and a Weighted Moving Average
o Linear Trend (Least Squares Method)
o Nonlinear Trends
o Seasonal Variation
o Deseasonalizing Data (forecasting)
o The Durbin-Watson Statistic

Intended Learning Upon completion of the course, students should be able to:
Outcomes: − Understand and master the classical statistical models;
− Be able to apply the models to real case business-oriented scenarios;
− Solve basic statistical problems using standard software packages;
− Use classic statistical variables and models to improve decision making in a
management business environment;
− Develop skills to use various statistical software;
− Examine business problem in a logical and systematic way.

Assessment Type: Participation 0-10% The minimum

Homework 20-30% passing grade for
Final project 20-30% the final exam is 50
Final exam 40-50% points out of 100.

• Final exam takes place during weeks 10 or 11 and should last 2 hours. Final
exam is supervised by the Academics team, and the professor should come
after the exam to collect the answer sheets for correction.
• The final exam includes a combination of multiple-choice (20-40% of the total
grade) and discussion/problem-solving questions (60-80%).
o One multiple-choice question is worth 1 point. Every question has only
one correct answer. No points are deducted for wrong answers.
o Discussion/problem-solving questions can include concepts, open-ended
questions, problems, cases, etc. Students should demonstrate sufficient
analytical, conceptual and problem-solving skills.

Madrid Campus: C / Numancia 6, 28039 Madrid info@global-business-school.org

Barcelona Campus: C / Aragon 179, 08011 Barcelona +34 930 086 588
Standard Minimum
Progression Grade D / Pass mark 60%
Requirement:

Standard Grade Classification Mark

Progression A Excellent 90-100%
Criteria: B Good 80-89%
C Satisfactory 70-79%
D Pass 60-69%
F Fail Less than 60%

Suggested Lind, D. & Marchal, W. & Wathen, S. 2011. Statistical techniques in business &
Bibliography: economics. McGraw Hill.
Gasserman, P. 2003. Monte Carlo methods in financial engineering. Springer-Verlag
New York.

Madrid Campus: C / Numancia 6, 28039 Madrid info@global-business-school.org

Barcelona Campus: C / Aragon 179, 08011 Barcelona +34 930 086 588