SSST Subjects

EC 170 Statistics for Business and Economics


Programme(s) where module is offered

  • BSc in Economics with International Business
  • BSc in Economics with Finance
  • BSc in Business and Management with Finance
  • BSc in Business and Management with Economics

Status (core, option, free choice)



FHEQ Level



Unit Value



Semester taught



Pre-Requisite Modules or Qualifications



Module Code

EC 170


Module coordinator

Amer Demirovic


Applicable From



Educational Aims of the Module

  • This module aims to provide a review of the uses of statistics in the study and application of economics.
  • The module will cover statistical tools for analysis of cross-sectional and time data series, probability, random variables and deriving informed opinions based on a limited number of empirical observations.
  • By the end of the module students should be familiar with the statistical tools covered in class, and be able to use these tools in analysis empirical data and testing statistical hypotheses.

Module Outline/Syllabus

  • Descriptive statistics: analyse single data series and correlation between series

  • Probability: simple probability, conditional probability and independence, Bayes’ theorem

  • Discrete random variables: expected value and variance of discrete random variables, binomial random variables, probability distributions

  • Continuous random variables: Normal Probability Distribution, finding normal probabilities

  • Distributions of sampling statistics: Central Limit Theorem, sample mean, sample variance, sample proportion

  • Testing of statistical hypotheses: hypothesis tests and significance levels, tests concerning means, differences in means and variances


Student Engagement Hours

Type Number per Term Duration Total Time


15 1.5 22.5


5 1.5 7.5


5 1.5 7.5
Tutorials 5 1.5 7.5
Total Guided/Independent Learning Hours 45.0
Total Contact Hours 105.0
Total Engagement Hours 150.0

Assessment Method Summary

Type Number Required Duration / Length Weighting Timing / Submission Deadline

Computer based test


1 hour


Week 4

Mid-semester exam


2 hours


Week 8

Written Test


1 hour


Week 12

Final exam


3 hours


Week 17


Module Outcomes

Intended Learning Outcomes:

  • To enhance comprehension of the most important terminology related to usage of statistics in the study and application of economics.

  • To appreciate and adapt to the “compromises” in economic applications in the real world

  • Statistically analyse the distribution of data series

  • Estimate mean and variance/standard deviation of random variables

  • Analyse the correlation between variables

  • Estimate unconditional and conditional probability of occurrence of events

  • Define and test basic statistical hypotheses

  • Understand the importance of randomness in economics and finance

  • To apply already defined methods to judge the reliability of data

Teaching and Learning Strategy:

  • A variety of approaches to managing the learning process is introduced in order to be able to meet the ILOs. Teaching will be predominantly based on lectures. Lectures will primarily focus on the key text book. In addition to the key text book, supplementary resources will be used. (ILO: 1-9)

  • Learning is organised and supported to encourage active learning, for example by in-class exercises and computer-lab exercises. The problems will be firstly solved by professor, and after that students will be given opportunity to solve problems. (ILO: 1-9)

Assessment Strategy:

  • Computer based test (ILO: 3-4)

  • Midterm exam (ILO: 3-6)

  • Written test (ILO: 7)

  • Final exam (ILO: 1-9)

Practical Skills:

  • To notice and understand complex economic relationships

  • Ability to infer basic probabilistic estimates of population from a sample

  • Ability to recognise and apply statistical models

  • Basic use of statistics to analyse problems in economics and finance

Teaching and Learning Strategy:

  • Lectures (PS: 1-4)

  • Tutorials (PS: 1-4)

  • Computer lab exercises (PS: 1-4)

Assessment Strategy:

  • Final Exam (PS: 1-4)

  • Computer based test (PS: 1-4)

Transferable Skills:

  • Data and facts analyses skills

  • Compare, inspect or record facts

  • Numerical Skills

  • Communication Skills

Teaching and Learning Strategy:

  • Lectures (TS: 1-4)

  • In-class exercises (TS: 1-4)

  • Tutorials (TS: 1-4)

  • Computer lab data analysis (TS: 1-3)

Assessment Strategy:

  • Midterm/Final Exam (TS: 1-4)

  • Computer based test (TS: 1-3)

  • In-class exercises (TS: 1-4)


Key Texts and/or other learning materials

Set text

  • Keller, G. and Gaciu, N. (2015) Managerial Statistics, 1st EMEA Edition, Cengage Learning

Supplementary Materials

  • Barrow, M., (2013), Statistics for Economics, Accounting and Business, 6 Edition, Pearson

  • Hand, D., (2008), Statistics, a Very Short Introduction, Oxford University Press

  • James, G., et al., (2016), An Introduction to Statistical Learning, Springer

  • Newbold, P., et al., (2012), Maths for Business and Economics, 8 Edition, Pearson

  • Renshaw, G., (2016), Maths for Economics, 4 Edition, Oxford University Press

Please note

This specification provides a concise summary of the main features of the module and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided.

More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module and programme can be found in the departmental or programme handbook.

The accuracy of the information contained in this document is reviewed annually by the University of Buckingham and may be checked by the Quality Assurance Agency.

Date of Production : April 2017

Date approved by School Learning and Teaching Committee

Date approved by School Board of Study

Date approved by University Learning and Teaching Committee

Date of Annual Review


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Bosna i Hercegovina

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